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)- , - - , ,