Islamic Banking and Risk Management

By

Mr. Kaustuva Hota

MBA(Finance),CWA(Inter)

Lecturer, Trident Academy of Creative Technology, Bhubaneswar

Email: kaustuvhota@gmail.com

Mobile: +919937821458

Address: 353/57, Jayadev Vihar, Bhubaneswar-751013,Orissa

&

Mrs. Pragyan Parimita Sarangi

MBA(Finance)

Sr. Lecturer , Bharatiya Vidya Bhavan, Bhubaneswar

Email: pragyansarangister@gmail.com

Mobile: +919437282167

Address: MIG-1/172, Satyasai

Enclave,Khandagiri,Bhubaneswar,Orissa
 Islamic Banking and Risk Management

Abstract

Islamic banking has been a topic of focus in most of the banking industries throughout the world
in recent times. The Islamic banks have been experiencing a considerable change throughout the
world in recent years as their market is rapidly growing and this growth is expected to continue
in the near future. This study highlights banking industry in general and its recent developments.
This paper tries to outline the concepts of Islamic banking and their recent developments. This
paper highlights the various types of risks associated with the banking industry and their degree
of severity. It also seeks to analyze the risks associated with the Islamic banking system and the
management tools and how it is different from conventional banking system. This paper
highlights the risk perspectives and risk analysis in the view of (i) global standards – Basel-II
norms and (ii) competition and growth prospects. This study investigates the main problems,
challenges, and opportunities facing Islamic banking. It also investigates the future potential of
Islamic banking in India as India is the 3rd largest Muslim populated country in the world.

Introduction

“We do not charge interest”- One can get this is a kind of statement when he goes and asks for a
loan in a bank which is following Islamic Banking Policies. A system of trading in money which
involves safeguarding deposits and making funds available for borrowers is banking. Islamic
banking refers to a system of banking or banking activity that is consistent with the principles of
Islamic law and its practical application through the development of Islamic economics.
Islamic Banking has been attracting the bankers and has been a burning topic to the bankers in
recent times. Islamic banks have been experiencing considerable change in recent years as the
Islamic Banking market is rapidly growing and the growth is expected to continue in the near
future.
Like the other normal banks, an Islamic Bank accepts deposits; it invests, lends and does all
kinds of banking activities. The main difference between Islamic Banks and normal Banks is that
Islamic Banks carry on the banking activities, governed fully by the Islamic Laws.
Islamic modes of financing comprise two basic principles. These involve interest-free financing
instruments and instruments based on cost and profit sharing. The Islamic Law “Sharia”
prohibits the payment or acceptance of interest fees for the lending and accepting of money
respectively. Any kind of interest charged is considered to be forbidden (Haaram). Then, an
obvious question arises - How does the Islamic Bank survive? Let us consider an example, if a
Mr X asks for a trade loan, the Islamic Bank asks the Mr. X to sell something, suppose the Mr
X’s car, to the bank and take the money. The condition is that Mr. X will buy back the car after a
predetermined period at a predetermined price. Here the bank predetermines the car’s price to be
higher than the price in which the bank had bought it. Thus the extra amount will be the revenue
for the bank.
In recent times, Islamic banking and financing services have increased phenomenally around the
world. There now exists 150 such banks spread over most countries of the world. Yet, the same
trend in financing with a concentration around murabaha (trade financing) is found to intensify.
Equity participation and profit sharing have remained distant minimum in the total allocation of
resources. Secondary financial instruments in accordance with shari'ah could not be developed so
as to give rise to a viable Islamic capital market. Islamic financial instruments are therefore
traded in conventional stock markets. As a result, neither the developmental aspects of Islamic
banking in favour of realizing an Islamic economy nor the distributive goals for the poor and
marginal enterprises could be attained.

