Sunday, April 26, 2009

Dilemma on NATOs Purpose After Cold War

The collapse apply streamyx socialistic block by the late 1990s gave rise to doubts as to timeliness of the North Treaty Alliance Organization that in fact had accomplished its mission and Streamyx role. Realistic logic concerning military alliances, based on historic experience of the Cold War, gave reasons to believe in incapability of either military block

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Safe Finance For Difficult Times

In mid-January 2009 tm net my streamyx Monetary Authority streamyx hot spot Singapore (MAS) launched its first SGD denominated Sukuk (a bond that adheres to the requirements of Shariah law) programme. With Streamyx programme the MAS aims to promote Islamic banking and ensure that the city state continues to mature into a significant Islamic finance hub in Asia. The pole position in this sector within the region is presently held by Kuala Lumpur.

The issuance of the Sukuk by the MAS is significant progress in the development of an Islamic banking market in Singapore as it gives Islamic banks access to local currency liquidity, something that is presently absent. It thus allows the banks to provide Shariah compliant, local currency products, and solutions. With the MAS benefiting from the highest credit rating of the Government of Singapore, an important element in the Singapore's Islamic banks arsenal has been met.

The new Sukuk is important for another reason. It proves that regional governments are beginning to be pro-active in identifying, and accessing, alternative sources of funding. This is undoubtedly the result of very tight credit markets globally, an unwanted side effect of governments globally trying to borrow their way out of the global credit crunch.

What is also remarkable is that Singapore has again trumped Hong Kong in an important area of finance. Chief Executive Donald Tsang mentioned the intention of the Hong Kong government to promote the territory as a potential Islamic finance hub in his Policy Address in 2007. Since then the government has done very little to put this, I am hesitating to use the word, vision into practice. Checking around town you will find many a senior banker frustrated in their intent to get Islamic banking off the ground through a lack of serious government initiative.

Having said this, the timing of the Chief Executive's original statement was perfect. It was made in a time of rising oil prices, providing the main proponents of Islamic finance in the Arab world with ample cash to Streamyx new Islamic banking ventures as well as driving the growth of the Islamic finance industry. At the time, Hong Kong should have made every effort to benefit from this ideal scenario. It did not.

Although Hong Kong has missed this, albeit very important, opportunity I believe that it is not too late to position Hong Kong as Asia's Islamic finance hub. The paralysis of the traditional banking system has opened the door for another bite at the cherry.

Let me explain. The basic principle that underlies Islamic finance is that of shared risk. Risk should be shared between the lender and the borrower. Consequently, the lender is expected to take a greater interest in the success of the enterprise. Muslims believe that it is unfair, as well as immoral, for the lender to be guaranteed the repayment of capital plus interest regardless of the outcome of the venture. This makes for very prudent financial management. As an extension of this, there are an increasing number of commentators who argue that a global financial system subject to Islamic principles would have meant a much safer system than the very fragile house of cards we are now subject to.

Adopting this system of finance would however require a significant leap of faith from several sectors. Although Islamic finance originates in the religious writing of Islam we should regard it as much more than that. It is a socially responsible way of arranging to meet the financial needs of society which goes way beyond the religious aspects upon which it is based.

As the financial gateway to China, Hong Kong now has the opportunity to lead the second wave in the development of Islamic finance in Asia. In addition to being home to the world's third largest Muslim community, China is in need of foreign investments and the still cash rich countries of the Islamic world are increasingly looking for Islamic investment opportunities in the Far East.

To make this a marriage made in heaven some decisive action is required on the part of the powers that be, in addition to the industry having to educate itself on what is involved in a banking system that is based on the Islamic principles, and how this can be used beneficially for all parties involved. Some of the larger financial institutions in Hong Kong already have the necessary know-how. However, the industry at large, including accountants, bankers, and tmnet streamyx promotion has a lot of catching up to do.

Ruediger Prenzlin is the CFO of HK Islamic Index Limited, Hong Kong's first equity index to feature an Islamic compliant portfolio of companies. He can be contacted on cfo@hkislamicindex.com. For further information, please visit http://www.arabcci.org and click on the link to the HK Islamic Index.