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COMMERCIAL BANKING VERSUS ISLAMIC BANKING
CHAPTER # 4
COMMERCIAL BANKS VERSUS ISLAMIC BANKS
4.1 COMMERCIAL BANKING IN PAKISTAN:
A bank is a commercial or state institution that provides financial services,
including issuing money in various forms, receiving deposits of money,
lending money and processing transactions. A commercial bank accepts
deposits from customers and in turn makes loans based on those deposits.
Some banks (called Banks of issue) issue banknotes as legal tender. Many
banks offer ancillary financial services to make additional profit; for
example, most banks also rent safe deposit boxes in their branches.
Central banks are non-commercial bodies or government agencies often
charged with controlling interest rates and money supply across the whole
economy. They generally provide liquidity to the banking system and act
as Lender of last resort in event of a crisis.
The banking sector in Pakistan has been going through a comprehensive
but complex and painful process of restructuring since 1997. It is aimed at
making these institutions financially sound and forging their links firmly
with the real sector for promotion of savings, investment and growth.
Although a complete turnaround in banking sector performance is not
expected till the completion of reforms, signs of improvement are visible.
The almost simultaneous nature of various factors makes it difficult to
disentangle signs of improvement and deterioration.
Commercial banks have been exposed and withstood several types of
pressure since 1997. Some of these are:
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 Multipronged reforms introduced by the central bank,
 Freezing of foreign currency accounts.
 Continued stagnation in economic activities and low growth.
 Drive for accountability and loan recovery.
All these have brought a behavioral change both among the borrowers as
well as the lenders. The risk aversion has been more pronounced than
warranted.
Commercial banks operating in Pakistan can be divided into four
categories:
1)Nationalized Commercial Banks (NCBs).
2) Privatized Banks.
3) Private Banks.
4) Foreign Banks.
While preparing this report efforts have been made to evaluate the
performance of each group which enjoy certain strengths and weaknesses
as per procedure followed by State Bank of Pakistan (SBP). The central
bank has been following a supervisory framework, CAMEL, which
involves the analysis of six indicators which reflect the financial health of
financial institutions.
These are:
1) Capital Adequacy.
2) Asset Quality.
3) Management Soundness.
4) Earnings and Profitability.
5) Liquidity.
6) Sensitivity to Market Risk.
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Capital Adequacy
To protect the interest of depositors as well as shareholders, SBP
introduced the risk-based system for capital adequacy in late 1998. Banks
are required to maintain 8 per cent capital to Risk Weighted Assets
(CRWA) ratio. Banks were required to achieve a minimum paid-up capital
to Rs 500 million by December 31, 1998. This requirement has been
raised to one billion rupee and banks have been given a deadline up to
January 1, 2003 to comply with this.
The ratio has deteriorated after 1998. However, it was fallout of economic
sanctions imposed on Pakistan after it conducted nuclear tests. The shift in
SBP policy regarding investment in securities also led to a fall in ratio.
Asset Quality
Asset quality is generally measured in relation to the level and severity of
non-performing assets, recoveries, adequacy of provisions and distribution
of assets. Although, the banking system is infected with large volume of
NPLs, its severity has stabilized to some extent. The rise over the years
was due to increase in volume of NPLs following enforcement of more
vigorous standards for classifying loans, improved reporting and
disclosure requirements adopted by the SBP.
In case of NCBs this improvement is much more pronounced given their
share in total NPLs. In case of privatized and private banks, this ratio went
up considerably and become a cause of concern. However, the level of
infection in foreign banks is not only the lowest but also close to constant.
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Management Soundness
Given the qualitative nature of management, it is difficult to judge its
soundness just by looking at financial accounts of the banks. Nevertheless,
total expenditure to total income and operating expenses to total expenses
help in gauging the management quality of any commercial bank.
Pressure on earnings and profitability of foreign and private banks caused
their expenditure to income ratio to rise in 1998. However, it started
tapering down as they adjusted their portfolios. An across the board
increase in administrative expenses to total expenditure is visible from the
year 1999. The worst performers in this regard are the privatized banks,
mostly because of high salaries and allowances.
Earnings and Profitability
Strong earnings and profitability profile of banks reflects the ability to
support present and future operations. More specifically, this determines
the capacity to absorb losses, finance its expansion programme, pay
dividend to its shareholders and build up adequate level of capital. Being
front line of defense against erosion of capital base from losses, the need
for high earnings and profitability can hardly be overemphasized.
