AFM知識(shí)點(diǎn)匯總—Islamic finance、Islamic finance 特征

Islamic finance operates under the principle that there should be a link between the economic activity that creates value and the financing of that activity. 伊斯蘭金融 的原則是，經(jīng)濟(jì)活動(dòng)的創(chuàng)造價(jià)值和融資方式之間是有聯(lián)系的，不能收利息，收利 息犯法。

1. Murabaha：類似于商業(yè)信用/貸款 Trade credit/loan，利潤(rùn)預(yù)先約定，無(wú)利息， 借方賣了產(chǎn)品，借方和貸方分享收益。 Pre-arranged mark up for convenience of later payment, no interest.

2. Musharaka：類似于風(fēng)投 Venture capital, 收益共享，無(wú)分紅，損失的話，按照 資 本 投 入 承 擔(dān) 。 Profit share per contract, no dividends, losses per capital contribution, both parties participate.

3. Mudaraba: 類似于股權(quán)投資 Equity，利潤(rùn)預(yù)先約定，無(wú)分紅，損失的話，全部 由出錢(qián)的人承擔(dān)。Profit share per contract, no dividends, losses borne by capital provider, organisation runs business.

4. Ijara: 類似于租賃 Leasing，債主擁有所有權(quán)并承擔(dān)主要風(fēng)險(xiǎn)，需要負(fù)責(zé)大修和 重要保險(xiǎn)。Whatever the other features, Lessor remains asset owner and incurs risks of ownership.

5. Sukuk：類似于債券 Bonds，對(duì)資產(chǎn)和收益享有所有權(quán)，所以既有 debt 債券性質(zhì)，又有 equity 所有權(quán)性質(zhì)。對(duì)于潛在的有形資產(chǎn)，持有股票可能是基于資產(chǎn)（銷 售/售后回租）或者資產(chǎn)（證券化）Underlying tangible asset in which holder shares may be asset-based (sale/lease back) or asset-backed (securitisation).

6. Salam：類似于遠(yuǎn)期合同 Forward contract，商品約定未來(lái)某日賣，但現(xiàn)金可以 折現(xiàn)到當(dāng)下，預(yù)先付款。Commodity sold for future delivery, Cash received at discount from financial institution, payments received in advance.

7. Istisna：類似于分期付款 Phased payments，用于項(xiàng)目籌措，先付首付款，然 后用項(xiàng)目進(jìn)行的錢(qián)再支付分期款。Project funding，initial Payment and then instalments from business undertaking the project。

優(yōu)點(diǎn)：

1. 全球發(fā)售 Islamic funds are available worldwide.

2. 不確定性，投機(jī)性，風(fēng)險(xiǎn)，都盡量避免了 Gharar (uncertainty, risk, speculation) is not allowed.

3. 過(guò)度暴利是不被允許的 Excessive profiteering is not allowed.

4. 銀行不能使用過(guò)度的杠桿 Banks cannot use excessive leverge.

5. 所有參與方都有長(zhǎng)遠(yuǎn)的視角 All parties take a long-term view.

6. 著眼于共同的利益和合作 Emphasis on mutual interest and co-operation 缺點(diǎn)：

1. 在 sharia’a 伊斯蘭教教法的解釋沒(méi)有國(guó)際共識(shí) No international consensus on Sharia’a interpretations

2. 沒(méi)有標(biāo)準(zhǔn)的 Sharia’a模型，從而導(dǎo)致較高的交易成本 No standard Sharia’a model, which leads to higher transaction costs.

3. 額外的合規(guī)工作增加交易成本 Additional compliance work increases transaction costs.

4. 伊斯蘭銀行不能通過(guò)對(duì)沖降低風(fēng)險(xiǎn) Islamic banks cannot minimise risk through hedging.

5. 一些伊斯蘭產(chǎn)品可能不符合金融法規(guī)的規(guī)定 Some Islamic products may not be compatible with financial regulations.

6. 伊斯蘭債券產(chǎn)品有貿(mào)易限制 Limited trading in Sukuk products.