بحث خاص للمحلل السياسي والخبير الإقتصادى للبنوك الإسلامية
الدكتور صلاح الدوبى
رئيس منظمة “إعلاميون حول العالم” فرع جنيف- سويسرا
رئيس اتحاد الشعب المصرى
“عضو مؤسس في المجلس الثوري المصري”
أننا أمام حالة من فقدان الذاكرة التاريخية للتقدم العلمى والثقافى والحضارى الذى عاشته أمتنا الإسلامية فى عصور مجدها وريادتها، وحتى لا يتسرب اليأس إلى نفس أحد من المسلمين استحضرت صورًا ونماذج كثيرة لعلماء يعيشون بيننا اليوم أسهموا بشكل كبير فى تحقيق النهضة العلمية فى العديد من المجالات، وأسماء هؤلاء العلماء وما قدموه للبشرية جميعًا لا تغيب عن ذاكرتنا.
إن علماء الأمة جميعًا مطالبون بأن تتضافر جهودهم وتتوحد كلمتهم ويسعوا جاهدين مخلصين لمواجهة ما لحق بأمتنا الإسلامية من تراجع وإخفاق بكل جرأة وشجاعة، وأن يعملوا على إعادة أمجاد حضارتنا الإسلامية وريادتها فى المجالات كافة، ويعكفوا على وضع رؤية شاملة تعيد بناء وصياغة فكر شباب الأمة بما يحميهم من التغريب والتفريط فى الهوية بتأثير أفكار متشددة أو منفلتة لا تتفق مع تعاليم إسلامنا ولا تناسب حضارتنا الراقية، وعلينا أن نعيد رسم التاريخ الإسلامى من جديد،
ندعو إلى وجود مظلة تجمع هيئات الرقابة الشرعية في المصارف المختلفة، إن علماء الاقتصاد والمعاصرون اعترفوا أن النظرية الإسلامية هي المحققة للسعادة ،ولقد أكد مستشار الاقتصاد الاسلامي الدكتور شهاب العزعزى أن النظام الاقتصاد الإسلامي يمتاز بالاتساع والشمول والعمق والمرونة، وقال: إن الإنسان المعاصر أيقن بعد فشل النظم الاقتصادية المختلفة أن المخرج والمنقذ هو الاقتصاد الإسلامي..
وإن كان بعض علماء الاقتصاد المعاصرين ومنهم جاك أوستري اعترفوا أخيراً بأن الاقتصاد الإسلامي هو النظام الذي يحقق للإنسان السعادة والكفاية. إن دراسة الاقتصاد الإسلامي تبيّن بوضوح تام أن الإسلام وحده كفيل بإرساء دعائم العدالة الاجتماعية، بل إنه أكثر من ذلك يؤسس مجتمعاً متكافلاً يسعد فيه العاجز، والضعيف والأرملة والمسكين واليتيم. لقد أيقن الإنسان المعاصر بعد فشل النظم الاقتصادية المختلفة أن المخرج والمنقذ هو الاقتصاد الإسلامي.
ان دليل الاقتصاد الاسلامي مشروع عالمي تم ولادته فى تركيا ولكنه سيكون بالتدرج في معظم دول العالم وله موقع الكتروني خاص وتطبيق بالموبابل وسيكون بعدة لغات تبدا بالعربية والانجليزية والتركية ثم لاحقا لغات اخرى.
مزايا الاشتراك في دليل الاقتصاد الاسلامي مايلي:
1- كل الجهات والشركات التى ستكون موجود محتوى بياناتها في كافة الانشطة يجب ان تكون متوافقة مع الشريعة الاسلامية
2- يحتوي الدليل على مواد علمية ومعلومات عالمية ومحلية هامه حسب كل قطاع وكل دوله
3-كل قطاع من قطاعات الاقتصاد الاسلامي له دليل مستقل الان الذي يجعله سهل الوصول كمرجع
4- سوف يتمتع الدليل بشبكة توزيع شاملة الكترونيآ والتطبيقات الذكية بالموبايل و مطبوعه ورقيا
5- يتم من خلال الدليل توعية المجتمعات في نشر ثقافة دور الاقتصاد الاسلامي في التنمية
6- هذا الدليل سوف يسد النقص في حاجة الناس والسوق ويقدم الدعم لمافية ابعاد التنمية ومجالات تطبيق الاقتصاد الاسلامي على ارض الواقع
7- تسليط الضوء على الامكانيات التى تتوفر في الاقتصاد الاسلامي لاقامة مشاريع استثمارية متوافقة مع الشريعه وتجنببها المعوقات
8-اتاحة الفرصة للمستهدفين من المشاركة في الاعلانات لزيادة نجاح مشروعاتهم
9-دعم دور تركيا بمختلف مدنها ومناطقها الصناعية والتجارية والزراعية ودورها التنموي وتجربتها الاقتصادية وغيرها لتكون نموذجا في تطبيق الاقتصاد الاسلامي كنظام رسمي متكامل متاح ومتوفر تطبيق بالدوله
10-تفعيل إظهار الدور التنموي لتركيا لاستشراف المستقبل في امكانية ان تتولى الريادة كمركز مالي عالمي للاقتصاد الاسلامي
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Islamic banking based on the fact that money is not a product to trade , but is a mean to invest in real economy. Interest (REBA ) الربا is forbidden, but fees on administration , management, save keeping, negociation and expenses are allowed. Profit and loss on joint venture are allowed. Fees on collecting the Islamic Tax (ZAKAT الذكاة ) and gifts (Bank/Client) are allowed.
