Finance Islamique (document en anglais)

Introduction

By 2010, Islamic finance is estimated at nearly 1,000 billion $ (700 billions €) of assets, but more importantly, growth in the next 5 years is predicted to be 2 times faster than the conventional finance (about 15% per year). Western banks increase the supply of funds managed "Islamic", not hesitating to move directly into Muslim countries. Thus, U.B.S. (Union Bank of Switzerland) opened in 2002, after Citigroup, a branch in Bahrain, Noriba Bank. Citibank and Barclays Bank have both branches of Islamic operations and have non-Muslim customers such as IBM, Xerox, General Motors and Daewoo. BNP Paribas and Societe Generale have established Islamic banking subsidiaries operating, for now, outside the territory of the city. May be in a few years Islamic finance will take place in the governance of the world? The purpose of this essay is not to provide a detailed description about Islamic finance but rather to show different points of views both for and against the global adoption. This essay begins with a brief description of Islamic finance and we will highlight some statistics, then we will give some opinions from economists and we will end up on a problematic that it has to resolve to take the place of the current financial system.

Discovering the Islamic Finance

The Muslim's duty of obedience to God does not only concern the purely spiritual worship: it is to be regarded by the Muslim in all aspects of their lives, especially in trade as goods and services that performs all day long...

The merchant, the consumer and Muslims cannot, in their pursuit of profit, their effort to increase their wealth and their willingness to meet their needs or their material desires, adopt practices and ways that violate the principles and rules set out in their reference materials (the Qour'aane and Sunnah). The Prophet clearly warned that among the questions that every servant will have to give answer to on the Day of Judgement, two will concern his money: Where has it been? How has it been spent? Every Muslim who engages in the business (this either as a seller, buyer or investor) must necessarily know and respect certain principles essential, including:

 The presence of the necessary consent mutual

 The duty of fairness and justice

 The duty of good

 The prohibition of transactions

 Prohibited items

 The prohibition of riba

 The prohibition of gharar

What is the specificity of Islamic banking products? For whom are they addressed?

Islamic finance is based on five cardinal principles then. These "five pillars of Islam financial" contains three negative principles (-) and two positives (+) ()

 Principle # 1 (-): no "riba" (interest, usury);

 Principle 2 (-): no "gharar" or "Mays" (uncertainty, speculation);

 Principle 3 (-): not "haram" (illegal sectors);

 Principle # 4 (+): obligation to share profits and losses

 Principle # 5 (+): the principle of a tangible asset backing.

In addition, a board of compliance with the Sharia (Muslim jurists recognized formed) validates the Islamic nature of a financial product or financial transaction.

Some common operations used in Islamic Finance:

 Musharaka: The association in the capital and profit

 Mudharaba: The association in the profit

 Murabaha: The buy-sell with profit margin

 Ijara thoummal bay ': Leasing / The lease-purchase

 Bay 'Salam: The forward sale

Modern Islamic finance is a recent phenomenon: little more than 30 years separate us from the emergence of the first Islamic banks, at the millennium, the market for sukuk (pronounced "sukuk", that is to say, the Islamic bond) was virtually nonexistent. Today, the estimates converge: the Islamic financial market, which includes some 300 banks Shariah compliant, companies "takaful" (or Islamic mutual insurance) and investment funds respecting the principles of Islam financial accounts represent over $ 950 billion at the end of 2009. The only sukuk market, with its $ 125 billion, has already exceeded the GNP of a country like Morocco!

Compartment of finance ethics, responsible and non-speculative, Islamic finance is for everyone, not just Muslims. Its principles, inherited values of Islam, have a universal vocation.

Some statistics :

 Date and place of first appearance

In the early 60 Egypt (Mit Ghamr SavingsBank) and Malaysia (Tabung Haji)

Emergence of the first Islamic commercial bank

Dubai Islamic Bank was established in 1975 in Dubai

Market size at the end of 2009 (estimated)

$ 820 billion in assets for banks and Islamic insurance companies, $ 950 billion including off-balance sheet assets and funds Shariah compliant

Average annual growth rate over the last 10 years

Between 10% and 30% depending on asset classes

geographic distribution

60% in the Persian Gulf

20% in South Asia

20% in the rest of the world

Market size of sukuk to December 31 2009

* $ 125 billion (+15% in the year 2009)

Eurosukuk traded on global markets at December 31 2009

About $ 45 billion

For

At the opening of the G20, Christine Lagarde said that "it would be appropriate based on the principles of Islamic finance to reform global finance."

Principles for Responsible Investment

(“Je

...