Private banking has been in a state of
flux over the past several years due to a number of factors associated with
competitive forces. These factors include consolidation and changes within the
banking industry it self, the globalization of financial markets, technology
advances, regulatory factors and the growth in the size of the markets.
In addition there has been the entry of new types of clients and players, which includes those related to Islamic Banking both from a user and provider perspective.
Islamic Banking:
The Islamic market has experienced a natural progression from retail to commercial and through to investment and private banking over the last 3-5 years. The two primary drivers for this change in the Arabian Gulf, are:
(1) a growing middle income group who recognize the importance of savings, coupled with
(2) the increased sophistication of the Islamic banking industry in meeting the needs of investors who wish to have part or all of their assets managed in an Islamically compatible manner.
In addition there has been the entry of new types of clients and players, which includes those related to Islamic Banking both from a user and provider perspective.
Islamic Banking:
The Islamic market has experienced a natural progression from retail to commercial and through to investment and private banking over the last 3-5 years. The two primary drivers for this change in the Arabian Gulf, are:
(1) a growing middle income group who recognize the importance of savings, coupled with
(2) the increased sophistication of the Islamic banking industry in meeting the needs of investors who wish to have part or all of their assets managed in an Islamically compatible manner.
The ‘’cross-over’’ investor will be
quite important to the growth of Islamic Banking as it relates to the Private
Banking context.
Sharia Advisory Services: This area can involve many aspects with the core being expertise regarding Islamic structuring, tailoring for local preferences, knowledge of the Islamic marketplace and Sharia Law.
With respect to asset and portfolio management, it may include the
following value-added services:Sharia Advisory Services: This area can involve many aspects with the core being expertise regarding Islamic structuring, tailoring for local preferences, knowledge of the Islamic marketplace and Sharia Law.
1) furnishing an appropriate Islamic index
2) providing consultation with regard to investment criteria and guidelines
3) screening for compliance with Islamic Sharia
4) assistance with dividend cleansing
5) due diligence review – compliance opinion
6) cash/liquidity management support
7) placement advice and assistance
8) portfolio and risk management tools
9) furnishing other relevant information
Future Opportunities:
1) More competition and more specialist co-operation in order to meet the Competition
2) Islamic trust services
3) Life insurance
4) Index funds
5) Estate planning / administration and family succession addressing forced succession
6) Loans, including consumer financing, Islamic mortgages and Islamic charge cards.
7) Tax planning, including Zakat
8) Other
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