The reason is to protect poor and real economy, and money can be gained only on working, money dose not make money, but work make many.
Islamic Banking is growing at a rate of 10-15% per year and with signs of consistent future growth. Islamic banks have more than 300 institutions spread over 51 countries, including the United States as well as an additional 250 mutual funds that comply with Islamic principles.
It is estimated that over US$822 billion worldwide sharia-compliant assets are managed.
It represents approximately 0.5% of total world estimated assets as of 2005. Islamic finance is the fastest-growing segment of the global financial system and sales of Islamic bonds may rise by 24 percent to $25 billion in 2010.
The Vatican has put forward the idea that “the principles of Islamic finance may represent a possible cure for ailing markets.
BEST system can be parameterized in order to meet The Islamic banking requirements, by adding the Islamic bank contracts as signed documents (legal issue).
Islamic banking has the same purpose as conventional banking: to make money for the banking institute by lending out capital. Because Islam forbids simply lending out money at interest (see riba), Islamic rules on transactions (known as Fiqh al-Muamalat) have been created to avoid this problem. The basic technique to avoid the prohibition is the sharing of profit and loss, via terms such as profit sharing (Mudharabah), safekeeping (Wadiah), joint venture (Musharakah), cost plus (Murabahah), and leasing (Ijar).
In an Islamic mortgage transaction, instead of loaning the buyer money to purchase the item, a bank might buy the item itself from the seller, and re-sell it to the buyer at a profit, 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 the 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 .
Fundamentals of Islamic finance
The term “Islamic banking” refers to a system of banking or banking activity that is consistent with Islamic law (Shariah) principles and guided by Islamic economics. In particular, Islamic law prohibits usury, the collection and payment of interest, also commonly called riba in Islamic discourse.
In addition, Islamic law prohibits investing in businesses that are considered unlawful, or haraam (such as businesses that sell alcohol or pork, or businesses that produce media such as gossip columns or pornography, which are contrary to Islamic values).
Furthermore the Shariah prohibits what is called “Maysir” and “Gharar”. Maysir is involved in contracts where the ownership of a good depends on the occurrence of a predetermined, uncertain event in the future whereas Gharar describes speculative transactions. Both concepts involve excessive risk and are supposed to foster uncertainty and fraudlent behaviour.
Therefore the use of all conventional derivate instruments is impossible in Islamic banking.
In the late 20th century, a number of Islamic banks were created to cater to this particular banking market.
Usury in Islam
The criticism of usury in Islam was well established during the lifetime of the Prophet Muhammad and reinforced by several of verses in the Qur’an dating back to around 600 AD.
The original word used for usury in this text was Riba, which literally means “Interest on Money”.
يَا أَيُّهَا الَّذِينَ آمَنُوا اتَّقُوا اللَّهَ وَذَرُوا مَا بَقِيَ مِنَ الرِّبَا إِنْ كُنتُمْ مُؤْمِنِين
Islamic financial transaction terminology
5.1 Bai’ al ‘inah (sale and buy-back agreement)
Bai’ al inah is a financing facility with the underlying buy and sell transactions between the financier and the customer.
The financier buys an asset from the customer on spot basis.
The price paid by the financier constitutes the disbursement under the facility.
Subsequently the asset is sold to the customer on a deferred-payment basis and the price is payable in installments.
The second sale serves to create the obligation on the part of the customer under the facility.
Islamic financial transaction terminology
Client place money in a bank and the bank guarantees to return the money to Client.
Client are allowed to withdraw the money anytime.
