2014년 8월 30일 토요일

[발췌] Islamic banking


※ 발췌 (excerpts as of Aug 30, 2014) : 

( ... ) [A] more correct term for 'Islamic banking' is 'Sharia compliant finance'.[1] 

Sharia prohibits acceptance of specific interest or fees for loans of money (known as riba, or usury), whether the payment is fixed or floating. Investment in businesses that provide goods or services considered contrary to Islamic principles (e.g. pork or alcohol) is also haraam ("sinful and prohibited"). Although these prohibitions have been applied historically in varying degrees in Muslim countries/communities to prevent unIslamic practices, only in the late 20th century were a number of Islamic banks formed to apply these principles to private or semi-private commercial institutions within the Muslim community.[2][3]

By 2009, there were over US$822 billion assets being managed in over 300 banks and 250 mutual funds around the world complying with Islamic principles.[4] As of 2005, sharia compliant financial institutions represented approximately 0.5% of total world assets.[5]

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Islamic banking has the same purpose as conventional banking: to make money for the banking institut[ion] by lending out capital. But that is not sole purpose either. Adherence to Islamic law and ensuring fair play is also at the core of Islamic banking. Because Islam forbids simply lending out money at interest, Islamic rules on transactions (known as Fiqh al-Muamalat) have been created to prevent it. 

The basic principle of Islamic banking is based on risk-sharing which is a component of trade rather than risk-transfer which is seen in conventional banking. Islamic banking introduces concepts such as profit sharing(Mudharabah), safekeeping (Wadiah), joint venture (Musharakah), cost plus (Murabahah), and leasing (Ijar).

In an Isalmic mortgage transaction, instead of lending the buyer money to purchase the item, 
  1. a bank buy the item itself from the seller, 
  2. and re-sell it to the buyer at a profit, 
  3. while allowing the buyer to pay the bank in installments. 
However, the bank's profit cannot be made explicit and therefore there are no additional penalties for late payment.[??] In order to protect itself against default, the bank asks for strict collateral. The goods or land is registered to the name of the buyer from the start of transaction. This arrangement is called Murabahah. Another approach is EIjara wa EIqtina, which is similar to real estate leasing. Islamic banks handle loans for vehicles in a similar way selling the vehicle at a higher-than-market price to the debtor and then retaining ownership of the vehicle until the loan is paid. 

An innovative approach applied by some banks for home loans, called Musharaka al-Mutanaqisa, allows for a floating rate in the form of rental. 
  1. The bank and borrower form a partnership entity, both providing capital at an agreed percentage to purchase the property. 
  2. The partnership entity then rents out the property to the borrower and charges rent. 
  3. The bank and the borrower will then share the proceeds from this rent based on the current equity share of the partnership. 
  4. At the same time, the borrower in the partnership entity also buys the bank's share of the property at agreed installments until the full equity is transferred to the borrower and the partnership is ended. 
If default occurs, both the bank and the borrower receive a proportion of the proceeds from the sale of the property based on each party's current equity. This method allows for floating rates according to the current market rate such as the BLR (base lending rate), especially in a dual-banking system like in Malaysia.

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