Although different indicators are used to serve the purpose, the best and
most widely used indicator is return on assets (ROA). Net interest margin
is also used. Since NCBs have significantly large share in the banking
sector, their performance overshadows the other banks. However, profit
earned by this group resulted in positive value of ROA of banking sector
during 2000, despite losses suffered by ABL.
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Foreign currency deposits became less attractive due to the rise in forward
cover charged by the SBP. Banks reduced return on deposits to maintain
their spread. However, they were not able to contain the decline in ROA
due to declining stock and remuneration of their earning assets.
Liquidity
Movement in liquidity indicators since 1997 indicates the painful process
of adjustments. Ratio of liquid assets to total assets has been on a constant
decline. This was consciously brought about by the monetary policy
changes by the SBP to manage the crisis-like situation created after 1998.
Both the cash reserve requirement (CRR) and the statutory liquidity
requirement (SLR) were reduced in 1999. These steps were reinforced by
declines in SBP's discount rate and T-Bill yields to help banks manage
rupee withdrawals and still meet the credit requirement of the private
sector.
Sensitivity To Market Risk
Rate sensitive assets have diverged from rate sensitive liabilities in
absolute terms since 1997. The negative gap has widened. Negative value
indicates comparatively higher risk sensitivity towards liability side, while
decline in interest rates may prove beneficial.6
4.1.1 Deposit Mobilization
6
Kazmi, Shabbir H. (2003, Dec). SBP Executive Director thought. Commercial banking
in pakistan:
State bank of pakistan, 2006
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Deposit mobilization has dwindled considerably after 1997. Deposits as a
proportion of GDP have been going down. Growth rate of overall deposits
of banks has gone down. However, the slow down seems to have been
arrested and reversed in year 2000.
Group-wise performance of deposit mobilization is the reflection of the
varying degree with which each group has been affected since 1998.
Foreign banks were affected the most due to their heavy reliance of
foreign currency deposits. They experience 14 per cent erosion in 1999.
However, they were able to achieve over 2 per cent growth in year 2000.
Private banks showed similar recovery.
Deposit mobilization by NCBs seems to be waning after discontinuation
of their rupee deposit schemes linked with lottery prizes. Growths in their
deposits were on the decline. Despite the decline NCBs control a large
share in total deposits. Aggressive posture of private banks in mobilizing
more deposits in year 2000 is clearly reflected in their deposit growth,
from 1.9 per cent in year 1999 to 21.7 per cent in year 2000. This has also
helped them in increasing their share in total deposits to over 14 per cent
in year 2000.
Despite offering negative real rate of returns on deposits, the banking
sector recorded double-digit deposit growth for third year in a row,
primarily on the back of a continuing improvement in the country’s
external account.
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4.1.2 Credit Extension
Bulk of the advances extended by banks is for working capital, which is
self-liquidating in nature. However, due to an easing in SBP's policy,
credit extension has exceeded deposit mobilization. This is reflected in
advances growing at 12.3 per cent in year 1999 and 14 per cent in year
2000.
Group-wise performance of banks in credit extension reveals three distinct
features.
1) Foreign banks curtailed their lending.
2) Continued dominance by NCBs.
3) Aggressive approach being followed by private banks.
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Private banks were the only group that not only maintained their growth in
double-digit but also pushed it to over 31 per cent in year 2000. With this
high growth, they have surpassed foreign banks, in terms of their share in
total advances in year 2000.
4.1.3 Banking Spreads
Over the years there has been a declining trend both in lending and deposit
rates. Downward trend in lending rates was due to SBP policy. The
realized trend in lending rates was in line with monetary objectives of
SBP, though achieved with lags following the sharp reduction in T-Bill
yields in year 1999, needed to induce required change in investment
portfolio of banks.
Downward trend in deposit rates was almost inevitable. One can argue that
banks should have maintained, if not increased, their deposit rates to arrest
declining growth in total deposits. However, this was not possible at times
of eroding balance sheet, steady earnings were of prime importance.
Consequently banks tried to find creative ways of mobilizing deposits at
low rates. However, due to inefficiencies of the large banks, the spread has
remained high.
4.1.4 Asset Composition
Assets of banking sector, as per cent of GDP, have been on the decline.
Slowdown in asset growth was also accompanied by changing share of
different groups. Negative growth in the assets of foreign banks during
1998 and 1999 was the prime reason behind declining growth in overall
assets of the banking sector. Share of NCBs have been decreasing since
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private banks were allowed to operate in 1992. In terms of asset share,
private banks are now as large as foreign banks.
