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Offering a practitioner’s perspective on how the last 6 years has provided the evidence needed to prove the resilient performance of islamic equity and fixed income asset classes during down trending markets and volatile times. Using hard data, the book also reveals how Islamic funds have offered predictable, reliable returns in volatile markets and turbulent financial times. For institutional investors as well as sophisticated individual investors, the book serves as an invaluable examination of the analysis of the track record of Islamic equity and Sukuk investing. Additionally, the book will arm financial services professionals with the knowledge they need to confidently convince their clients on this prudent investment alternative.

Praise for Investing in Islamic Funds “When you start reading this impressive book you know instantly

what Islamic Finance is all about: It’s a different approach to banking and finance where profit is important but not overriding. ...”

- Dr. Rüdiger Litten LL.M., Rechtsanwalt, Partner, Norton Rose LLP

“... With this book, Datuk Noripah Kamso and her co-authors have left few excuses for Islamic asset managers to offer

anything less than comparable returns to their conventional counterparts. ...”- M Iqbal Asaria, Associate, Afkar Consulting Ltd; Teaching Fellow in Islamic Finance, Aston Business School

“As an Islamic asset management icon and leader, Noripah Kamso has been able to draw on her years of experience and impart her deep knowledge to the readers. ...”

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“This is a valuable contribution to Islamic finance literature. ... “- Dr. Abbas Mirakhor, INCEIF Chair in Islamic Finance

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indeed the application experience of a world- class practitioner. ...”- Dr. Manfred Dirrheimer, Founding Chairman of the board of directors, FWU AG

“A fulsome guide to Shariah financial services from a practitioner at the heart of the industry.”

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a sector that is evolving and developing at a constantly rapid pace. ...”- Neil Ryan, Assistant Secretary General, Department of Finance, Ireland

“... For all intents and purposes, the author has succeeded to articulate many different aspects of Islamic investment industry, namely Shariah principles, investment

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xi

List of Tables and Charts xvii

Foreword xxiby Larry Zimpleman

Preface xxvby Tan Sri Zarinah Anwar

Preface xxixby Mohammad Faiz Azmi

Acknowledgments xxxi

Introduction 1

CHAPTER 1The Growth of Shariah Investments: Preparing the Next Generation 13

Introduction 15The Global Islamic Funds Industry: Where Is It Now? 16Global Product Innovation of Islamic Investment Products 21Prognosis for Islamic Financial Markets: Where Are

They Going? 23Conclusion 27Notes 28Helpful Hints 29

CHAPTER 2Fund Management within Shariah-Compliant Investment Guidelines: Is There More Reward? 31

Introduction 33The Application of Islamic Ethics to Asset Management 35

Contents

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xii CONTENTS

Benefi ts of Shariah vis-à-vis Conventional Investing 38

Conclusion 44Notes 44Helpful Hints 46

CHAPTER 3Uncovering the Driving Principles of Islamic Finance: A Journey to Accumulate Wealth Responsibly 47

Introduction 49The Five Basic Principles of Islamic Finance 50Conclusion 59Notes 60Helpful Hints 62

CHAPTER 4Investing Responsibly: The Search for Similar Benefi ts for Ethical and Shariah Forms of Investing 63

Introduction 65Screening Criteria 68Screening Process for Ethical Form

of Investing 72Socially Responsible Investment versus

Shariah-Compliant Investment 74A Similar Approach to Your Investment? 77Availability of Choice for Investors 79Broader Portfolio Diversifi cation 80Conclusion 81Notes 82Helpful Hints 83Appendix: Ethical Investment Screening Based on

Negative Screening 85

CHAPTER 5Broad Choices of Islamic Investment Funds: Can They Become Mainstream? 89

Introduction 91Equity Funds 93Sukuk Funds 94Exchange-Traded Funds (ETFs) 95Money Market Funds 96Alternative Funds 97

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Contents xiii

Real Estate Investment Trust Funds (REITs) 97Private Equity Funds 98Hedge Funds 99Lease Funds 100Conclusion 101Notes 102Helpful Hints 104

CHAPTER 6Mitigating the Myths: The Benefi ts of Islamic Funds for the Broader Investor Base 105

