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Developing a Best Practice framework for setting up an offshore jurisdiction in Islamic Finance - Dissertation Example

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Developing a Best Practice Framework for Setting up an Offshore Jurisdiction in Islamic Finance Name Student Number: Supervisor: Table of Contents 1.0 Introduction 3 1.0 Introduction Islamic finance is growing stronger to become US$ 2 trillion within a decade…
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Developing a Best Practice framework for setting up an offshore jurisdiction in Islamic Finance
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Download file to see previous pages Offshore jurisdictions that are fertile for Islamic finance include; Cayman Islands, Isle of Man, Jersey, Guernsey, Bahamas, British Virgin Islands, Bahrain, Labuan (Malaysia), Luxembourg, Dubai International Financial Centre and Dublin (Ireland). Other offshore jurisdiction favoured for investment includes Turks and Caicos Islands, Bermuda, Barbados, Cook Islands, Labua, Liechtenstein, Mauritius, Cyprus and Gibraltar (Academie de Droit and International de la Haye, 1995). Most of the offshore centres in the world are anxious to become influential financial locations. These offshore locations aggressively seek investors interested in global investment from any part of the world. Growth of global investments has caused unprecedented growth of offshore jurisdictions in the past years. Accumulation of petrodollars and increasing Muslim population as well as increase in infrastructural projects demanding huge amounts of capital drive global Islamic finance. Furthermore, active participation of investors and independence of countries in Islamic capital markets are some of the reasons of growth and development of global Islamic finance (Muhammad 2009). Wealthy people and entities put their assets in offshore jurisdiction to avoid their legal obligations in their jurisdiction. They seek lawful lowering of tax incidence upon their wealth and avoid exposure of assets to risks such as claims that might otherwise arise in the home jurisdiction and can be legally avoided by investing away from home. A report released by Ernst & Young Islamic funds & Investment department indicated that global Islamic fund assets stagnated at US$52.3 billion in 2009 from US$51.4 billion in 2008. This is minimal growth and Islamic fund managers must adapt their strategies and operational models in line with new level expectations. Shariah investable assets have experienced strong growth over the years. Director at Ernst & Young’s Islamic Financial Services Ashar Nazim said that Shariah investable pool grew by 20% from US$ 400 billion in 2008 to US$ 480 billion in 2009 (Investors Offshore n. d. ). Islamic Finance has remained strong despite the global credit crisis that shook global financial markets. This is because Islamic Finance has demonstrated promising banking behaviour over years. Trusts are normally set up to protect assets transferred to an offshore jurisdictions from the claims of creditors who might come into existence in future time but are nonexistent at the time of transfer of the assets of the offshore trusts. The transferors also aim to provide among members of their families in way that could not be done, were the forced heir ship provisions of the home jurisdiction enforced against the migrant property of the person. Offshore transfer of funds makes the transferor to have the advantage of trust provisions which are not known in the home jurisdiction. 2.0 The Research Problem Islamic Finance is becoming one of the most admirable financing products across the world. Both Muslims and non-Muslims are approaching Islamic banks and Islam based financial institutions to meet their banking and financial needs. Islamic Finance is based on the teachings of Koran (Shariah Law) and does not operate like a conventional financial institution. Therefore, it has a totally different best practice framework, which must meet the dictates of the Koran. Unlike conventional banks, Islamic banks are faced with more challenges in terms of inadequate or failed internal processes, ...Download file to see next pagesRead More
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