4.1.5 Problem Bank Management
The central bank is the sole authority to supervise, monitor and regulate
financial institutions. It is also responsible to safeguard the interest of
depositors and shareholders of these institutions. Lately, SBP took actions
against two private banks, which became a threat to viability of the
financial system in the country. These were Indus Bank and Prudential
Commercial Bank. On the basis of detailed investigations, the license of
Indus Bank was cancelled on September 11, 2000. After successful
negotiations, management and control of Prudential Bank handed over to
Saudi-Pak group.
4.1.6 Outlook
Commercial banks have been going through the process of restructuring.
There are efforts to reduce lending rates. The SBP has been successful in
implementing its policies. Most of the banks have been able to adjust to
new working environment. The proposed increase in capital base will
provide further impetus to financial system in the country.
In the post September 11 era, the GOP borrowing from SBP and
commercial banks is expected to come down substantially and private
sector borrowing to increase. However, a temporary decline in repayment
ability of borrowers may increase provisioning for the year 2001. The
situation is expected to improve in year 2002.
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Unless efforts are made by banks to shrink spread, depositors will not be
able to get return that corresponds with the rate of inflation in the country.7
4.2 COMMERCIAL BANKS MAKING HAY
ROLE IN THE ECONOMY
Banks earning, during 2006,grew by as much as 32 percent to reach Rs
60.1 billion as against Rs.45.6 billion in 2005.
Commercial banks in Pakistan have made the most of the liberalization
policies and reforms within the financial sector, which has given them the
freedom to determine their lending and deposit rates as well as host of
other charges. Their earnings, during 2006, grew by as much as 32 percent
to reach Rs 60.1 billion as against Rs 45.6billion in 2005.
The National Bank of Pakistan earned a profit after tax of Rs 17.02 billion,
MCB bank Rs 12.14 billion, UBL Rs 9.47 billion, ABL Rs 4.40 billion,
the Bank of Punjab Rs 3.80 billion. Askari bank Rs 2.25 billion, and
Habib metropolitan Rs 2.1billion .The profits were driven mainly by rising
net interest income of the banks which increased by 33 percent to Rs 115
billion in 2006 as compared to Rs 86 billion in the previous year.
Growth in interest income came especially from higher spreads between
lending and deposit rate of the banking sector. According to the state bank
data, average spread of the banking sector during 2006 went up by 110 bps
to 7.4 percent as compared to 6.3 percent in the preceding year and 4.1
percent in 2004.Non-interest income of the bank grew by 29 percent to Rs
43.2 billion. Dividend income also showed an unusual growth of 60
7
State bank of Pakistan, (2006) Annual report Karachi
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percent, driven mainly by the record payout by mutual funds and other
corporate.
The huge profits earned during 2006 and the fact that this was the fifth
consecutive year of positive profitability growth posted by the banking
sector, is a proof that financial sector continuous to reap hay while the sun
shines. This must be pleasant development for the shareholders of the
banks and to a certain extent could be attributable to the increased
efficiency of financial institutions following privatization. However, this is
only a part of story.8
4.2.1 Financial Sector Reforms
Financial sector reforms, particularly interest rate libralization and gradual
reduction in the tax rate on the banking companies, also seem to have
played a crucial role in raising the profitability of banks.
In the last few months, some of the financial institutions have been
offering higher returns on bigger amounts of deposits for longer dated
maturities. In order to fulfill their social responsibility, banks could also be
advised to provide their services in the rural areas and to the neglected
sectors of the economy to help the government in its efforts to reduce
poverty in the country. By moving in the right direction, financial system
of a country can play a pivotal role in achieving national development and
social objectives
4.3 ISLAMIC BANKING IN PAKISTAN:
8
Rizvi, Shamim Ahmad. (2007). Commercial Banks Making Hay.
Pakistan and Gulf Economist, June Vol no 23.p 25-26 Karachi
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Islamic banking has been defined as banking in consonance with the ethos
and value system of Islam and governed by the principles and rules laid
down by Islamic Shariah. Interest free banking is a narrow concept
denoting a number of banking instruments or operations, which avoid
interest. Islamic banking, the more general term is expected not only to
avoid interest-based transactions, prohibited in the Islamic Shariah, but
also to participate actively in achieving the goals and objectives of an
Islamic economy.
Islamization of banking and financial system of Pakistan was started in
1977-78. Pakistan was among the three countries in the world that had
been trying to implement interest free banking at comprehensive/national
level. But as it was a mammoth task, the switchover plan was
implemented in phases.
An Ordinance was promulgated to allow the establishment of Mudaraba
companies and floatation of Mudaraba certificates for raising risk capital.
Amendments were also made in the Banking Companies Ordinance
(BCO), 1962 to include provision of bank finance through PLS, mark-up
in prices, leasing and hire purchase.
