You are on page 1of 25

 OVERVIEW OF ASEAN The Association of Southeast Asian Nations (ASEAN) was established on 8 August 1967 in Bangkok, Thailand, with

the signing of the Bangkok Declaration by the five original Member Countries namely Indonesia, Malaysia, Philippines, Singapore and Thailand. Brunei Darussalam joined the Association on 8 January 1984. Vietnam became the seventh member of ASEAN on 28 July 1995. Laos and Myanmar were admitted into ASEAN on 23 July 1997 and Cambodia on 30 April 1999. The ASEAN region has a population of about 500 million, a total area of 4.5 million square kilometers, a combined gross domestic product of almost US$ 1500 million. The Bangkok Declaration united the ASEAN Member Countries in a joint effort to promote economic cooperation and the welfare of the people in the region. The Bangkok Declaration set out guidelines for ASEAN's activities and defined the aims of the organization. The ASEAN nations came together with three main objectives in mind: to promote the economic, social and cultural development of the region through cooperative programmes; to safeguard the political and economic stability of the region against big power rivalry; and to serve as a forum for the resolution of intra-regional differences.  VISION 2020 The ASEAN Vision 2020, adopted by the ASEAN Leaders in 1997 includes: Looking outward Living in peace Stability and prosperity Bonded together in partnership in dynamic development Creating a community of caring societies.

Page 1 of 25 

OBJECTIVES To accelerate economic growth, social progress and cultural development in the region. To promote regional peace and stability through abiding respect for justice and the rule of law in the relationship among countries in the region and adherence to the principles of the United Nations Charter. y y y y y To promote active collaboration and mutual assistance To provide assistance to each other in the form of training and research facilities To collaborate more effectively for the greater utilization of their agriculture To promote Southeast Asian studies; and To maintain close and beneficial cooperation with existing international and regional organizations with similar aims and purposes.

y y 

FUNDAMENTAL PRINCIPLES Mutual respect for the independence, sovereignty, equality, territorial integrity, and national identity of all nations. y The right of every State to lead its national existence free from external interference, subversion or coercion. y y y y Non-interference in the internal affairs of one another. Settlement of differences or disputes by peaceful manner. Renunciation of the threat or use of force. Effective cooperation among themselves.


Page 2 of 25 

MAJOR FUNCTIONS OF ASEAN Asean Security Community Asean Economic Community Asean Socio-Cultural Community

y y y


Asean Security Community

ASEAN SECURITY COMMUNITY (ASC) shall aim to ensure that countries in the region live in peace with one another and with the world in a just, democratic and harmonious environment. It regards its security as fundamentally linked to one another and bound by geographic location, common vision and objectives namely: Political development Shaping and sharing of norms Conflict prevention Conflict resolution Post-conflict peace building Implementing mechanisms

ASC will be built on the strong foundation of ASEAN processes, principles, agreements, and structures, which evolved over the years and are contained in the following major political agreements: ASEAN Declaration, Bangkok, 8 August 1967. Zone of Peace, Freedom and Neutrality Declaration, Kuala Lumpur, 27 November 1971. Declaration of ASEAN Concord, Bali, 24 February 1976. Treaty of Amity and Cooperation in Southeast Asia, Bali, 24 February 1976. ASEAN Declaration on the South China Sea, Manila, 22 July 1992. Treaty on the Southeast Asia Nuclear Weapon-Free Zone, Bangkok, 15 December 1997. ASEAN Vision 2020, Kuala Lumpur, 15 December 1997. Declaration of ASEAN Concord II, Bali, 7 October 2003.
Page 3 of 25