Introduction 107Islamic Principles Come with Built-in Financial Ethics 108The Myths of Shariah Investing 109Benefi ts of Shariah Investing 116Conclusion 119Notes 120Helpful Hints 122

CHAPTER 7Comparative Analysis with Conventional Investing: Shariah-Compliant Investing is Resilient, while Conventional Investing Has to Recover from Financial Crisis 125

Introduction 127Islamic Indices Outperformed Conventional Indices 128Qualitative Comparison of Islamic Index Screening

Processes 129Performance Analysis of Three Dow Jones Shariah

Indices and Their Counterparts 131Value-Added Optimization for Shariah

Performance 139Conclusion 140Notes 140Helpful Hints 142

CHAPTER 8Using Performance Characteristics to Build Wealth: Empirical Evidence, Proven and Tested 143

Introduction 145The Impact of Black Swan Events 146Why Shariah Investing Is Resilient 147Conclusion 152

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xiv CONTENTS

Notes 152Helpful Hints 154

CHAPTER 9The Sukuk Portfolio: A Broader Investment Universe for Mainstream Investors 155

Introduction 157Emergence of Different Sukuk Structures 158Examining Sukuk Investment Results 161Case Study: Sukuk Investing as a Diversifi cation Strategy 166Conclusion 167Notes 168Helpful Hints 170

CHAPTER 10Shariah-Compliant UCITS Funds: Satisfying the Appetite of International Investors 173

Introduction 175Solution at Your Doorstep 176Providing Ease of Transaction to International Investors 177Bringing Shariah Investment to a Global Audience 178Notes 181Helpful Hints 183

CHAPTER 11Legal, Regulatory, Risk, and Operational Framework: Building Investors’ Confi dence 185

Introduction 187The Islamic Financial Institutions’

Regulatory Framework 188Country Examples 192Conclusion 198Notes 199Helpful Hints 200

Epilogue 203

About the Author 205

About the Contributors 207

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Contents xv

Glossary to the Quotations 209

Glossary of Islamic Finance 215

Global Islamic Finance Education Centers 235

Global Islamic Finance Conferences/Summits/Seminars 239

Islamic Investment and Finance Readings: Guide to Research Materials 243

Recommended Reading 245

Index 249

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1

Introduction

Emergence of the New Global Investment

AlternativeWhat is proven at one time shall perpetuate, unless there is a contrary clue.

(Islamic legal maxim)

cintro.indd 1 01/05/13 8:20 PM

A Muslim friend of mine who was then a CEO of an Islamic Bank in Malaysia happens to be a 6-foot Caucasian with blue eyes and

blonde hair. He was asked to meet senior representatives of the U.S. State Department for discussions, as the Americans were visiting Malaysia on a fact-fi nding mission regarding Islamic fi nance. They met in the lobby of a hotel in Kuala Lumpur after work one evening.

“Hello,” he said, “My name is Daud Vicary Abdullah and I’m due to meet you.” In a state of shock, the senior representative from the U.S. State Department looked him over from head to toe and said, “You don’t look like an Islamic banker!” Daud responded, “Who were you expecting? Osama bin Laden?” It was obvious that based on his name, the Americans had clearly expected to meet someone who looked like what they thought a Muslim should be—someone of Middle Eastern or Asian descent.

In May 2012, I was invited to speak at BaFin’s (German market regulator) second Islamic Finance Conference in Frankfurt. While in Germany, we also took the opportunity to launch three of the com-pany’s Irish-based Islamic Undertakings for Collective Investment in Transferable Securities (UCITS) Equity Funds (registered in Germany), having educated the media for half the day. The funds were being offered to meet the investment appetite of about 4 million German Muslims. A German newspaper reporter headlined his article with “Malaysians to bring Islamic banking to Germany,” and within the fi rst two paragraphs described my disposition as (1) “a confi dent and professional female chief executive. . . .” and my appearance (2) “with uncovered hair, red lipstick and silver earrings,” as if to dispel the pop-ular preconception of how a female Muslim would act and appear even in Germany.

These stories highlight outdated misconceptions that persist in the Western world about Islamic bankers and fi nance professionals.

