이슬람경제의 발전과 이슬람금융 홍성민 2012 년 1 월 31 일 명지대 중동문제연구소

2012 1 31

1. 2. 1) 2) 3) 3. (Shariah) 1) , (Shariah) 2) 4. (riba) 1) 2) 3) 4) (riba) 5. 6. 1) (SWF)7. 1) 2) 3) 4) 8. (riba) 9. (interest-free bank) 1) (interest-free bank) 2) 10. 11. 1) 2) 3)

, 3 . (Islam) (Hadith) , . () , () . , .

, , . , () (Shariah) .

, . , () .

. , . (normative) (positive) .

. . , . . (jihad) . . () , , (ibdt) . (Akram Khan) .

() (Falh) .

* Falh (well-being), , - - .

2)

(interest-free banking) . 150 , .

2 , () . . () , 1% . , , 1% . 1754 , . , () .

1970 (Islamic banking) . , . . .

800 . , , . , . 150 . () .

, , (umma). , . (Islamic banking), .

, 60 . 20-25% 16 60 . [] 2.

2) , (riba) ,

- (, 62: 10). - (Zakhat) () . ,

- (venture) .

- , : profit interest . - (inflationary) . ()

- . * () , . .

- , , , -

1) . 2) . 3) . 4) , 2.5% (zakhat) . 5) . 6) . 7) .

(zakhat)

(five pillars of Islam), () , () . () . (). , . , . . .

3)

- (banquet) , - () , , , () - , - , . , .

(bounty) - - : , (), , . * () , . - (ramadan: 9) () (, 2: 184-5) - (caravan) (, 106: 1-4)

- - (30: 45-46) - () , . . - ( () ) () () (, 2: 198).

4 , , (, 4: 33).

(Halal) (Haram)

(Halal), (Haram) .

- , , (, 2: 173; 5: 3), , , (, 5: 90-91). - , , , , , . - . ( ) . (Makuruh)

--- . (, 2: 173)

(Makruh) () , .

1) , (Shariah)

() , (Sunnah; ), (ijma; ), (qiyas; ) 4 (Qadi) , . , . (mufti) (fatwa) . . 20, . , . , , . . , . .

* , . * , , . (), (), () . (Shariah) , (Shariah) , . 3. (Shariah)

2) - () (; 2: 284) . - , . - (, 2: 30), (Khalifa). , . , . . . , , , 3 . . . (Umma) , . - () . . , . , , , , () () . (4: 11, 177, 2: 18 5: 106) .

- () . () () . - () 3/10 , 5/10 . .

- , 1% . (tokos) . (Aristoteles; 384-322 B.C.) () . - , , . . , . . , () . . 4. (riba

2)

,

(BC 1800) ( ) . . " . (canon) . , , . .

(, 25: 36). (, 19: 19-20).

, (, 19-20).

, . , (, 6: 34-35). () . (antidora) . , , . , , .

(1517) , . , .

- . (1224-1274) , . - (1509-1564) . 1515. . '. . . (Jesuit) () .

() ( ) . . . --- (, 2: 275). (2: 275)

3)

(riba) () . , . , . , .

. 2 . -(riba al-jahiliyya) , 2 . 2 , 275 , . .

4) (riba)

() (increase) . . () . ( ) .

: ( ) () (); - , , - .

. -(riba al-nasia) (), -(riba al-fadl), . * , .

( ) 1% ( ) .

. () () . . () () . . , . , . (Al-Ashmawi) . .

2)

, 19 (maslaha) () . . , (ijtihad) (), (talfiq) .

(darura) , (darura) . , () " . (, 2: 173). () . , (, 2: 286). , . (haja) .

( ) , . ( ) , . . (Ayatollah Khomeini) () , . . (zarura, ) . . - 1) (urf), 2) (maslah), 3) (darura) - . , () .

() . , . . .

3) (Shariah Supervisory Board)

20 . 1970 . (1976) (1978) .

1950 . , . .