Asean Economic Community

The ASEAN Economic Community shall be the end-goal of economic integration measures as outlined in the ASEAN Vision 2020. The goal is to create a stable, prosperous and highly competitive ASEAN economic region. It aims to ensure free flow of goods, services, investment and a free flow of capital, equitable economic development and reduced poverty and socioeconomic disparities in year 2020. The ASEAN Economic Community shall establish ASEAN as a single market and production base, turning the diversity that characterizes the region into opportunities for business complementation and making the ASEAN a more dynamic and stronger segment of the global supply chain. ASEAN¶s strategy shall consist of the integration of ASEAN and enhancing ASEAN¶s economic competitiveness by instituting new mechanisms and measures to strengthen the implementation of its existing economic initiatives including the ASEAN Free Trade Area (AFTA), ASEAN Framework Agreement on Services (AFAS) and ASEAN Investment Area (AIA).Accelerate regional integration in the following priority sectors by 2010 - air travel, agrobased products, automotives, e-commerce, electronics, fisheries, healthcare, rubber-based products, textiles and apparels, tourism, and wood-based products. Facilitate movement of business persons, skilled labor and talents. Strengthen the institutional mechanisms of ASEAN, including the improvement of the existing ASEAN Dispute Settlement Mechanism and legallybinding resolution of any economic disputes. In 1992, the ASEAN Free Trade Area (AFTA), it aims to promote the region¶s competitive advantage as a single production unit. The elimination of tariff and non-tariff barriers among member countries is expected to promote greater economic efficiency, productivity and competitiveness.

Page 4 of 25


Asean Socio-Cultural Community

Programmes conducted are as follows: Work Programme for Social Welfare, Family, and Population ASEAN Work Programme on HIV/AIDS ASEAN Work Programme on Community-Based Care for the Elderly ASEAN Occupational Safety and Health Network ASEAN Work Programme on Preparing ASEAN Youth for Sustainable Employment and Other Challenges of Globalization ASEAN University Network (AUN) promoting collaboration among seventeen member universities ASEAN ASEAN Students Exchange Programme, Youth Cultural Forum, and the ASEAN Young Speakers Forum The Annual ASEAN Culture Week, ASEAN Youth Camp and ASEAN Quiz; ASEAN Media Exchange Programme Framework for Environmentally Sustainable Cities (ESC) and ASEAN Agreement on Transboundary Haze Pollution.

Page 5 of 25 


AEM- ASEAN Economic Ministers SEOM- Senior Economic officials meeting AMM- ASEAN Ministerial Meeting ASC- ASEAN Standing Committee SOM- Senior Officials Meeting AFMM- ASEAN Finance Ministers ASFOM- ASEAN Senior Finance Officials Meeting

Page 6 of 25


ASEAN Heads of Government

The highest authority of ASEAN is the Meeting of the ASEAN Heads of Government, the ASEAN Summit. In 1992, the Fourth ASEAN Summit in Singapore decided that the ASEAN Heads of Government would meet formally every three years and informally at least once in between to lay down directions and initiatives for ASEAN activities. In 1995, the Fifth ASEAN Summit in Bangkok decided to hold annual Informal Summits in between the formal ASEAN Summits which take place every three years. The First Informal Summit was held in Jakarta in December 1996. y ASEAN Economic Ministers (AEM)

The AEM meets formally or informally to direct ASEAN economic cooperation. The AEM was institutionalized at the 1977 Kuala Lumpur Summit. Like the AMM, the AEM also meets annually. The AFTA Council was established by the Fourth Summit to supervise, coordinate, and review the implementation of the CEPT Scheme for AFTA. The AEM and AMM report jointly to the ASEAN Heads of Government during an ASEAN Summit. y ASEAN Ministerial Meeting (AMM)

The ASEAN Foreign Ministers meet annually during the AMM. The AMM, established by the 1967 Bangkok Declaration, is responsible for the formulation of policy guidelines and coordination of ASEAN activities. At the 1977 Kuala Lumpur Summit, the ASEAN Heads of Government agreed that the AMM could include other relevant Ministers as and when necessary. During an ASEAN Summit, the AMM and AEM report jointly to the ASEAN Heads of Government. y Senior Economic Officials Meeting (SEOM)

The SEOM was also established as part of the ASEAN machinery at the Manila Summit and comprises the heads of trade, industry, finance and commerce of the ASEAN Member Countries. The Fourth ASEAN Summit agreed that the five ASEAN Economic Committees on Finance and Banking (COFAB); Food, Agriculture and Forestry (COFAF); Industry, Minerals and Energy
Page 7 of 25

(COIME); Transportation and Communications (COTAC); and Trade and Tourism (COTT) be dissolved and SEOM be tasked to handle all aspects of ASEAN economic cooperation. The SEOM meets regularly and reports directly to the AEM. y ASEAN Standing Committee (ASC)

