回教金融

美國、日本、中國、英國、西班牙、墨西哥、阿根廷。猜猜看，哪個國家正在：振興經濟、紓困銀行、搶救失業、力擋經濟衰退？
全部。全世界，《經濟學人》說，現在都在收拾美國金融業闖下的大禍。丟臉，歐巴馬前天也說了重話，抨擊貪得無厭的金融業者，去年把世界搞得亂七八糟，要政府與人民出錢紓困，居然還有臉領走超過一八○億美元的紅利。

罵歸罵，眼前尷尬是，金融業今天會闖禍至此，政府──包括先前當參議員的歐巴馬──其實也是縱容者。不只美國，過去幾年拿著金融市場成績單四處炫耀的政府，現在多少都有些心虛。官員們如今一方面把救經濟掛在嘴上，絕口不提自己先前為何沒善盡管理之責，另一方面，也在找尋替金融業未來脫困的答案：怎樣才能繼續推動金融創新，又不會勾起投資人憤怒的記憶？

最近，歐洲與亞洲似乎找到了可行的答案：回教金融。幾個月來，在一片衰退聲中，唯有回教金融的成長與擴張，顯得理直氣壯。

回教金融，簡單說，就是符合回教教規的金融服務。比方說，回教禁止賭博、投機，也禁止人們靠借貸賺取利息，因此，回教金融業者得秉持這樣的精神，不能像別的銀行那樣，大搞連動債，也不能炒作博弈概念股，更不會用高得嚇人的循環利率吃死卡奴。

但坦白說，要讓非回教國家理解回教金融並不容易。因為，許多回教金融所提供的服務，乍看之下跟人們所熟悉的銀行業務沒有什麼不同，必須更仔細去看，才能明白當中的差異。例如，同樣是提供房貸服務，一般銀行的做法，是借錢給購屋者，然後賺取利息；回教銀行的做法則是，由銀行買下房子，然後以較高的價格，轉手賣給購屋者，但允許購屋者用分期付款的方式還錢。這一來，銀行賺的就不是「利息」，而是轉賣房子的「利潤」，而購屋者也沒有貸款，只是在分期還錢。還有債券，同樣是發公債，一般公債賺的，是利息，但回教公債通常會附帶如房地產等有價資產，而投資人賺的不是利息，而是共享這些房地產所帶來的「利潤」。

當然，這樣的操作方式看在美國金融業者眼裡，不過是玩帽子戲法，名稱不同，本質上跟西方的金融手法沒有太大的差異，但更重要的差異其實在於：回教金融旗織鮮明地反對投機活動，反對舉債，拒絕投資跟賭博、菸酒相關產業。這些主張，正是這些業者難以駁斥的。
現在，聰明的業者與官員選擇不駁斥，而是回過頭來利用這個概念來重新喚回投資者的信心。拋下信仰，這些國家紛紛大力擁抱回教金融。西方世界中最積極的，要數英國。兩年前，倫敦舉行了一場回教金融高峰會大獲成功，腦筋動得快的學校，也打鐵趁熱地推出各種相關課程。威爾斯的邦格大學去年推出了回教金融碩士班，目前已經有二十三名學生；英國南部的睿廷大學幾個月前也推出類似的碩士課程；北部的杜罕大學今年底也要跟進。

不只英國，法國政府也沒閒著，去年國會就特別找來金融業者、回教學者，召開一場幫助大家認識回教金融的研討會；上個月，位於史特拉斯堡的勞勃舒曼大學也開辦了回教金融的碩士課程，目前有來自法、德、瑞士與盧森堡等國共卅六名學員。

至於亞洲，動作最快的要算是香港。行政長官曾蔭權要建構一個「回教金融平台」，再過一個多禮拜，還要舉辦第一屆的亞洲回教債券高峰會。新加坡也很積極，該國貨幣管理局最近發行以星幣計價、規模達兩億星幣的回教債券。韓國金管會更早在去年八月就加入了回教金融服務組織，成為觀察會員，前陣子也舉辦了回教金融研討會。