Nature of Islamic financial instruments implies that Islamic banks face not only the traditional
commercial credit risk of their clients but also other risks associated with the instruments. The
concept of risk management of Islamic banks is based on the Islamic Principles (Sharia). For
example, market risk for Salam financing or potentially damaging claims due to ownership of
assets in lease financing. Several such risks can be addressed through design of financial
contracts. As for commercial credit risk of the client, Islamic banks can reduce it through the
following action:
(1) Innovative collateral arrangements, third-party guarantees and credit rating of clients by
specialized institutions
(2) Choice of an appropriate financial instrument available in the Islamic setup
(3) Pricing of Islamic financial products

Islamic banks are likely to have advantage in risk management as compared with their interest-
based counterparts who can make recourse to only the first and the third option.

This paper reveals that Islamic banking in accordance with Shari'ah precepts is a landmark in
new paradigmatic thinking interrelating finance, economy, community and society. Islamic
banks are therefore to carry out their operations and organize their plans and programs according
to such a general systems outlook of finance with socioeconomic development. Such a model of
socioeconomic development is very different from the financial, economic and social models we
are facing in the present age of capitalist globalization. To achieve the complementary goals and
so actualize wellbeing for all, Islamic banks ought to focus on both financing as well as
development in accordance with the tenets of Shari'ah. We have laid down this perspective in
this paper.

Genesis of Banking Industry and its Recent Development

The last decade has seen many positive developments in the Indian banking sector.
Strengthening financial systems has been one of the central issues which serves as an important
channel for achieving economic growth through the mobilization of financial savings, putting
them to productive use and transforming various risks. Many countries adopted a series of
financial sector liberalization measures in the late 1980s and early 1990s that included interest
rate liberalization, entry deregulations, reduction of reserve requirements and removal of credit
allocation.
The policy makers which comprise Reserve Bank of India (RBI), Ministry of Finance and related
government and financial sector regulatory entities, have made several notable efforts to increase
regulation in the sector. Consistent effort has been made towards establishing of an enabling
regulatory frame work with prompt and effective supervision as well as development of
technological and institutional infrastructure. The sector now compares favorably with banking
sectors in the region on metrics like growth, profitability and non performing assets (NPAs). A
few banks have established an outstanding track record of innovation, growth and value creation.
The notable changes the policy makers have made include strengthening prudential norms,
enhancing the payment system and integrating regulations between commercial and co operative
banks.
Persistent efforts have been made towards adoption of intentional benchmarks as appropriate to
the Indian conditions.

Statutory Pre-emptions: The Indian banking system operated with a high level of statutory pre-
emptions, in the form of both the Cash Reserve Ratio (CRR) and the Statutory Liquidity Ratio
(SLR), reflecting the high level of the country’s fiscal deficit and its high degree of monetisation.
Efforts in the recent period have been focused on lowering both the CRR and SLR.

Interest Rate Structure: Deregulation of interest rates has improved the competitiveness of the
financial environment and strengthened the transmission mechanism of monetary policy.
Sequencing of interest rate deregulation has also enabled better price discovery and imparted
greater efficiency to the resource allocation process.

Foreign Investment: Foreign investments in the financial sector in the form of Foreign Direct
Investment (FDI) as well as portfolio investment have been permitted.

Prudential Regulation: Norms related to risk-weighted capital adequacy requirements,

accounting, income recognition, provisioning and exposure were introduced in 1992 and
gradually these norms have been brought up to international standards. Other initiatives in the
area of strengthening prudential norms include measures to strengthen risk management through
recognition of different components of risk, assignment of risk-weights to various asset classes,
norms on connected lending and risk concentration, application of the mark-to-market principle
for investment portfolios and limits on deployment of funds in sensitive activities.

Exposure Norms: RBI has prescribed regulatory limits on banks’ exposure to individual and
group borrowers to avoid concentration of credit, and has advised banks to fix limits on their
exposure to specific industries or sectors (real estate) to ensure better risk management.

Asset-Liability Management: In order to enable banks to identify, measure, monitor and

control risks, appropriate risk management guidelines have been issued from time to time by the
Reserve Bank, including guidelines on Asset-Liability Management (ALM). These guidelines
are intended to serve as a benchmark for banks to establish an integrated risk management
system.
NPL Management: Banks have been provided with a menu of options for disposal/recovery of
NPLs (non-performing loans). Banks resolve/recover their NPLs through compromise/one time
settlement, filing of suits, Debt Recovery Tribunals, the Lok Adalat forum, Corporate Debt
Restructuring (CDR), sale to securitisation/reconstruction companies and other banks or to non-
banking finance companies (NBFCs).