The ASC is the policy arm and organ of coordination of ASEAN between the AMM. The ASC, which reports directly to the AMM, comprises the Chairman who is the Foreign Minister of the country hosting the AMM, the Secretary-General of ASEAN and the Directors-General of the ASEAN National Secretariats. As an advisory body to the Permanent Committees, the ASC reviews the work of Committees with a view to implementing policy guidelines set by the AMM. y Senior Officials Meeting (SOM)

The SOM was formally institutionalized as part of the ASEAN machinery at the 1987 Manila Summit. Responsible for ASEAN political cooperation, the SOM meets as and when necessary and reports directly to the AMM. SOM consists of heads of the Foreign Ministries of the ASEAN Member Countries. y ASEAN Secretariat

The ASEAN Secretariat was established by an Agreement signed by the ASEAN Foreign Ministers during the 1976 Bali Summit to enhance coordination and implementation of policies, projects and activities of the various ASEAN bodies. The ASEAN Secretariat adopted a Mission Statement which reflects the spirit and goals of the Fourth Summit, "Towards strengthening and intensifying intra-ASEAN cooperation". The work of the Secretariat is guided by this Mission Statement in order to provide responsive support to the tasks of the various ASEAN bodies. The Secretariat has four Bureaus. The AFTA Bureau, in addition to handling the implementation and monitoring of AFTA, also handles other related issues such as the elimination of non-tariff barriers, the harmonizing of tariff nomenclature, the issue of standards and conformance and customs valuation and procedures. Apart from the meetings of the AFTA Council of Ministers,
Page 8 of 25

the AEM and SEOM, the Bureau also fully services the meeting of the ASEAN DirectorsGeneral of Customs and the ASEAN Consultative Committee on Standards and Quality. The Bureau of Economic Cooperation handles such matters as investment, services, finance, banking, intellectual property, food, agriculture, transportation and energy. The Bureau is also responsible for issues related to industrial cooperation and, generally, non AFTA issues, including those involving the private sector. In addition to the AEM, the Bureau services the meetings of the Ministers of Agriculture, Energy, Finance, Transport and Communications and Tourism, as well as that of their respective officials. The Bureau of Functional Cooperation has been actively engaged in drawing up and coordinating the implementation of the Action Plans for Science and Technology, Environment, Culture and Information, Social Development and Drug Abuse Control. In addition to this, the Bureau has also, among others, taken the initiative which resulted in the establishment of the ASEAN University Network and its Charter. The Bureau reports directly to the meeting of the Ministers responsible for the respective sectors mentioned above and also services fully the five Committees on Functional Cooperation, their sub-committees and working groups. The Bureau for ASEAN Cooperation and Dialogue Relations is responsible for the operationalization of the project appraisal system adopted by the ASEAN Standing Committee. Under this system, project appraisal, implementation, monitoring and evaluation procedures have been set up and the Bureau provides advisory services to the various ASEAN bodies on these procedures and in project formulation and design. The Bureau also identifies funding sources and assists Member Countries by preparing papers on development cooperation policies and strategies which are used as a basis for discussions with Dialogue Partners.

Page 9 of 25 

ASEAN FREE TRADE AREA (AFTA) ASEAN Free Trade Area (AFTA) was launched in 1992 to eliminate tariff barriers among the Southeast Asian Countries with a view to integrating ASEAN economies into a single production base and creating a regional market. This was to be achieved through the expansion of intraASEAN trade, making possible both greater specialization and economies of scale. It was also to be achieved with the inflow of more foreign direct investment which would be attracted by the emergence of a single ASEAN market. The ASEAN Free Trade Area (AFTA) has now been virtually established. ASEAN Member Countries have made significant progress in the lowering of intra-regional tariffs through the Common Effective Preferential Tariff (CEPT) Scheme for AFTA. More than 99 percent of the products in the CEPT Inclusion List (IL) of ASEAN-6, comprising Brunei Darussalam, Indonesia, Malaysia, the Philippines, Singapore and Thailand, have been brought down to the 05 % tariff range. The Common Effective Preferential Tariff (CEPT) Scheme, which is the main mechanism for realizing AFTA, was launched on 1 January 1993. The CEPT Scheme covers both manufactured and agricultural products. The product coverage in the CEPT Scheme is the most comprehensive ever in any ASEAN trading arrangement. For instance, more than 90% of the total tariff lines in ASEAN are already included in the CEPT Scheme. These tariff lines account for more than 81% of intra-ASEAN trade values. The CEPT Scheme requires the reduction of tariffs for all products in the Inclusion List, the elimination of quantitative restrictions as well as other non-tariff barriers. By the year 2003, all tariffs for products in the Inclusion List should be no higher than 5%. The tariff reductions began in the year 1994. To ensure that AFTA is realized expeditiously, other trade facilitation measures are also being undertaken. These include harmonization of customs matters (tariff nomenclature, customs valuation systems, customs procedures and the establishment of a Green Lane System to help expedite clearance for CEPT products). Considerable work is also being done to harmonize product standards to facilitate intra-ASEAN trade. A list of 20 priority product groups, including some major consumer durables, has already been identified.