至於四小龍中的台灣，ㄟ，沒聽說有動作。

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錯了喔

老王上學期比較法的報告就是寫回教金融喔
貼上來給大家看一下
就說老王有領先市場看到就不信吧
呵呵
不過中文資料很少倒是真的

Introduction: Financial Institution
Financial Institution plays two indispensable roles in financial system. The first role is providing support for various financial markets . For instance, exchanges of various types are institutions that facilitate the functioning of market, by setting rules of trading and providing clearinghouse and margin logistical support. Those services lightened many of the information asymmetries between buyers and sellers that may lead to market failures. The second role that financial Institution performed is providing financial solutions where market failures exist despite the existence of market-supporting institutions. For example, although any company should in theory be able to access debt markets by issuing bonds, commercial paper, and the like ,transactions costs may be disproportionately high, and investor information maybe extremely lacking. In such cases, the terms at which a small investor can borrow from the market may be prohibitive.
In contrast, a bank that retains professional staff specializing in the assessment of loan applications or business plans, for example, can provide loans to investors with limited market experience. The same argument applies even more force-fully to consumer financing, since consumers suffer the additional disadvantages of lacking a legal structure that would allow them to borrow directly from the market. Banks solve the information asymmetries that lead to market failure by capitalizing in economies of scales in processing information on creditworthiness, business plan prospects and the like. They also rely on economies of scale to enhance their abilities to pool the savings of numerous very small investors. Thus specialization together with the unique set of corporate structures and regulatory frameworks for retail and investment banks allow them to fulfill various roles in society for which financial markets fail.
Moreover, the theoretical ability of financial markets to provide risk mitigation and transfer mechanisms has its efficiency limit. For instance, it is possible for me to seek the writer of a pot option on my car that would specify that the writer will have to buy my car at the strike price, even if it had been damaged in an accident. With millions like me seeking such options ,there should be a way to structure the writing of those option, circumventing the market failure stemming from information asymmetries . This information problem and the associated statistical problem of utilizing sufficient diversification are again solved through economies of scale. Insurance companies train clerks who specialize in assessing the eligibility of various customers and build statistical models to diversify the risks and price them properly. At a later stage the insurance companies can further mitigate risks by tapping financial markets and wholesale reinsurance companies.
A third group of institutions that we consider are venture capital and private equity firms. Those companies specialize in acquisition and control of prospective or existing companies with financial values that may increase substantially for one reason or another. Venture capital firms typically invest in companies the bulk of whose capital takes the form of human knowledge, thus restricting their abilities to access capital in more conventional forms, such as secured borrowing or issuing stock.
The probability of success of the average company at an early stage of development is very small, but the profitability of investing at the stage can be substantial if the company succeeds. This high risk/high return profile and lock of sufficient expertise on the part of high net worth individuals who may be willing to invest in such companies lead to market failure. By specializing in specific areas venture capital firms can increase the probability of picking future winner and enhance the probability future by proving advice to entrepreneurs. They further mitigate risk exposure for investors by pooling the resources of a number of like-minded investors and diversifying their portfolio across a number of investment prospects. Of course, the ultimate success of a venture capitalist is realized when he can take one or more of his investments to market, typically through an initial public offering . Hence, one may think of the venture capital firm as another form of financial intermediary.
Islamic Banks
Islamic banks are in fact mutual banks, where depositors are shareholders. They may have approached the Islamic ideal intended by the prohibition of riba, and allowed regulators in various countries to adopt the regulatory standards applied to such mutual financial institutions in the west. Moreover, they would have been able to create a niche market that serves an important social function a niche wherein they would be protected from competition by large multinational banks that are the primary beneficiaries today from Islamic banking.
Most Islamic economists attribute the vision of Islamic bank structure to the work of Mohammad Uzair in the mid-Twentieth Century. With very few exceptions, Islamic jurists of the Nineteenth and Twentieth Centuries have equated “interest” with the forbidden riba.
Banking business, in all its types and forms, is not free from risks that pose a challenge to banks and supervisory authorities. In this context, Islamic banks, like their conventional counterparts, are financial institutions providing services to depositors and investors, on the one hand, and offer financing to companies, public sector and individuals, on the other. Therefore, they are subject to many risks that are similar to those confronted by conventional banks. In addition, Shari'a compliant banking has its own risks. In principle, there is a range of various activities through which Islamic banks can work in different ways that enable them to provide funds. These activities are adapted to meet the principles governing Islamic banking business, the most important of which is the principle of risk sharing. Therefore, there is an urgent need to identify, measure, manage, monitor and control such potential risks and mitigate them within the capacity and capital adequacy of the relevant bank
The most important challenges confronting Islamic banks are risks arising from financing formulas and Shari'a compliant banking, especially investment risks, method of applying "Basel II" proposals, capital market and financial derivatives risks. In addition, Islamic banks may bear a wide range of risks that differ, in nature, from those borne by commercial banks
In this connection, it is necessary to emphasize that the role entrusted to the supervisory authorities is to pursue a comprehensive control method based on risk assessment process and not to make any discrimination in a way that may suggest that Shari'a compliant banks are being rated differently or confronting larger risks.

Four Features of Islamic Bank
Islamic banks are those who provide financial services and products which are allowed by Sharia. There are four principals in the Islamic financial systems which are as follows:
1)Risk-dilution: The financial dealings shall be a risk-return issue.
2)Substantiation：There shall be direct or indirect connection between economic exchanges and financial services
3)Non-Exploit Activity：The exploit activities are prohibited in Islamic Financing, therefore the Riba(Interest) is not allowed.，
4)Non-criminal: The Sharia does not permit any exchanges with these factors which we will mention as follows:
* Gharar：The ordinary meaning of this words is “risk” and “uncertainty”, In present financial transactions, there shall be more strong relationship in Insurance and Gharar.
* Opportunistic (Maisir)：Such as Future and Option
*Prohibition(Haram)exchanges：Pork and Casino are most famous prohibit-activities to modern people
These four factors play an important role in present Islamic Bank, and they lead the Islamic Bank to have different thinking comparing to traditional banks.
Conclusion
This article is a generally introduction to the Islamic Financial Bank. There are still various kinds of Financial Institutions existed in Islamic society, and all of them are regulated by different laws and regulations. It is quite hard to get a clear picture to all of them in a simple article. But there is one thing we can conclude first that is all of them are strongly influenced by the Muslim Religion and they have provided various kinds of modern financial services to the Islamic people. Thus Islamic people can be treated as other people around the world and can invest their money to other country by these kind of Financial Institutions.