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+/- 15 menit Yuslam Fauzi CEO Bank Syariah Mandiri Presented in: CEO Forum III Masyarakat Ekonomi Syariah (MES) Flipping Up the Pyramid: The Issue of Enhancing.

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Presentasi berjudul: "+/- 15 menit Yuslam Fauzi CEO Bank Syariah Mandiri Presented in: CEO Forum III Masyarakat Ekonomi Syariah (MES) Flipping Up the Pyramid: The Issue of Enhancing."— Transcript presentasi:

1 +/- 15 menit Yuslam Fauzi CEO Bank Syariah Mandiri Presented in: CEO Forum III Masyarakat Ekonomi Syariah (MES) Flipping Up the Pyramid: The Issue of Enhancing iB Competitiveness

2 Contents II 1 1 III Reflections a.Maqasid al Sharia b.Human Capital Readiness Characteristics & Prospects of Indonesia a.Historical b.Economic & Business What Islamic Bank Should Do? Expectations IV 2

3 Maqasid al Sharia a. Tujuan syariah adalah terciptanya kesejahteraan manusia Al Muwafaqat Fi Ushul Al-Syariah, 2:8 Menurut Imam Al-Syatibi: Firman Allah SWT: “Dialah (Allah) yang telah menciptakan kalian dari Bumi (tanah) dan telah meminta kalian untuk memakmurkannya (Bumi)” Q.S. Hud: 61 I. Reflections 3

4 Contoh dari ayat Quran: “Bukanlah menghadapkan wajahmu ke arah timur dan barat itu suatu kebajikan, akan tetapi sesungguhnya kebajikan itu ialah beriman kepada Allah, hari kemudian, malaikat-malaikat, kitab-kitab, nabi-nabi dan memberikan harta yang dicintainya kepada kerabatnya, anak-anak yatim, orang-orang miskin, musafir (yang memerlukan pertolongan) dan orang-orang yang meminta-minta; dan (memerdekakan) hamba sahaya, mendirikan shalat, dan menunaikan zakat; dan orang-orang yang menepati janjinya apabila ia berjanji, dan orang-orang yang sabar dalam kesempitan, penderitaan dan dalam peperangan. Mereka itulah orang-orang yang benar (imannya); dan mereka itulah orang-orang yang bertakwa. ” (QS. Al-Baqarah [2]: 177.) 4 I. Reflections Maqasid al Sharia a.

5 5 I. Reflections Maqasid al Sharia a. VersesTranslationArabic Al Fajr (15 – 20)

6 Affluent Source: CK Prahalad, The Fortune at The Bottom of The Pyramid Middle Class Sharia banks should become the locomotive in flipping up the economic pyramid The flipped economic pyramid once occurred in caliphate of `Umar ibn `Abd al- `Aziz, where it was very difficult to find zakat beneficiary (mustahiqq) At least, 4 billion people live on less than $2 a day Poor 6 I. Reflections Maqasid al Sharia a.

7 Financing composition changed from corporate majority to non corporate majority In BSM 7 I. Reflections Maqasid al Sharia a.

8 Daftar 42 Negara Muslim (Majority) 8 I. Reflections Maqasid al Sharia a.

9 1.HDI negara-negara muslim lebih rendah dibanding dengan HDI negara- negara non-muslim. Statistik: Human Development Index (HDI) Negara MuslimBukan Negara Muslim Rerata HDI0,5780,654 Top 30 HDI0%100% Top 40 HDI8% 1.United Arab Emirates (rank 32) 2.Brunei Darussalam (rank 37) 3.Qatar (rank 38) 4.Bahrain (rank 39) Penduduk Muslim: +/- 5,2 juta (0,37% dari total muslim dunia) 92% Top 50 HDI10% 1.All above + 2.Kuwait (rank 47) Penduduk Muslim: +/- 8 juta orang (0,57% dari total muslim dunia) 90% Bandingkan dengan total muslim di Eropa sebesar +/- 51,46 juta 9 I. Reflections Maqasid al Sharia a.

10 2.Education Index negara-negara muslim lebih rendah dibanding dengan Education Index negara-negara non-muslim. Statistik: Education Index (EI) Negara MuslimBukan Negara Muslim Rerata EI0,5020,606 Top 30 EI0%100% Top 40 EI0%100% Top 50 EI2% 1.Bahrain (rank 49) Penduduk muslim: +/- 642 ribu hanya 0,05% dari total muslim dunia lebih rendah dari total muslim di Jerman sebesar 4 juta orang 98% Bandingkan dengan total muslim di Eropa sebesar +/- 51,46 juta 10 I. Reflections Maqasid al Sharia a.