Page 10 of 25

Between 1993 & 1995, intra-ASEAN exports grew from US$ 42.77 billion to US$ 68.83 billion. This represents an average growth rate of 30.46% per annum, significantly higher than the average 20% growth of total ASEAN exports. The share of intra-ASEAN exports to total exports inched up to 22% in 1995. In 1995, nearly 59% of intra-ASEAN exports was made up of exports of machinery and electrical appliances reflecting the extent of intra-industry trade. Other major sectors traded within the region are mineral products (petroleum), base metals, chemicals and plastics. ASEAN¶s newer members, namely Cambodia, Laos, Myanmar and Viet Nam, are not far behind in the implementation of their CEPT commitments with almost 80 percent of their products having been moved into their respective CEPT ILS. Of these items, about 66 percent already have tariffs within the 0-5 percent tariff band. Viet Nam has until 2006 to bring down tariff of products in the Inclusion List to no more than 5 percent duties, Laos and Myanmar in 2008 and Cambodia in 2010 ASEAN's exports had regained its upward trend in the two years following the financial crisis of 1997-1998 reaching its peak in 2000 when total exports was valued US$ 408 billion. After declining to US$ 366.8 billion in 2001, as a result of the economic slowdown in the United States and Europe and the recession in Japan, ASEAN exports recovered in 2002 when it was valued at US$ 380.2 billion. The upward trend for ASEAN-6 continued up to first two quarters of 2003. The total exports in 2009 averaged around US$ 810,489mn.

Page 11 of 25 

CHIANG MAI INITIATIVE The Asian financial crisis of 1997-98 caused extensive damage in East Asia. This experience made the East Asian countries acutely aware of the need to promote regional financial cooperation to prevent resurgence of a crisis and to attain stable economic growth. Since then, Japan has been vigorously promoting regional financial cooperation together with the other ASEAN+3 countries namely Brunei, Cambodia, Indonesia, Lao, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam), China, Japan, and the Republic of Korea The Chiang Mai Initiative aims to create a network of bilateral swap arrangements (BSAs) among ASEAN+3 countries to address short-term liquidity difficulties in the region and to supplement the existing international financial arrangements. Since the financial crisis swept across the globe in 2008, the need for greater financial ooperation in Asia has been brought into sharp relief and the pace of monetary and financial cooperation has picked up. So far, cooperation has ranged from information exchange to establishing regional financing facilities Among them, the multilateralization of the CMI, allowing the members of the CMI to tap a regional pool of Foreign Exchange Reserves to better cushion a financial crisis, offers a viable institutional framework for future East Asian regional financial architecture. Since fund inflows in Asia have increased remarkably after the 2008 global financial crisis, it is of vital importance to maintain regional stability in economy, finance and exchange rate for the governments to exchange information regularly and coordinate economic policies carefully.

Page 12 of 25 

ASEAN AND INDIA India became a sectoral dialogue partner of ASEAN in 1992. Mutual interest led ASEAN to invite India to become its full dialogue partner during the Fifth ASEAN Summit in Bangkok in 1995. India also became a member of the ASEAN Regional Forum (ARF) in 1996. India and ASEAN have been holding summit-level meetings on an annual basis since 2002. In August 2009, India signed a Free Trade Agreement (FTA) with the ASEAN members in Thailand. Under the ASEAN-India FTA, ASEAN member countries and India will lift import tariffs on more than 80 per cent of traded products between 2013 and 2016, according to a release by the Ministry of Commerce and Industry. In January 2010, Singapore, Malaysia and Thailand accepted the FTA on goods. The other seven ASEAN countries are expected to operationalise the FTA by August 2010. India and ASEAN are currently negotiating agreements on trade in services and investment. The services negotiations are taking place on a request-offer basis, wherein both sides make requests for the openings they seek and offers are made by the receiving country based on the requests. India has made requests in a number of areas including teaching, nursing, architecture, chartered accountancy and medicine as it has a large number of English speaking professionals in these areas who can gain from job opportunities in the ASEAN region. India is also keen on expanding its telecom, IT, tourism and banking network in ASEAN countries. y Trade