3


4 INVESTING IN ISLAMIC FUNDS

However, it turns out that they can be Caucasian men who do not go around dressed in long white robes (thawb) and headgear (agal) and progressive women who are not covered from head-to-toe in long black robes (abaya) and headscarves (hijab) with no makeup on. This carries over to the myth that Islamic fi nance products are only appro-priate for Muslims, when the reality is that everyone can invest in them.

The book Investing in Islamic Funds is inspired from my experience as a speaker at international conferences over the last four years. As a result of my interaction with participants across the globe, whether they were Muslims or non-Muslims, it became apparent that there was a need to deepen the awareness and understanding of the benefi ts and ad-vantages of Islamic investing. As the many unexpected fi nancial shocks and crises rocked the world over the last six years, Islamic investing has shown itself to be a prudent alternative that exhibits similar results to conventional investing, making this topic a timely and relevant one for investors. Writing this book will allow me to impart this experience to a broader audience in a more effective and scalable manner.

It is my hope that this book will help convince the industry that Islamic investing is a long-term business, not an opportunistic initia-tive. The conviction to develop and offer a wide selection of Islamic investment solutions is like building a school that will be there to edu-cate this and future generations of students.

WITNESSING THE RISE

Islamic fi nance is a global phenomenon embraced by modern and pro-gressive bankers and fi nance professionals in Asia and the Western world internationally. The global economy is now in the process of formally integrating Islamic fi nance into the existing international fi -nance regulatory framework, as the legal jurisprudence, the Islamic fi nance talent pool, and the Shariah interpretations harmonize and internationalize across countries and regions. This is providing a sense of dynamism and is speeding up product development and in-novation. However, despite the involvement of global banks and asset management companies in this space, there is still a lack of awareness and education on its benefi ts.


Introduction: Emergence of the New Global Investment Alternative 5

Some of the pioneer Western global banking groups have entered and exited the space. A recent example is HSBC Amanah, which has recently closed down its Islamic retail banking operations in six markets, leaving it with a presence only in Malaysia, Saudi Arabia, and Indonesia due to its own internal strategic challenges1. How-ever, we appreciate that there are new entrants especially in Europe, like Sarasin Bank, Deutsche Bank, Commerz Bank, and Dexia BIL, who have started offering Islamic products. In the United States, Guidance Financial Group has provided more than USD2.3 billion of Islamic home fi nancing2, while in the United Kingdom, the long-term players remain Gatehouse Bank and Bank of London & Middle East. Since 2008, a number of well-known asset management houses have located their global Islamic asset management headquarters in Malaysia. Examples of the larger players among the 17 licensed companies in Malaysia include CIMB-Principal Islamic Asset Management (a boutique fi rm of United States–based principal global investors), BNP Paribas Asset Management, Amundi Asset Management, Aberdeen Asset Management, and Templeton Asset Management.

In 2011, Islamic Finance Country Index (IFCI) was launched, with 42 countries being monitored in terms of their involvement and leadership role in Islamic fi nance. High-potential international mar-kets, in different stages of development and requiring different pen-etration strategies, include Saudi Arabia, Malaysia, Qatar, Turkey, and Indonesia.3 The Turkish government embraced the acceptance of Islamic fi nance in 2010 and will potentially be more proactive. More Sukuk issuance is expected in 2013 as the government changed tax laws towards the end of 2011 to introduce a neutral tax regime for the treatment of Sukuk. The maiden USD350 million Sukuk issued by Kuyeit Turk Bank was subscribed to by global investors, signaling a keen interest for Turkish-run entities.

London is using Islamic fi nance to compete with New York as a global fi nancial center. Luxembourg is using Islamic asset management to compete with Dublin as a global funds platform. Dubai is using Islamic fi nance to compete with Bahrain as a regional fi nancial center. Finally, Singapore is using Islamic wealth management to compete with Hong Kong as Asia’s leading private banking hub.



THE PULL OF PETRODOLLARS

The oil wealth in the Middle East has revolutionized the global fund management business. This excess liquidity has seen the emergence of a number of cash-rich corporations and ultra-high-net-worth individuals. Although this trend can be expected to continue in the next decade, the excess liquidity, from the perspective of the Middle Eastern investors, needs to be invested impactfully beyond the tradi-tional U.S. Treasury bills and properties. In the past, the United States was the primary market of choice for investors from this region.

