Islamic Banking Products: Development & Launch Process

1. ISLAMIC BANKING PRODUCTS Development Rehab Lootah January 2012

2. Rehab Lootah Chief Business & Sales, Mawarid Finance, UAE Managing Director - IFS (FZE) www.rehablootah.com World’s first woman recipient ofcertification in Islamic Finance. • Rehab currently holds the position as Chief Business and Sales at Mawarid Finance and instrumental in product creation, strategy formulation, brand positioning, corporate communication and Corporate Social Responsibility (CSR) drive while being the Managing Director for Mawarid’s wholly owned subsidiary IFS (FZE). • Rehab graduated in BSc Engineering from UAE University and since then cultivated many other specialisations from Information Technology to Islamic Banking covering many areas. Rehab is well experiencedin Shariah compliant Banking Sector in the region and in addition to her CIMA Islamic Financial credential she also holds below professional qualifications, • Certified Islamic Finance Expert (CIFE) • Certified Islamic Banker (CIB) • Certified Takaful Professional (CTP) • Post Graduate Diploma in Islamic Banking & Insurance • Other Academic and professional qualifications: • MBA • Six Sigma Green Belt • Project Management Professional - PMP • Microsoft Certified System Engineer – MCSE • Certified eMarketing Professional • Comptia A+ Certification • Rehab always had a keen interest to nurture and develop the society through her training programs and from the very beginning she is actively taking part in conducting training sessions on subjects ranging from Islamic Banking to Personal development.

3. Content • High level process of product development. • Product documentation. • Product Launch. • Product Review. • About IFS. • IFS Mission & Vision. • IFS Service offerings. • IFS Oman Projects. • IFS Services for Omani banks opening Islamic Windows. • First IFS Oman Training Session 2011. • IFS Value Proposition.

4. High level process of product development • Product / Services Idea and concept. • Market Research. • Business Case. • Fatwa and Structure. • Stakeholders involvements. • Compliance. • Credit Parameters.

5. High level process of product development • processes, product Manuals/Programs. • SOPs ( standard Operating Procedures). • IT Setup. • proper accounting entries. • Marketing Plan. • Training ( Sales team & Agents ). • Documentation. • Soft Launch. • Hard Launch.

6. Product documentation • Products Manuals • Contracts • Forms • Fatwas • Fees and Charges • Training Materials • Protected Soft Copy and Access right • Custodian • References/versions

7. Product Launch • Products can be launched (made available to clients/the market) in two ways, • Soft launch • Full launch • Soft launch – as per the traditional understanding of a soft launch, completed product is launched to select clients. Naturally, soft launches would lead to a full product roll out, with either increased exposure and marketing and advertising campaigns. • Hard launch – A hard launch would meet below criteria individually or together. • All aspects of the product development procedure have been completely and successfully finished. • The product launch is accompanied by a specific campaign and, or marketing/advertising in the media.

8. Product Review • Objectives: • How to further refine the product in order to emphasize its benefits and limit the weaknesses? • Who is attracted by the new product? • What is the satisfaction level with the product and its attributes? • What are main benefits for clients? • What is the repayment culture and characteristics of troublesome clients? • What is the profitability of certain sub-segments; sub-areas? • What are the differences between branches and other channels? Methodology: Many methods and techniques available (client database, focus groups with the staff, self-completion forms, individual interviews, etc.);

9. Product Review •   Amendments to Products due to either internal factors or external are unavoidable and can be requested / initiated from any source. •   Depending on whichever element of the Product needs amending, the same product development procedures, for that task will be repeated with subsequent approval. • Amendments will also be circulated to concern departments. • All amendments will require a sign-off on a hardcopy of the amendment by concerned • Amendments will be updated in all Product record mediums, File, CD and Internet /Intranet .

10. IFS is a fast growing one-stop-shop service provider for all Islamic Banking and Takaful outsourced services. We provide distinct operational banking services, business and technical consultation in the region through a combination of robust delivery process, people and technology. IFS is gaining recognition and prominence in the domain regionally and being fully committed to provide unmatched business value to all our customers.

11. Vision To be recognized as the most preferred partner and service provider for Islamic Banking & Takaful Services, sustaining long term and immediate measurable benefits for our Client establishments with added value. MissionDeliver superior services to our valued clients exceeding their expectations, cost effective and profitable solutions resulting always a pathway to achieve business goals with an empowered set of dedicated individuals working towards a common vision.

12. IT Services Service Offerings Shariah Services Corporate Governance & CSR Operations and Business Support Quality Management and Business Excellence Human Resource Services Marketing & PR Services

13. IFS Oman Projects •   IFS has been actively involved and following the development of Oman’s Islamic Finance development from the start and from our visits, previous training sessions and feedback from 6 local banks with plans for Islamic Finance Window operations come up with a package to cover all aspects of a successful entry for both Bank and customer in to the field. •   Current and in the pipeline Projects in Oman • Off the Shelf Product for BankMuscat • Islamic Financial Services for National Bank of Oman • Islamic Financial Services For Bank Sohar • Islamic Training for Bank Sohar

14. IFS Oman Projects • IFS Services for Omani Banks opening Islamic Windows • Products • Consultancy & Advisory Services • IT system modification & implementation support • Shariah Accounting Processes & Procedures • Shariah Compliance Audits • Trainings • Project Management

15. IFS Oman Projects “A New Beginning - An introduction to Islamic Finance, Accounting, Product Development and Marketing” Training - 17-18 July 2011 Hotel Intercontinental, Muscat.

16. IFS Oman Projects •  IFS Value Proposition: • Fully AAOIFI and IFSB standards proficient • Aware of both GCC and Malaysian Islamic Finance • Experience in Oman - IFS has already provided training to Omani banks and Our product development services. • Local presence - Dedicated partners based in Muscat, Oman • Tried and Tested - Already in the market for many years and dealing with Banks, IFIs and Takaful providers across the GCC region. • Innovative - Pioneering products in the market such as e-Murabaha, unique Credit Card. • Quick turnaround time for product development

17. Q & A Thank you!