Board for Financial Supervision (BFS): An independent Board for Financial Supervision
(BFS) under the aegis of the Reserve Bank has been established as the apex supervisory
authority for commercial banks, financial institutions, urban banks and NBFCs. Consistent with
international practice, the Board’s focus is on offsite and on-site inspections and on banks’
internal control systems.

For a strong and resilient banking and financial system, the banks need to go beyond peripheral
issues and tackle significant issues like improvements in profitability, efficiency and technology,
while achieving economies of scale through consolidation and exploring available cost-effective
solutions.

Islamic Banking System

Islamic banking is a system of banking that is based on the principles of Islamic law i.e Sharia
and its practical application. It follows fiqh muamalat (Islamic rules on transactions).the rules
and practices of fiqh muamalat came from the quran and the sunnah, and other secondary
sources of Islamic law such as opinions collectively agreed among shariah scholars (ijma’),
analogy (qiyas) and personal reasoning (ijtihad).

The Islamic law prohibits the payment or acceptance of interest fees for the lending and
accepting of money respectively, (Riba, usury) for specific terms, it also prohibits investing in
businesses which is considered contrary to its principles. While these principles were used as the
basis for a flourishing economy in earlier times, it is only in the late 20th century that a number
of Islamic banks were formed to apply these principles to private or semi-private commercial
institutions within the Muslim community.

Philosophy of Islamic banking

The Shariah does not allow charging ‘interest’ but it does not prohibit all gains on capital. It is
only the increase stipulated or sought over the principal of a loan or debt that is prohibited.
Islamic principles simply require that performance of capital should also be considered while
rewarding the capital. Islamic banking system is based on risk-sharing, owning and handling of
physical goods, involvement in the process of trading, leasing and construction contracts using
various Islamic modes of finance. The Islamic banks deal with asset management for the purpose
of income generation. They will have to prudently handle the unique risks involved in
management of assets by adherence to best practices of corporate governance.
The Holy Quran has revealed the different forms of businesses allowed by Islam which included
joint ventures based on sharing of risks & profits and provision of services through trading, both
cash and credit, and leasing activities. Profit has been recognized as ‘reward’ for (use of) capital
and Islam permits gainful deployment of surplus resources for enhancement of their value.
Financial transactions, in order to be permissible, should be associated with goods, services or
benefits. At macro level, this feature of Islamic finance can be helpful in creating better
discipline in conduct of fiscal and monetary policies. Besides trading, Islam allows leasing of
assets and getting rentals against the usufruct taken by the lessee. All such assets which are not
consumed can be leased out against fixed rentals. The ownership on leased assets remains with
the lessor who assumes risks and gets rewards of his ownership.
Shariah concepts in Islamic banking

Wadiah (keeping in Safe custody)

In Wadiah system, one will deposit cash or any other asset in a bank for safekeeping. The bank
guarantees the safety of the items in its custody.

How does Wadiah work:

• You deposit in a bank and bank guarantees to return the money to you
• Money can be withdrawn any point of time you want.
• For looking after your money the bank may charge a fee hibah (gift) if it deems fit.
• This concept is normally used in deposit-taking activities, custodial services and safe
deposit boxes.

Mudharabah (sharing profit)

Mudharabah is an arrangement between two parties; an investor and the entrepreneur with a
motive of profit sharing. The investor will supply the entrepreneur with funds for his business
venture and gets a return on the funds he puts into the business based on a profit sharing ratio
that has been agreed earlier. This system has been adopted in Islamic banking operation in 2
ways: between a bank (as the entrepreneur) and the capital provider, and between a bank (as
capital provider) and the entrepreneur. Losses suffered shall be borne by the capital provider.