Over the last three decades Islamic banking and finance has developed
into a full-fledged system and discipline reportedly growing at the rate of
15 per cent per annum.
The Government of Pakistan has decided that the shift from conventional
banking to Riba free economy would be made in a gradual and phased
manner and without causing any disruptions. Pakistan is not trying to
reinvent the wheel. It can benefit from the experience of other Muslim
countries like Bahrain, Malaysia, Sudan and Iran.
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In December 2001, SBP issued the Detailed Criteria for establishment of
Islamic commercial banks in the private sector. Al-Meezan Investment
Bank Limited applied under the criteria issued by SBP to convert itself
into an Islamic commercial bank. It was issued the licence in the name of
Meezan Bank Limited to operate as full-fledged Islamic bank in January
2002. The bank acquired the business of Societe Generale Bank branches
operating in Pakistan and has started commercial operations in March
2002 as a model Islamic bank in Pakistan.
The regulatory issues like maintenance of Statutory Liquidity Requirement
and Cash Reserve against FE-25 and other deposits have been resolved by
allowing Meezan Bank to maintain these requirements in the form of
Current Account balance with SBP at a reduced level. An Islamic Export
Refinance Scheme has been prepared on Musharika basis, which has been
extended to Meezan Bank as a pilot project.
SBP has taken several steps for capacity building in the areas of Islamic
banking and its regulations. Various officers attended local as well as
international seminars and conferences on Islamic banking held in Iran,
Sudan, Bahrain, Lebanon, and Egypt etc. The National Institute of
Banking and Finance of State Bank (NIBAF) has started training of SBP
personnel in Islamic Finance. As regards commercial banks, courses of
Institute of Bankers Pakistan were revised to include topics on Islamic
economics, banking and finance. Some other institutions like International
Islamic University, Islamabad and Centre for Islamic Economics, Karachi
has also conducted training courses in Islamic banking.
A Committee for development/review and adoption of accounting
standards for Islamic modes of financing was also constituted in the
Institute of Chartered Accountants Pakistan (ICAP) in which SBP is also
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represented. The Committee is reviewing the accounting standards
prepared by Accounting and Auditing Organization for Islamic Financial
Institutions, Bahrain (AAOIFI) with a view to adapt them to our
circumstances and if considered necessary to propose new accounting
standards. The Committee has prepared the standards on Murabaha and
Ijara and is now working on Musharika standard. SBP has also reviewed
its Forms of Financial Statements for banks in the light of AAOIFI
standards.
GROWTH OF ISLAMIC BANKS IN PAKISTAN:
4.3.1 Return on Deposits of Meezan and Albaraka Islamic
banks:
The deposits with the Islamic banks have increased to 180 billion rupees.
Meezan is seeing deposits around 200 billion rupees by the end of this
year. Meezan is the first and the largest Islamic bank in Pakistan. Its share
in this banking sector stands around 45 per cent.
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Meezan bank is offering 3-11 per cent return on deposits. Return on
deposits totally depends on the maturity period. Investment in Islamic
banking is safe, secure and to the satisfaction of the investors, who abhor
to use interest money. Beside our own equity, deposits are the main source
of financing for the domestic Islamic banks
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ALBARAKA ISLAMIC BANK
ACTUAL DECLARED/PAID PROFIT RATES ON DEPOSITS
PLS SAVING
Type of Deposit
2006
2007
Jul - Sep Oct - Dec Jan - Mar Apr - Jun Jul - Sep Oct - Dec
PLS Savings
2.60%
2.63%
2.65%
2.65%
-
-
INCENTIVE ACCOUNTS
Type of Deposit
2006
2007
Jul - Sep Oct - Dec Jan - Mar Apr - Jun Jul - Sep Oct - Dec
Incentive
Accounts
3.65%
3.69%
3.71%
3.71%
-
-
KHAZANA ACCOUNTS
Type of Deposit
Khazana Accounts
Rs. 250,000 to Rs. 4,999,999
Rs. 5,000,000 to Rs. 9,999,999
Rs. 10,000,000 to Rs. 24,999,999
Rs. 25,000,000 to Rs. 49,999,999
Rs. 50,000,000 to Rs. 99,999,999