11 3.Life Expectancy Index negara-negara muslim lebih rendah dibanding dengan Life Expectancy Index negara-negara non-muslim. Statistik: Life Expectancy Index (LEI) Negara MuslimBukan Negara Muslim Rerata LEI0,7470,780 Top 30 LEI0%100% Top 40 LEI2% 1.Kuwait (rank 39), penduduk 2,8 juta (0,2% total muslim dunia) 98% Top 50 LEI8% 1.Kuwait + 2.United Arab Emirates (rank 41) 3.Brunei Darussalam (rank 42) 4.Albania (rank 45) Penduduk muslim: +/- 9,24 juta hanya 0,65% dari total muslim dunia 92% Bandingkan dengan total muslim di Eropa sebesar +/- 51,46 juta 11 I. Reflections Maqasid al Sharia a.

12 4.GNI pc negara-negara muslim lebih rendah dibanding dengan GNI pc negara-negara non-muslim. Statistik: Negara MuslimBukan Negara Muslim Rerata GNI pc Top 30 GNI pc8%8%92% Top 40 GNI pc14% 1.Qatar (rank 2) 2.Uni Arab Emirate (rank 4) 3.Kuwait (rank 5) 4.Brunei Darussalam (rank 7) 5.Bahrain (rank 31) 6.Oman (rank 33) 7.Saudi Arabia (rank 36) Penduduk muslim: +/- 35,5 juta hanya 32,51% dari total muslim dunia 86% Top 50 GNI pc8%92% Bandingkan dengan total muslim di Eropa sebesar +/- 51,46 juta 12 I. Reflections Maqasid al Sharia a.

13 5. Top 10 negara muslim adalah natural resource-based economy Top 10 HDI of Muslim Country Natural resource based-economy 1.Knowledge Economic Index (KEI) rendah 2.Rerata KEI sebesar 5,49  The Knowledge Economy Index (KEI) takes into account whether the environment is conducive for knowledge to be used effectively for economic developmenteconomic development Top 10 HDI of the World Knowledge based-economy 1.Knowledge Economic Index (KEI) tinggi 2.Rerata KEI sebesar 9,11 13 I. Reflections Maqasid al Sharia a.

14 HDI Indonesia 2010 IndikatorValueRankingKeterangan HDI0, Life Expectancy Index 0,815Kontribusi positif terhadap HDI Education Index 0,539Kontribusi negatif terhadap HDI Income Index 0,491 Kontribusi negatif terhadap HDI -Tahun 2009, dari 184 negara, Indonesia menempati peringkat 111 dengan HDI Index: 0,734. -Tahun 2010, dari 192 negara, Indonesia berada pada peringkat ke-108 mengalami peningkatan dibanding tahun Faktor utama penyebab rendahnya HDI Indonesia adalah tingkat Income Indeks dan Education Index. 14 I. Reflections 6. Indonesian Prosperity Maqasid al Sharia a.

15 15 Human Resource (Thousand) Islamic Banking Asset (IDR Trillion) 83 thousand human resources gap to be solved I. Reflections * * 1.Islamic banking growth must be supported by thousands resources 2.All of them must have hi-competences and unquestionable integrity 3.How can we deal with this challenge? 4.What kind of education we need to deal with? * Assumption: 1.the ratio of asset per employee increases by 13% per year based on data 2007 to Asset growth 34% p.a. Human Capital Readiness b.

16 16 Contents II 1 1 III Reflections a.Maqasid al Sharia b.Human Capital Readiness Characteristics & Prospects of Indonesia a.Historical b.Economic & Business What Islamic Bank Should Do? Expectations IV

17 1.Different country/nation has different characteristics in developing Islamic banking; 2.There is a need for developing nation-based iB product development. a. Historical: Growth Driver Abundant Petrodollars Middle East Europe Malaysia Indonesia Islamic Banking Islamic Banking to retain Petrodollar & to reach int’l investment Government- driven iB Society–driven iB II. Characteristics & Prospects of Indonesia 17

18 Oil prices are rising; Islamic banks are flush with funds and are driving growth on the back of strong recent performances. 1.Propelled by rising oil prices and economic diversification, GCC (Gulf Cooperation Council) countries are growing rapidly. 2.Islamic banks, or banks that offer Islamic banking units, have a market that holds half of the world’s oil reserves and whose citizens have an estimated $1.5 trillion in private wealth, according to the International Monetary Fund. Source: Rajashekara V Maiya, Basudev Banerjee Banking on Faith: Islamic Banking in the Middle East. Prespective. Finale Infosys. Islamic banks in Middle East are petrodollar-driven 18 a. Historical: Growth Driving Factor in Middle East II. Characteristics & Prospects of Indonesia