How does Mudharabah work:

• The capital provider supply funds to the bank after agreeing on the terms of the
Mudharabah arrangement.
• Bank invests funds in assets or in projects or in any other profitable ventures.
• Business may make profit or incur loss.
• Profit is shared between the capital provider and the bank based on a pre-agreed ratio.
• Any loss will be borne by you. This will reduce the value of the assets/ investments and
hence, the amount of funds you have supplied to the bank

Capital Provider

Bank

Investment/Assets

(+)Profit/loss (-)
Bai’ Bithaman Ajil-BBA (Deferred payment sale)
This refers to a system of the sales of goods where the buyer pays the seller after the sale
together with an agreed profit margin, either in one lump sum or by installment.

How does BBA work:

• Suppose you want to purchase an asset through bank.

• You can ask the bank for BBA and promise to buy the asset from the bank through a
resale at a mark-up price (price higher than the purchase price of the bank).
• Bank buys the asset from the owner on cash basis.
• Ownership of the asset will be with the bank.
• Bank resells the asset, passes ownership to you at the agreed mark-up price.
• You can pay the bank the mark-up price in installments over a period of time.

How does BBA work?

YOU 1. Choose Asset

3. Asset ownership 2.Purchases

Bank
5. Asset
Ownership

4 Resells at a mark-up price

Musyarakah (Joint venture)

Musyarakah refers to a partnership or a joint business venture to make profit. Profits made will
be shared by the partners based on a pre- agreed ratio which may not be in the same proportion
as the amount of investment made by the partners. However, losses incurred will be shared based
on the ratio of funds invested by each partner.

Ijarah Thumma Bai’ (Hire purchase)

This system is normally used in financing consumer goods especially motor vehicles. There are
two separate contracts involved: Ijarah contract (leasing/renting) and
Bai’ contract (purchase).

• You pick a car you would like to have.

• You ask the bank for Ijarah of the car, pay the deposit for the car and promise to lease the
car from the bank after the bank has bought the car.
 • Bank pays the seller for the car.
• Seller passes ownership of the car to the bank.
• Bank leases the car to you.
• You pay Ijarah rentals over a period.
• At end of the leasing period, the bank sells the car to you at the agreed sale price.

How does Ijarah Thumma Bai’ work:

YOU 1 Seller Of a car

4 3
Ownership purchases

2. pay deposit
5 leases at rentals BANK

6 sell the car

at the end of the lease period
owner ship transferred

Wakalah (Agency)
This is an agreement where a person asks another party to act on his behalf (as his agent) for a
specific task. The agent who performs the task will be paid a fee for his services.
For example: in case of a credit purchase a customer asks the bank to pay the creditor under
certain terms. The bank here acts as the agent for carrying out the financial transaction and the
bank will be paid a fee for its services.

Qard (Interest-free loan)

In this type of arrangement, a loan is given to the borrower for a fixed period on the basis
goodwill of the borrower. The borrower is only required to repay the amount borrowed.
However, the borrower may, if he so wishes, pays an extra amount without any obligation as a
way to thank the lender.

Hibah (Gift)
This refers to a payment made willingly in return for a benefit received.
Say for Example In savings operated under Wadiah, banks will normally pay their Wadiah
depositors hibah although the accountholders only intend to put their savings in the banks for
safekeeping.
Islamic laws on trading

The Qur'an prohibits gambling and insuring ones' health or property. In addition it also prohibits
bayu al-gharar (trading in risk).

What gharar is, exactly, was never fully decided upon by the Muslim jurists. This was mainly
due to the complication of having to decide what is and is not a minor risk. Derivatives
instruments (such as stock options) have only become common relatively recently. Some Islamic
banks do provide brokerage services for stock trading.

Microfinance

Microfinance is a key concern for Muslims states and recently Islamic banks also. Islamic
microfinance tools can enhance security of tenure and contribute to transformation of lives of the
poor. Already, several microfinance institutions (MFIs) such as FINCA Afghanistan have
introduced Islamic-compliant financial instruments that accommodate Sharia criteria.