Rs. 100,000,000 to Rs. 499,999,999
Rs. 500,000,000 and above
2007
Jan - Mar Apr - Jun Jul
4.55%
4.55%
4.72%
4.72%
4.95%
4.95%
5.11%
5.12%
5.79%
5.79%
6.35%
6.35%
9.00%
9.00%
- Sep Oct - Dec
-
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COMMERCIAL BANKING VERSUS ISLAMIC BANKING
TERM DEPOSITS
Type of Deposit
2006
2007
Term Deposits Jul - Sep Oct - Dec Jan - Mar Apr - Jun Jul
7 Days Notice
1.10%
1.12%
1.13%
1.13%
1 Month
3.48%
3.52%
3.54%
3.54%
3 Months
5.80%
5.88%
5.96%
5.96%
6 Months
5.96%
6.04%
6.12%
6.12%
1 Year
6.13%
6.21%
6.29%
6.29%
2 Years
6.85%
6.93%
7.01%
7.01%
3 Years
8.23%
8.33%
8.42%
8.42%
5 Years
9.06%
9.17%
9.27%
9.27%
- Sep Oct - Dec
-
AMI ACCOUNTS
Type of Deposit
2006
2007
AMI Accounts Jul - Sep Oct - Dec Jan - Mar Apr - Jun Jul
3 Months
5.80%
5.88%
5.96%
5.96%
6 Months
5.96%
6.04%
6.12%
6.12%
1 Year
6.13%
6.21%
6.29%
6.29%
2 Years
6.68%
6.93%
7.01%
7.01%
3 Years
8.23%
8.33%
8.42%
8.42%
5 Years
9.06%
9.17%
9.27%
9.27%
- Sep Oct - Dec
-
FOREIGN CURRENCY SAVINGS ACCOUNTS
Type of Deposit
2006
2007
Jul - Sep Oct - Dec Jan - Mar Apr - Jun Jul - Sep Oct - Dec
US Dollars
UK Pound
Euro
DM
1.00%
1.00%
1.00%
1.00%
1.00%
1.00%
1.00%
1.00%
1.00%
1.00%
1.00%
1.00%
1.00%
1.00%
1.00%
1.00%
-
4.4 SBP POLICIES.
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In the light of recent Supreme Court judgment the best course of action is
to allow Islamic and conventional banking run parallel till such time
Islamic banking assumes the dominating role. Keeping in view the
enormous challenges in gradual transformation of financial system, the
following three-pronged strategy is being followed by SBP for gradual
promotion of Islamic banking in Pakistan:
Three-pronged strategies for the promotion of Islamic banks.
1.Open full fledged Islamic commercial banks in private sector.
2.Allow existing banks to open subsidiaries for Islamic banking.
3.Allow existing banks to open stand-alone branches for Islamic banking.
In line with first part of this strategy on December 01, 2001, SBP had
issued detailed criteria for setting up of Scheduled Islamic Commercial
banks based on Shariah principles in the private sector. Now full-fledged
Islamic banks can be established like Meezan Bank Limited, which has
started commercial operations in March 2002.
As regards second part of this strategy, Banking Companies (Amendment)
Ordinance, 2002, notified in the Gazette of Pakistan dated November 4,
2002, inter alia, a new clause (aa) has now been inserted in sub-section (1)
of section 23 of the Banking Companies Ordinance as follows:
"(aa) the carrying on of banking business strictly in conformity with the
Injunctions of Islam as laid down in the Holy Quran and Sunnah."
Therefore, the scheduled commercial banks are, henceforth allowed to
open subsidiaries for Islamic Banking operations. Accordingly a Detailed
Criteria is being worked out to facilitate the existing commercial banks to
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set up subsidiaries for Islamic banking, which will be issued separate
licence by the SBP.
As regards third part of this strategy, Guidelines for opening of standalone
branches for Islamic banking by existing commercial banks, enlisting
Eligibility Criteria, Licensing Requirements and other operational
guidelines on the subject have been prepared.
The Islamic Financial Services Board (IFSB) was established with the
signing of the Articles of Agreement of the IFSB on November 03, 2002
by the founding members. These included Bahrain Monetary Agency,
Bank Indonesia, Bank Markazi Jomhouri Islami Iran, Central Bank of
Kuwait, Bank Negara Malaysia, State Bank of Pakistan, Saudi Arabian
Monetary Agency, Bank of Sudan and Islamic Development Bank.
The IFSB will serve as an association of central banks; monetary
authorities and other institutions, entrusted to develop and promulgate
internationally accepted prudential regulatory standards and best practices.
In advancing this mission, the Board will examine the extent to which
existing international best practices need to be adapted and complemented
to be consistent with Shariah principles.9
9
Qureshi, Shujauddin. (2007, February). Economy and the Banks New Clothes.
NewsLine. Karachi.
http://www.meezanbank.com,http:// www.albaraka.com.pk
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