Bank may charge Client a fee for looking after Client money and may pay hibah (gift) to Client if it deems ﬁ
This concept is normally used in deposit-taking activities, custodial services and safe deposit boxes
Fig. 1 : Current Accounts, Deposits, Safekeeping
5.1.1. Bai’ bithaman ajil (deferred payment sale)
This concept refers to the sale of goods on a deferred payment basis at a price, which includes a profit margin agreed to by both parties.
Like Bai’ al ‘inah, this concept is also used under an Islamic financing facility.
Interest payment can be avoided as the customer is paying the sale price which is not the same as interest charged on a loan.
The problem here is that this includes linking two transactions in one which is forbidden in Islam.
The common perception is that this is simply straightforward charging of interest disguised as a sale.
Islamic financial transaction terminology
Client pick an asset to buy.
Client then ask the bank for BBA and promise to buy the asset from the bank through a resale at a mark-up price.
Bank buys the asset from the owner on cash basis.
Ownership of the goods passes to the bank.
Bank sells the goods, passes ownership to Client at the mark-up price.
Client pay the bank the mark-up price in installments over a period of time.
Fig. 2 : Deferred Payment Sale (Bai’bithaman ajil)
Islamic financial transaction terminology
5.2 Bai’ muajjal (credit sale)
Literally bai’ muajjal means a credit sale.
Technically, it is a financing technique adopted by Islamic banks that takes the form of murabahah muajjal.
It is a contract in which the bank earns a profit margin on the purchase price and allows the buyer to pay the price of the commodity at a future date in a lump sum or in installments.
It has to expressly mention cost of the commodity and the margin of profit is mutually agreed.
The price fixed for the commodity in such a transaction can be the same as the spot price or higher or lower than the spot price.
Bai’ muajjal is also called a deferred-payment sale.
However, one of the essential descriptions of riba is an unjustified delay in payment or either increasing or decreasing the price if the payment is immediate or delayed.
Islamic financial transaction terminology
5.3 Musharakah (Joint Venture)
Musharakah (joint venture) is an agreement between two or more partners, whereby each partner provides funds to be used in a venture.
Profits made are shared between the partners according to the invested capital.
In case of loss, no partner loses capital in the same ratio.
If the Bank provides capital, the same conditions apply.
It is this financial risk, according to the Shariah, that justifies the bank’s claim to part of the profit.
Each partner may or may not participate in carrying out the business.
A working partner gets a greater profit share compared to a sleeping (non-working) partner.
The difference between Musharaka and Madharaba is that, in Musharaka, each partner contributes some capital, whereas in Madharaba, one partner, e.g. A financial institution, provides all the capital and the other partner, the entrepreneur, provides no capital. Note that Musharaka and Madharaba commonly overlap.
Client pick a car/goods would like to have.
Client ask the bank for Ijarah of the car, pay the deposit for the car and promise to lease the car from the bank after the bank has bought the car.
Bank pays the seller for the car.
Seller passes ownership of the car to the bank.
Bank leases the car to Client.
Client pay Ijarah rentals over a period.
At end of the leasing period, the bank sells the car to Client at the agreed sale price
Fig. 3 : Costs plus (Murabahah)
Joint Venture (Musharakah)
Lease & Buy (Ijarah)
5.4 Mudharabah (Join Venture Capital & Know-How)
“Mudharabah” is a special kind of partnership where one partner gives money to another for investing it in a commercial enterprise.
The investment comes from the first partner who is called “rabb-ul-mal”, while the management and work is an exclusive responsibility of the other, who is called “mudharib”.
The Mudharabah (Profit Sharing) is a contract, with one party providing 100 percent of the capital and the other party providing its specialist knowledge to invest the capital and manage the investment project.
Profits generated are shared between the parties according to a pre-agreed ratio. Compared to Musharaka, in a Mudharabah only the lender of the money has to take losses.in this only “rabb-ul mal”suffered from loss mudharib do not suffered with loss.
Profit distributed between both rabb-ul-mal and mudharib.
Client supply funds to the bank after agreeing on the terms of the Mudharabah
Bank invests funds in assets or in projects.
Business may make profit or incur loss.
Profit is shared between Client and the bank based on a pre-agreed ratio.
Any loss will be borne by Client. This will reduce the value of the assets/ investments and hence, the amount of funds Client have supplied to the bank.
Fig. 4 : Profit Sharing (Mudharabah)
5.5 Murabahah (Lease & Buy)
his concept refers to the sale of goods at a price, which includes a profit margin agreed to by both parties.
The purchase and selling price, other costs, and the profit margin must be clearly stated at the time of the sale agreement.
The bank is compensated for the time value of its money in the form of the profit margin. This is a fixed-income loan for the purchase of a real asset (such as real estate or a vehicle), with a fixed rate of profit determined by the profit margin.