GROWTH OF ISLAMIC BANKING INDUSTRY

SOURCE:IIFM ANALYSIS, IFIS, BOOZ& COMPANY ANALYSIS

SOURCE: BOOZ& COMPANY ANALYSIS

Risk Management in Islamic banking

The major difference between conventional and Islamic banking, from a risk perspective, is in
the nature of risk sharing. The profit sharing model in Islamic banking differentiates the nature of
risk that the institution faces. The model facilitates equal distribution of profits and losses
between depositors and banks. With returns on the depositor’s investment offered on a profit
sharing basis, they have an equal share in the business risks of the institution. Similarly,
financing based on Islamic tenets changes the nature of risks faced by Islamic institutions.
Unlike the conventional bank which assures fixed rates on deposits, regardless of whether it
makes profits or losses, the Islamic bank offers no such guarantees. If the bank earns profits
during the financial year, it offers the depositors the agreed rates; but if the year has brought in
losses, depositors share the burden together with the bank. Islamic banks have a unique risk
profile because of the need to make their products Shariah-compliant. Nuances and complexities
can serve to obscure the real risks that Islamic banks face – at both the transactional level and the
portfolio or entity level.

Risks common to conventional and Islamic banks include:

• Liquidity risk
• Credit risk
• Market risk _ both, exchange and volatility
• Legal risk
• Operational risk

Risks unique to Islamic banks include:

• Pricing risk under mark-up financing

• Commodity risk
 • Ownership risk (assets owned as part of financing)
• Reputation risk (for non-compliance with Shariah principles)
• Counterparty risk in the case of:
 Murabaha (declining to honor the ‘promise to buy’ agreement)
 Istisna (declining to honor the ‘promise to accept the delivery’ agreement)
 Salam (Declining to honor the ‘supply on time’ and quality, quantity agreement)

Displaced commercial risk

The Mudharaba and Wakala investment accounts provide majority of funds to the Islamic banks.
This arrangement appears to provide them with a significant buffer against loss. If banks realise a
good profit, account holders can expect significantly higher returns than those offered to
conventional bank depositors, because Islamic banks often use the investment accounts to fund
riskier assets. However, as per agreement customers accept a lower rate of return if the bank’s
assets underperform, and are also expected to help absorb losses. To protect the interest of the
customers Islamic banks build up two types of reserve – one (the profit equalisation reserve) to
help ensure they can pay the anticipated profits to customers, and a second to be used to help
offset severe losses. Even when a bank’s reserves are exhausted, it may be unwilling to cut its
customers’ returns, fearing that they would take their business to a competitor (‘displaced
commercial risk’). Banks are even more reluctant to use customer money to cover losses. So,
mudharaba and wakala funds may only provide a buffer in theory.

Liquidity risk
Islamic banks are so sensitive to displaced commercial risk because they have restricted access to
the short-term funding options used by commercial banks. According to Shariah principles all
transactions must be linked to a tangible, underlying asset. As a result, there is a big, unpopulated
gap between cash and long-term bonds. Since there is predominance of asset-based financing this
serves to lengthen the liquidity gaps because exits from these transactions are not always agreed
in advance.

Operational risk
Islamic banking products can involve a number of separate contracts, giving rise to additional
legal risks. Each step in a financial transaction takes time and involves a fresh contractual
agreement, magnifying the scope for disagreements and complications. For example, in the case
of a murabaha transaction, the bank has to buy an item and then sell it on under different
payment terms. Islamic banks also have to face operational risks associated with the
administration of their business – paperwork and book-keeping, in other words. In principle,
these risks are no different to those faced by conventional banks. In practice, they are made more
taxing by the contractual complexity of Shariah compliant transactions.

Fiduciary and Reputational Risk

The interpretations of Shariah vary from one scholar to the next, though Shariah compliance is
all-important to an Islamic bank and to its customers. The bank’s Shariah board should ensure
that all of its products and transactions are compliant –at least, that is certainly the customers’
expectation. Sometimes Islamic banks find themselves in a position in which a commercial
opportunity falls foul of a Shariah board’s fatwa, and may then seek to address the scholars’
concerns by changing or restructuring the deal. Sometimes the judgments turn on very subtle
distinctions which could be an event for devastating reputational damage.
Adherence of Islamic banking with Basel II norms

IB risks
Basel II Norms

Credit risk
Market risk Pillar I
Operational risk

Governance
Capital management Pillar II
Liquidity risk

Sharia compliance risk

Fiduciary risk
Rate of return risk ?