Boston Consulting researched the estimated wealth of ultra-high-net-worth Middle East investors and where their monies are invested.4 The largest geographical benefi ciaries are concentrated in the United Kingdom, Channel Island, and Dublin, with a signifi cant total of USD520 billion. The second largest benefi ciary is Switzerland, specifi cally Geneva and Zurich, with monies totaling a commendable USD490 billion. The biggest challenge is to convert the mind-set of the private bankers managing this money on behalf of their clients so that they come to accept that Islamic investments are a viable alternative with investment track records similar to conventional investments.

THE LONG-TERM OPPORTUNITIES: FINANCIAL CENTERS

To distinguish themselves in the fi nance arena, global fi nancial centers have embraced Islamic fi nance to make themselves relevant to a new and emerging investor base. The growth potential is hard to ignore given a report by the Pew Forum on Religion & Public Life titled “The Future of the Global Muslim Population,” which projects that the number of Muslims in the world is set to double from 1.1 billion in 1990 to 2.2 billion in 2030.

Who Are the Drivers, Followers, and Agents of Change for This Evolution?

Outside the Middle East, London has been aggressively advancing its cause to become a global center for Islamic fi nance in Europe. It is already operating as a gateway for the Western world’s Islamic population and aspires to be known as the Islamic Finance Gateway



of Europe. With a supportive government, a deep capital market, and a population of two million resident Muslims, London is using its Islamic capital market industry platform to compete with New York as the world’s leading fi nancial center. London has chosen to build a strong Islamic capital markets platform, with Islamic asset manage-ment having a pivotal role. To demonstrate the demand for Islamic investing, a U.K. pension house, The National Employment Savings Trust (NEST), has committed to offer Islamic portfolios for workers whose employers do not run their own pension plans.5

Shariah-compliant UCITS funds were fi rst made available to in-ternational investors throughout Europe on global fund platforms like Ireland and Luxembourg since 2000, with the majority launched from 2008 onward. Global banks such as Citibank, Barclays, and Deutsche Bank, as well as indexing houses like Dow Jones Islamic Market Index (DJIM), MSCI Islamic, Standard & Poor’s Islamic, and FTSE Islamic, have created “windows” to enter the Islamic space.

From the standpoint of internationalizing Islamic fi nance edu-cation, the United Kingdom continues to cement its position as an Islamic fi nancial education center in Europe and the West through programs offered by its universities. In the United States, an annual Harvard University Islamic Finance conference has brought together academics from all over the world.

How Are Other Financial Centers Doing in Tapping These Opportunities?

In addition to Europe, Asian countries are strategically building Islamic fi nance platforms—namely, Malaysia, Brunei, Singapore, Japan, Hong Kong, China, Turkey, and Indonesia. Of course, countries in the Middle East—namely, UAE, Saudi Arabia, Bahrain, Qatar, Oman, and Kuwait—have been proactively developing Islamic fi nance offerings across the value chain, from Sukuk origination to Takaful to asset management over the last six years as well.

Uniquely, Malaysia has helped Islamic fi nance survive and thrive post-global fi nancial crisis in its quest to become the global hub for Islamic fi nance. The country has fully developed its own Islamic fi nance framework as a tool to help internationalize and create fi nan-cial linkages between emerging markets in particular. Will it able to



maintain its pole position in Islamic fi nance? In the short term, yes. Malaysia has consciously led the global Islamic fi nance platform with comprehensive infrastructures.6

Incentives have been grabbed by many fi rms to use Singapore as their base for their Islamic private banking and wealth management. The Island Nation also neighbors several countries with large, wealthy Muslim populations.

The internationalization of Islamic fi nance has thus contributed to more effi cient allocation of funds across borders from centers with surplus funds to regions with investment opportunities and to better diversify investment risk.

With the view that Islamic fi nance must be a dedicated business for the long term, in 2011 the Qatar central bank announced that con-ventional banks had to close Islamic operations to reduce any chance of mixing of funds and obtain a separate Islamic banking license7. The FIFA 2022 World Cup will take place in Qatar and many analysts are speculating that construction and development for that will be fi nanced through Sukuk.