19 1.An added spur is the huge liquidity overhang in the Gulf due to the high petroleum prices for which Shariah compliant investments are the channel of choice. 2.This situation has led to European states promoting their acceptance of Islamic finance. 3.Europe’s acceptance of Islamic finance is a natural follow-through to the emergence of a sizeable Muslim middle and upper classes, but the players are eyeing the overall population as a cycle of financial and credit crises pushes consumers to seek ethical financial services. Source: Islamic Finance News, Vol. 5, Issue 355 th, September The main reason behind the development of Islamic bank in Europe is due to the opportunity maximization of huge liquidity of in the Gulf countries. 19 a. Historical: Growth Driving Factor in Europe II. Characteristics & Prospects of Indonesia

20 20 Source: Jennifer Chang Incentives from the Malaysian Government. Islamic Venture Capital & Private Equity Conference PriceWaterHouseCoopers. Online. Government of Malaysia has played significant role on boosting Islamic banking industry a. Historical: Growth Driving Factor in Malaysia II. Characteristics & Prospects of Indonesia

21 *Santrinic is terminology to describe to those who has more concern on religion **Abangan is a terminology to describe to those who has less concern on religion or syncretism. 21 a. Historical: Growth Driving Factor in Indonesia II. Characteristics & Prospects of Indonesia

22 Recently, Indonesia has about 102 mn middle class 22 b. Economic & Business: Population (Middle Class) Sources: Key Indicator for Asia and Pacific (barrolee.com) II. Characteristics & Prospects of Indonesia

23 1.Middle-class in Indonesia will be doubled 2.Household consumption as GDP growth driver 3.There is gonna be a big challenge to solve Sources: Key Indicator for Asia and Pacific (barrolee.com), BPS, Facebook, media reports, A.T. Kearney analysis b. Economic & Business: Population (Middle Class) 23 II. Characteristics & Prospects of Indonesia

24 24 b. Economic & Business: Population (Middle Class) II. Characteristics & Prospects of Indonesia

25 1.Growing 7% per year, Indonesia shall become the fifth biggest economies in the world by The Indonesian economy prospect should affect to the Bottom of the Pyramid. For Islamic bank, this requires sophisticated capabilities of Islamic banking in providing products & services. 25 b. Economic & Business: Future Economy II. Characteristics & Prospects of Indonesia

26 26 Contents II 1 1 III Reflections a.Maqasid al Sharia b.Human Capital Readiness Characteristics & Prospects of Indonesia a.Historical b.Economic & Business What Islamic Bank Should Do? Expectations IV

27 How to inline the wealth creation & distribution issues in the light of Indonesian economy prospective in the next two decades? What should Islamic bank do next? What business model should Islamic bank pursue? ? III. What Islamic bank should do? 27

28 Islamic banks Affluent Islamic banks is supposedly able to take optimally these opportunities thru advancing technology, innovating product scheme, and creating new business models, etc. Take opportunity optimally Islamic banks should implement its main mission: wealth creation & distribution Shari’a mission How Islamic banks should take the role? III. What Islamic bank should do? 28

29 Fiskal (?) ATMR (?) Relaksasi regulasi (?) Relaksasi syariah (?) Dst Fiskal (?) ATMR (?) Relaksasi regulasi (?) Relaksasi syariah (?) Dst III. What Islamic bank should do? Fulfill Maqashid Syariah!!! Fulfill Maqashid Syariah!!! Comply with Fiqh???..Giving fair competitiveness & incentives to both BoP Market and Islamic banks become a strategic enabler for succeeding wealth creation & distribution in Indonesia… Which one is better & relevant for wealth creation & distribution? Incentives Fiskal (?) ATMR (?) Relaksasi regulasi (?) Relaksasi syariah (?) Dst Fiskal (?) ATMR (?) Relaksasi regulasi (?) Relaksasi syariah (?) Dst Competition Fairness 29

30 30 Contents II 1 1 III Reflections a.Maqasid al Sharia b.Human Capital Readiness Characteristics & Prospects of Indonesia a.Historical b.Economic & Business What Islamic Bank Should Do? Expectations IV