The deepening of ties between India and ASEAN is reflected in the continued buoyancy in trade figures. India¶s trade with ASEAN countries has increased from US$ 30.7 billion in 2006-07 to US$ 39.08 billion in 2007-08 and to US$ 45.34 billion in 2008-09. During April ± September 200910, India¶s trade with ASEAN was US$ 20.19 billion, according to data released by the Ministry of Commerce and Industry.

Page 13 of 25

In 2008-09, India's exports to ASEAN totaled US$ 19.14 billion. During April-December 200910, India exported goods worth US$ 12.8 billion to ASEAN, according to data released by the Ministry of Commerce and Industry. India imported goods worth US$ 26.3 billion in 2008-09 from ASEAN. During the period AprilDecember 2009-10, India's imports from ASEAN totaled US$ 18.09 billion, according to data released by the Ministry of Commerce and Industry.

Page 14 of 25 

ASEAN ACHIEVEMENTS Tariffs on almost 99% of the products in the inclusion list of the ASEAN-6 (Brunei Darussalam, Indonesia, Malaysia, Philippines, Singapore and Thailand) have been reduced to no more than 5%. More than 60% of these products have zero tariffs. The average tariff for ASEAN-6 has been brought down from more than 12% when AFTA started to 2% today. For the newer member countries namely, Cambodia, Lao PDR,


Myanmar and Vietnam (CLMV),tariffs on about 81% of their inclusion list have been brought down to within the 0-5% range. y Roadmap for Financial and Monetary Integration of ASEAN extends to four areas, namely, capital market development, capital account liberalization, liberalization of financial services and currency cooperation has been established. y Trans-ASEAN transportation network is in place consisting` of major inter-state highway and railway networks, including the Singapore to Kunming Rail-Link, principal ports, and sea lanes for maritime traffic, inland waterway transport, and major civil aviation links. y y A roadmap for integration of air travel has been adopted. There is now interoperability and interconnectivity of national telecommunications equipment and services, including the ASEAN Telecommunications Regulators Council Sectoral Mutual Recognition Arrangement (ATRC-MRA) on Conformity Assessment for Telecommunications Equipment. y Trans-ASEAN energy networks, which consist of the ASEAN Power Grid and the TransASEAN Gas Pipeline Projects, have been set up. y There is initiative for ASEAN Integration (IAI) focusing on infrastructure; human resource development, information and communications technology, and regional economic integration primarily in the CLMV countries.

Page 15 of 25

Service offered

Fazila Islamic Financial Services A Global Bank Venture Vision


³To become the most preferred Sharia compliant Financial Institution´ ‡ Mission

³To become a premier community bank in South east Asia. We will enhance shareholder value by serving the personal and business needs of our markets, providing superior customer service, investing in the communities that we serve and enriching the lives of our employees.´



In the current global scenario Islamic banking has increased by leaps and bounds. Majority of the 1.8bn Muslim Population lives in Asia. This Century is going to experience Asia¶s economic growth. This means that there will be increase in the middle class segment with increased purchasing power. The major factor which aids selling Islamic financial services is the associated religious sentiment. Islamic banking has been defined as banking in consonance with the ethos and value system of Islam and governed, in addition to the conventional good governance and risk management rules, by the principles laid down by Islamic Sharia. 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 Sharia, but also to avoid unethical practices and participate actively in achieving the goals and objectives of an Islamic economy.

Page 16 of 25

As compared to conventional banking, the returns on Islamic banking have been higher as of May 2007. The diagram below compares the performance between Dow Jones 1800 banks index with the Dow Jones Islamic market index, reflecting that the Islamic financial services market has been performing at par with the Dow Jones index and in mid 2007 has performed even better than it. This signifies that investments made in the Islamic financial services market have been more rewarding making it a lucrative investment option.