The South African government has been proactive in promoting South Africa as a regional Islamic fi nancial center, with reports that the country’s National Treasury was planning to issue a debut sovereign Sukuk in 2013.

With its population approaching 250 million and a positive stable economic outlook, Indonesia is likely to be the next major growth market. As the world’s most populous Muslim country, it is looking to Islamic fi nance to embark on many infrastructure projects and is courting Middle Eastern banks to invest. The government has issued a seven-year USD1.0 billion global Sukuk in 2011, which was oversub-scribed by six times, with strong demand from Middle East and Asia.8

FAIR DISTRIBUTION OF WEALTH: THE NEXT GENERATION

The combined effect of the 2008 global fi nancial crisis, 2009 Dubai property crisis, 2011 Arab Spring, and the Eurozone crisis resulted in an unprecedented push by these investors to seek out ways to diversify



their assets offshore to global fi nancial centers, as well as to invest in other regions like the Asia Pacifi c to seek higher returns. In addition, there is now a clear preference for transparent and risk-managed in-vestment solutions with a proven investment track record that can be monitored and assessed. At the same time, there is increased demand and sensitivity that these monies be invested responsibly in a Shariah-compliant manner, provided that similar returns can be achieved to those of conventional investing. This emerging trend is irreversible and will result in the long-term viability and success of Islamic investing as a credible and ethical alternative to conventional investing.

At fi rst, the global market upheavals over the last fi ve years seemed to herald the downfall of the nascent international Islamic as-set management industry as it was just graduating from the domestic sandbox. Instead, it provided a perfect storm that thoroughly tested the investment track record of Islamic equity indices through one com-plete market cycle. Not only did Islamic indices slightly outperform conventional indices in a down-trending market, they also kept pace with conventional indices in up-trending markets, on which this book will provide a detailed analysis.

The need to narrow the gap of “haves” and “have-nots” in America today has been forcefully argued by Joseph E. Stiglitz in his book The Price of Inequality.9 Despite the perceived progress, he argued that the income inequality in the United States is at historic levels not seen since before the Great Depression. Here, the community lacks the shared destinations, common opportunities, and fair distribution of wealth that clearly is the principle practiced by Islamic fi nance. It is interesting that his empirical evidence showed that before 2008, the top 1 percent seized more than 65 percent of the gain in total national income, but in 2012, as the nation struggled to emerge from a deep recession, the 1 percent gained 93 percent of the additional income created in the so-called recovery.

As those at the top continue to enjoy the best health care, educa-tion, and benefi ts of wealth, they often fail to realize that, as Stiglitz highlights, “their fate is bound up with how the other 99.0% live.”10 He lays out a comprehensive agenda to create a more dynamic econ-omy and a fairer and more equal society being the way forward, which in my opinion is preparing for the next generation. He argued



that the world should curb excesses at the top corporate fi nancial system with less likely abusive practices, and encourage a system that offers justice for all. Maintaining the kind of society and the kind of government that serves all the people—consistent with principles of justice, fair play, and opportunity—this doesn’t happen by itself. But a new social compact has to be established for a better balance of globalization. There is tremendous potential to draw on economic value that Islamic fi nance has to offer to even the Americans, con-sidering that it promotes sustainable growth through productive and responsible innovation that will be resilient to shocks and less prone to crisis.

MOVING FORWARD: CHANGE IN MIND-SET

Contrary to popular perception that there are signifi cant differences in Shariah interpretation between Asia and the Middle East, which has impeded progress, a recent study conducted by the International Shariah Research Academy for Islamic Finance (ISRA) on fatwas or Shariah boards reveals that there are more similarities than differences in Shariah resolutions between the two regions. I am hopeful that in-vestors will take comfort in this research result and move forward in their adoption of Islamic investment solutions.

The majority of sovereign wealth funds (SWFs) based in the Middle East adopt ethical investment strategies but are not Islamic investors, according to primary research conducted for the Islamic funds and in-vestment reports 2008 (IFIR08).11 Why is this, when Islamic investing is itself an ethical investment strategy?