Source: PricewaterhouseCoopers

IB Risks vs. Basel II

Matching Islamic banking risks to the Basel accord, under Pillar 1, of Basel II (Minimum Capital
Requirements — prescribes a risk-sensitive calculation of capital requirements that, for the first
time, explicitly includes operational risk along with market and credit risk) we are looking at
credit risk, market risk, and operational risk. In respect to Pillar 2, (Supervisory Review Process
(SRP) — envisages the establishment of suitable risk management systems in banks and their
review by the supervisory authority) which is more the quantitative assessment, which then
drives the decision whether any additional capital is required: issues such as governance risk,
capital management risk and liquidity risk are picked up in that second level. In respect to pillar
3 which is market Discipline — seeks to achieve increased transparency through expanded
disclosure requirements for banks which does not involve the other risks of Islamic banking. The
question is how should other Islamic banking risks, such as Shariah compliance risk, fiduciary
risk, and the rate of return risk, be dealt with in an overall Basel II framework.
Feasibility of Islamic banking in India

Current status

Islamic banks in India do not function under banking regulations of RBI. All the Islamic banks
have to be compulsorily registered with RBI. They are licensed under Non Banking Finance
Companies Reserve Bank Directives 1997 RBI (Amendment) Act 1997, and operate on profit
and loss based on Islamic principles.

Reasons why Islamic Banking in India cannot be implemented

Countless advocates of Islamic banking have been trying their best over the years to propagate
the concept of Islamic banking in India. As a result Reserve Bank of India (RBI) had constituted
a committee in 2007 to examine the issue but viewed that Islamic banking cannot be offered by
banks in India as well as the overseas branches of local banks under the present legal framework.
As a genre of financial services, Islamic banking shuns the very idea of interest rates, and rests
on profit-sharing principles. Based on the Shariah law, it abhors the business of making money
out of money, upholding the belief that wealth is generated through actual trade and investment.
The RBI has not put the report in the public domain.

Indian banking laws come in the way of various Islamic banking principles:

Wadiah (for saving bank account): Section 21 of the Banking Regulation Act requires payment
of interest on such deposits; thus, interest-free deposit and a simple charging of Hiba(gift) is not
permissible.

Mudarabah (for term deposit or investment): Section 21 of the BR Act prohibits such products
where the bank can invest the money in equity funds (in India, equity exposure is determined by
a separate set of rules), and the client has complete freedom in the management.

Mudarabah, Musharakah (for project finance and SME credit): Sections 5, 6 of the BR Act
indicate the forms of business a banking company can undertake, and does not allow any kind of
profit-sharing and partnership contract .

Ijarah (for home finance) : As against Islamic banking where the banks owns the asset and hold
the title, Section 9 of the BR Act prevents the bank from any sort of immovable property other
than private use.

Istisna (leasing, buyback): Besides the usual curbs on acquiring immovable property, offering
Islamic banking products many not are bankable due to stamp duty, central sales tax and state tax
laws that will apply depending on the nature of the transfer.

Another important consideration is the tax procedures. While interest is a passive income, profit
is defiantly an earned income which is treated differently. If principles of Islamic banking are
incorporated then how does it comply with the tax procedure?
Conclusion

Though RBI has stopped all the possibility of Islamic banking in India (other than NBFCs), there
are certain questions which remain unanswered. The RBI report has not been made available on
the public domain like other report is definitely one question waiting to be answered. If the
international banks have established Islamic banks and merged it with their object of profit
making why can the same be done in India also is not answered. For the successful Islamic
banking operations, it will be on Government to implement Islamic banking. If not they should
atleast provide bank status to Islamic finance institutes as they are termed right now so that they
can issue cheque and other such facility like banks.Keeping in mind the flourishment of Islamic
Banking all over the world and the Muslim population in India these are the questions which
have to be answered immediately and with certainty.

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