The bank is not compensated for the time value of money outside of the contracted term (i.e., the bank cannot charge additional profit on late payments); however, the asset remains as a mortgage with the bank until the default is settled.
This type of transaction is similar to rent-to-own arrangements for furniture or appliances that are common in North American stores.
5.6 Musawamah (Negociation)
Musawamah is the negotiation of a selling price between two parties without reference by the seller to either costs or asking price.
While the seller may or may not have full knowledge of the cost of the item being negotiated, they are under no obligation to reveal these costs as part of the negotiation process.
This difference in obligation by the seller is the key distinction between Murabahah and Musawamah with all other rules as described in Murabahah remaining the same.
Musawamah is the most common type of trading negotiation seen in Islamic commerce.
5.7 Bai salam (Documentary Credit)
Bai salam means a contract in which advance payment is made for goods to be delivered later on.
The seller undertakes to supply some specific goods to the buyer at a future date in exchange of an advance price fully paid at the time of contract.
It is necessary that the quality of the commodity intended to be purchased is fully specified leaving no ambiguity leading to dispute.
The objects of this sale are goods and cannot be gold, silver, or currencies based on these metals.
Barring this, Bai Salam covers almost everything that is capable of being definitely described as to quantity, quality, and workmanship.
5.8 Zakat (Islamic Tax) & Hibah (gift)
Zakat is an Islamic Tax on fortune, which is 10% of cash per year.
The Zakat is for poor and who is working on collecting and distributing them (Bank+ Charity association).
Fiscal Amnesty is considered as Zakat.
Hibah is a token given voluntarily by a debtor to a debitor in return for a loan. Hibah usually arises in practice when Islamic banks voluntarily pay their customers a ‘gift’ on savings account balances, representing a portion of the profit made by using those savings account balances in other activities.
It is important to note that while it appears similar to interest, and may, in effect, have the same outcome, Hibah is a voluntary payment made (or not made) at the bank’s discretion, and cannot be ‘guaranteed.’ However, the opportunity of receiving high Hibah will draw in customers’ savings, providing the bank with capital necessary to create its profits; if the ventures are profitable, then some of those profits may be gifted back to its customers as Hibah
5.9 Ijarah (Leasing)
Ijarah means lease, rent or wage. Generally, Ijarah concept means selling the benefit of use or service for a fixed price or wage.
Under this concept, the Bank makes available to the customer the use of service of assets / equipments such as plant, office automation, motor vehicle for a fixed period and price.
5.10 Qard hassan (good loan/benevolent loan)
This is a loan extended on a goodwill basis, and the debtor is only required to repay the amount borrowed.
However, the debtor may, at his or her discretion, pay an extra amount beyond the principal amount of the loan (without promising it) as a token of appreciation to the creditor.
In the case that the debtor does not pay an extra amount to the creditor, this transaction is a true interest-free loan.
Some Muslims consider this to be the only type of loan that does not violate the prohibition on riba, since it is the one type of loan that truly does not compensate the creditor for the time value of money.
5.11 Sukuk (Islamic bonds)
Sukuk, plural of صك Sakk, is the Arabic name for financial certificates that are the Islamic equivalent of bonds.
However, fixed-income, interest-bearing bonds are not permissible in Islam.
Hence, Sukuk are securities that comply with the Islamic law (Shariah) and its investment principles, which prohibit the charging or paying of interest.
Financial assets that comply with the Islamic law can be classified in accordance with their tradability and non-tradability in the secondary markets.
5.12 Takaful (Islamic insurance)
Takaful is an alternative form of cover that a Muslim can avail himself against the risk of loss due to misfortunes.
Takaful is based on the idea that what is uncertain with respect to an individual may cease to be uncertain with respect to a very large number of similar individuals.
Insurance by combining the risks of many people enables each individual to enjoy the advantage provided by the law of large numbers.
See Takaful for details.
5.13 Wadiah (safekeeping)
In Wadiah, a bank is deemed as a keeper and trustee of funds.
A person deposits funds in the bank and the bank guarantees refund of the entire amount of the deposit, or any part of the outstanding amount, when the depositor demands it.
The depositor, at the bank’s discretion, may be rewarded with Hibah (see above) as a form of appreciation for the use of funds by the bank.
5.14 Wakalah (power of attorney)
This occurs when a person appoints a representative to undertake transactions on his/her behalf, similar to a power of attorney.
Forbidden to include derivates, any operation with interest, trading on risk (Gharar).
Performance has to be calculated by ‘time weighted’ and not ‘money weighted’.
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