The answer is that only now has it progressed to the point where Islamic asset managers are adopting global best practices. It is now indisputable that Islamic portfolios have undergone a valid stress test with the market gyrations over the last six years to show similar investment track records. With the improvement in its breadth of asset classes and across geographical regions, this group of inves-tors is now interested in examining Islamic asset management fur-ther. There is now a clear opportunity to potentially infl uence this signifi cant institutional investor base to migrate some of its ethical

cintro.indd 10 01/05/13 8:20 PM


investment mandates to Islamic investment mandates. This book is my attempt to help facilitate this potential change in mind-set, and I am hopeful that a new generation of investors will choose to invest responsibly.

NOTES

1. Patrick Jenkins and Camilla Hall, “HSBC’s Islamic closures highlight dilemma.” Financial Times (2012). www.ft.com/intl/cms/s/0/bdb5f212-0f1c-11e2-9343-00144feabdc0.html

2. Guidance Financial case study: Guidance Residential. www.guidancefinancial.com/case_study/guidance-residential/

3. Ernst & Young. World Islamic Banking Competitiveness Report 2013: Growing Beyond: DNA of Successful Transformation (2012).

4. The Boston Consulting Group. Global Wealth 2011: Shaping a New Tomorrow: How to Capitalize on the Momentum of Change (2011).

5. Humayon Dar, Rizwan Rahman, Rizwan Malik, and Asim Kamal. Global Islamic Finance Report (GIFR). (Edbiz Consulting, 2012): 249.

6. Hon. Ahmad Husni Hanadzlah, Minister of Finance II, Malaysia. Speech at the offi cial launch of Labuan IBFC Wealth Management Year 2013 (2013). http://askprof.mifc.com/index.php?ch=menu_med&pg=menu_med_spe

7. Sohail Jaffer and Kamar Jaffer. Investing in the Middle East & North Africa (MENA Region): Fast Track Opportunities. (Euromoney Institu-tional Investor PLC, 2012.)

8. Ibid. 9. Joseph E. Stiglitz, The Price of Inequality: How Today’s Divided Society

Endangers Our Future (New York: W. W. Norton & Company, 2012). 10. Ibid. 11. Sohail Jaffar. Islamic Wealth Management: A Catalyst for Global Change

and Innovation. (London: Euromoney Books, 2009): 257.

General ReadingDar, Humayon Rizwan Rahman, Rizwan Malik, and Asim Kamal. Global

Islamic Finance Report (GIFR). Edbiz Consulting, 2012.

Ernst & Young. World Islamic Banking Competitiveness Report 2013: Grow-ing Beyond: DNA of Successful Transformation, 2012.

Mahbubani, Kishore. The New Asian Hemisphere: The Irresistible Shift of Global Power to the East (New York: Public Affairs New York, 2008).

cintro.indd 11 01/05/13 8:20 PM


Mirakhor, Abbas, Hossein Askari, and Zamir Iqbal. Globalization and Islamic Finance: Convergence, Prospects, and Challenges. Hoboken, NJ: John Wiley & Sons, 2009.

Nasr, Vali. Forces of Fortune. The Rise of the New Muslim Middle Class and What It Will Mean for Our World (New York: Free Press, 2009).

Vicary Abdullah, Daud, and Keon Chee. Islamic Finance: Why It Makes Sense: Understanding Its Principles and Practices. Marshal Cavendish Business, 2012.

cintro.indd 12 01/05/13 8:20 PM

Datuk Noripah Kamso is the advisor to CIMB Islamic. She was previously the founding Chief Executive of CIMB-Principal Islamic Asset Management. Since 2008, she has successfully established a global platform for the firm to extend its reach across the globe. The firm acts as a global partner to global institutional investors, providing a range of Shariah investment portfolios to suit differing investment needs.

If islamic investing has always baffled you, her new book ‘Investing in Islamic Funds’ is a key to unlock its mysteries. She justifies a case for Islamic investing with high level analytical skills supported by empirical evidences. In 2012, she was honoured for her contributions to the global Islamic asset management industry at the International Takaful Summit in London.

About the Author

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