Page 17 of 25 

WHY INDONESIA Indonesia is a major south East Asian country and a part of G-20 forum. Indonesia is experiencing an economic growth of 5-6% on yearly basis. With a population of around 230 million it is 4th most populous country in the world. Almost 88% of the population of Indonesia is Muslim, though the government doesn¶t adhere to any religion. The penetration of sharia compliant services in the Indonesian market is currently only 0.7%. Government of Indonesia has taken certain corrective measures to accommodate sharia complaint financial services in the main stream. The foreign direct investment permitted in the banking sector is 99%. In the light of this information we have selected Indonesia as a country to sell are sharia complaint financial products. ‡ Prior to 1992 ± several non financial institutions offering Islamic financing to ruralareas. ‡ 1992 ± to meet demand for interest-free banking, the government allowed Sharia banking operations in Act no. 7 of 1992 (legal foundation for Sharia banking operations).Several amendments made in 1998 and in1999, the New Act no. 23 gives the central bank authority to conduct its task according to Sharia principles.

Page 18 of 25

‡ 2002 ± Bank Indonesia issued blueprint for Islamic banking. ‡ 2006 ± Bank Indonesia allowed conventional banks with Sharia banking units to offer Sharia¶s products and services. 

SHARIA LAW OVERTAKING INDONESIA ‡ Indonesia, home to the world¶s largest Muslim population, is a democracy that promises religious freedom to its citizens. In spite of this in recent times political parties are trying to promote Islamic ideologies among the masses. Till 2010 Sharia-based laws have been passed in more than half of Indonesia¶s provinces. More than 50 regencies in 16 of the 32 provinces in Indonesia have passed laws linked to sharia. For example In Padang ± the capital and largest city of West Sumatra, Indonesia ± all schoolgirls, including nonMuslims, are required to wear a headscarf. Major reason being groups such as the Committee for the Implementation and Maintenance of Islamic Law (KPPSI) are encouraging its members to vote for politicians who favor sharia. This is the reason why the countries inclination towards Islamic ideology is increasing which becomes more conducive to have an Islamic banking system in Indonesia

Page 19 of 25 

PERCEPTION OF CUSTOMERS Major findings show that the main difference among the four type of banks (not including Islamic banks) are that state owned banks and foreign private are perceived as safest to place consumer¶s fund while the domestic private banks and regional banks are perceived as less secure. On the other hand, in term of facilities that provide convenience and hospitability of the bank, the domestic private banks are perceived higher than the other three types of banks. The foreign private banks are perceived to have facilities that provide convenience only in a global perspective. In addition, the foreign private banks are perceived a bank for consumer loan, a bank that has a high interest loan rate and a bank that has a low interest saving rate. The regional banks, are mostly perceived as targeted for small medium enterprises, has a low saving and lending interest rate and a limited area of coverage. So we are leveraging on these facts & positioning our bank as the one which complies with sharia law as well as provides the facilities which can suffice the expectations of customers.

Page 20 of 25 

BUSINESS POSITIONING Depending on the customers perceptions the perceptual mapping is illustrated as follows:

Positioning- ³Think Global Act Local´

Page 21 of 25 

MARKET SEGMENTATION On the basis of customers tendency towards Islamic banking the market can be divided into three segments i.e. Sharia loyalists, floating market, and conventional loyalists. Sharia loyalist segment is price insensitive probably because of their strong belief. So is the conventional loyalist segment for the opposite reason. The floating segment is the one who very sensitive to price..the belief on Islam actually represents a value in his/her overall Islamic values. If a person values using an Islamic bank high in his/her overall Islamic value system than he/she will tend to choose an Islamic bank. On the other hand if this value is relatively weak within his/her overall Islamic value system the motivation to use an Islamic bank will be low. The Sharia loyalists & conventional loyalists are price insensitive whereas the floating segment is highly price sensitive. So in order to cater to this segment it is necessary to provide attractive facilities & convenience which would compel them to switch to Islamic banks. Anyways the Islamic loyalists would tend to be a part of Islamic banks. The only effort would be to pitch the floating segment & conventional loyalists.

Page 22 of 25 

FUTURE PLANS Once our business gets well established in the urban market we are considering the option of foraying into the rural market with the concept of microfinance in compliance with Sharia laws.

Page 23 of 25 

BIBLIOGRAPHY www.islamic International Business by Dr. R. Chandran International Business by Sumati Verma International Business by P. Subba Rao Report of Price Waterhouse Cooper (PwC)

Page 24 of 25

Page 25 of 25