31 BoP Market Segment …The most challenging of Islamic bank on tapping up the BoP Market is more than providing customized, simple, and cheap Products, but on how shari’a compliance deals with flexibility & cost … Customised Products Simple products Cheap products IV. Expectations Pembiayaan Sektor Pertanian Contraints: No “IDC” syariah Possible solutions: Margin During Construction/Plantation Pembiayaan Sektor Pertanian Contraints: No “IDC” syariah Possible solutions: Margin During Construction/Plantation Context: Pembiayaan Multi Guna Contraints: compliance cost PMG Konsumer: satu obyek satu akad. Solusi: satu paket satu akad PMG Konsumer/Mikro: Tawarruq. Possible solutions: Bai’ Al Inah Pembiayaan Executing: satu akad satu disbursement. Possible solutions: ?? dsb Context: Pembiayaan Multi Guna Contraints: compliance cost PMG Konsumer: satu obyek satu akad. Solusi: satu paket satu akad PMG Konsumer/Mikro: Tawarruq. Possible solutions: Bai’ Al Inah Pembiayaan Executing: satu akad satu disbursement. Possible solutions: ?? dsb Compliance cost Operational cost Sharia Compliance Flexibility Kontekstualisasi & Reaktualisasi To Regulators & Ulama: Contextualization & Reactualization

32 Instead of Tax Incentives (Case of Malaysia) We need Tax Fairness (a Proposal for Indonesia) Tax Incentives Tax Fairness 1.To create fair competition, Islamic banking must be placed in “the same playing ground” with the conventional one 2.Tax fairness could be considered 3.See one example in the next slide To the Government: Tax Fairness IV. Expectations

33 Income Tax of Depositors Customer’s Question: “Why are we (depositors) charged with the same tax rate while facing higher uncertainty in Islamic Banking?” To the Government: Tax Fairness IV. Expectations

34 Conventional Commercial Bank Islamic Commercial Bank Investment Bank Both principal and interest are guaranteed Principal is guaranteed but yield is not guaranteed Both principal and interest are not guaranteed Debt Culture (low risk) In Between (moderate risk) Equity Culture (high risk) Income Tax For Depositors/ Investors 20% ? 15% InterestProfit SharingDividend 10% Corporate Tax Individual Tax 1.Based on the risk-return principle, is 20% of Income Tax for islamic banking depositors fair? 2.How much is the appropriate percentage of tax for Islamic banking depositors (investment account)? 3.We think it should be lower than 20% 20% Income Tax of Depositors To the Government: Tax Fairness IV. Expectations

35 35 Quality of the educational system How well does the educational system in your country meet the needs of a competitive economy? [1 = not well at all; 7 = very well] 1.Education in Indonesia has not matched yet with business needs 2.Can our education meet Islamic banking needs? 3.Supposedly, educational institution can play hand in hand with business player, especially Islamic banking players 4.We should consider tax incentives for sharia human capital development Source: Klaus Schwab The Global Competitiveness Report 2010–2011. World Economic Forum. Geneva, Switzerland 2010 Therefore, to fully utilize the ‘window of opportunity’ in , Indonesia needs to immediately initiate policies and programs to prepare high quality human capital to meet the rapid changing demand of labor Intenational Labor Org. (ILO) - Indonesia Source: ILO Jakarta News Letter Indonesia-ILO to Continue Tackling the Worst Forms of Child Labour. bangkok/documents/publication/wcms_ pdf bangkok/documents/publication/wcms_ pdf. 2. To the Government : Human Capital IV. Expectations

36 36 Human Resource (Thousand) Islamic Banking Asset (IDR Trillion) 83 thousand human resources gap to be solved * * 1.Islamic banking growth must be supported by 83 thousands resources 2.All of them must have hi-competences and unquestionable integrity 3.How can we deal with this challenge? 4.What kind of education we need to deal with? * Assumption: 1.the ratio of asset per employee increases by 13% per year based on data 2007 to Asset growth 34% p.a. 2. To the Government : Human Capital IV. Expectations

37 1.Tax incentives on training in Islamic Finance 2.Tax exemption for non-resident Islamic finance expert 3.Additional 20% stamp duty exemption on Islamic Financial instruments 4.Tax deduction for promoting MIFC 2. To the Government : Human Capital IV. Expectations Lessons Learnt from Malaysia 37

38 2. To the Government : Human Capital IV. Expectations Experience 38 Government should take a role to equip adequate training for judges who are involved in dispute in sharia economic & finance Islamic banking practitioners are unsatisfied with unfair decision made by court due to lack of understanding of Islmic economic and finance. Islamic banking had unnecesary lost

39 Finish 39


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