(Islamic Financial Services Board; IFSB) . . 1 . . () . . . . 7 2 . 5 () . . (fatwa) .

(SWF)

1973 1 OPEC () , (oil dollar), (oil money) (petrodollar) .

21 , 2003 () (GOPEC) . (EIA, 2010) , 10 10 , (GDP) 5.3 . .

, () .

, . (snowball effect) . (oil money) , () , . (oil revenue) . 6.

(Sovereign Wealth Fund)

2005. . (Sovereign Wealth Fund: SWF) .

.

. , , . (SWF) . - , , , , , PEF() . . . . [] 1990

.

.

. (CIC), (GIC), . 1 . UAE (ADIA), .

. 2015 5-6 , , , GDP 12

GCCUAEAbu Dhabi Investment Authority19768,170Dubai World200380Dubai Holdings2004120Saudi Arabian Monetary Agency19522,700Kuwait Investment Authority19532,130Qatar Investment Authority2005600Bahrain Mumtalakat Holding Company2006140State General Reserve Fund1980130GCCLibyan Investment Authority2006500Revenue Regulation Fund2000470Oil Revenue Stabilization Account20021Oil Stabilization Fund2000100

, . . . .

. , . , , , , (private equity) . - , . * . . . .

1. (risk-sharing philosophy) (PLS) 2. , - (interest-free banking)' . . . , . * ( ) (, , ) ; ( ) (halal) ; () , . 1) 7.

2) * (Shariah Supervisory Board) * (Shariah Index)

(Shariah Supervisory Board)

- . (Shariah Supervisory Board) , 1 (business activity), 2 (financial ratio) . - 33% , 5% 45% . - 2009 KOSPI 200 , 40% 78 . (Shariah Index) 2006 Standard & Poor's . . Standard & Poor's S&P/TSX 60 . S&P, , FTSE , 5% 5% .

3)

, () () . , .

4)

. (mutual fund), , - . 1970 , . . , .

(interest-free banking) ( 2:275) . . () . (riba) . 8. (riba)

1) (interest-free bank) 2) (riba) : (gharar) : (uncertainty), (risk) - 1975 (IsDB) - ; - , . - () () . - , , , , . - . - , . (mudharaba) : (PLS)

(mudharaba) . , (muqarada) . . , () () . . (PLS) . . . 9. (interest-free bank)

[] , , . , 50: 50 60: 40 . 50: 50 60: 40 . , . . , 1) , 2) , 3) () .

, . . , . 2 .

. , , (musharaka) (sukk) . . , . . 10.

[] (murabaha) (cost-plus trade financing) , (buyer) (seller) , . 75% .

(mudharaba)

(trust-financing) , . , .

[]

[ 4]

(musharaka)

(participating financing) . , . () ' . . 1).

[]

1) (: ) 5:5 4:6 0:10 () .

(ijara)

(sale-lease backs) . , . . , .

[]

[ 6]

: , 2006, 8.

(takaful) (Islamic insurance). . . . . , 1). 1)(Moody's) , 2005 20 2015 74 .

(ijara wa-iktina) , . (istisna) , PF(Project Financing) . (swap) , (gharar) (maisir) (Islamic Derivation), (Bai al'Salam) (Bai alMuajjal)' .

3)

. , . (IDB) IMF (counterpart) . . (joint venture), , (correspondent bank) . 2) , 90% EU . , 50% . . . . , , (Sukuk) . . 11.

3)

1) GDP 5 7,680 , 4 1,880 . . 1970 , , 1,546 , . 200 104 10 . 56% .

1) , . 2004 2,520 . JP 5,000-6,000 ( 1%) 5 15% . (2007) : , , 2008/09/08 15% . 85% . 1975 , 2008 11 300 (Islamic financial institutions; IFIs) 75 300 .

()1,546694651377UAE354315263159143104

: , 2010, ,104. Thank you, Shukran!

(IIBI)- - 53 1,100 (SII)- - 9 (IBFIM)- , - 23 (INCEIF)- , - - , ,