الحياري الإقتصادي اقتصاد سهل يفهمه الجميع
Islamic finance, a rapidly growing sector of the global financial landscape, operates on a unique set of principles derived from Islamic law, known as Sharia’. Understanding these fundamentals is key to grasping how this system differs from conventional finance.
Sharia’ and the Core Principles:
At the heart of Islamic finance lies Sharia’, a comprehensive set of rules and laws sourced from:
The Quran: The holy book of Islam.
The Sunnah: The practices and sayings of Prophet Muhammad.
Ijma’: Consensus among Islamic scholars.
Qiyas: Analogical deduction.
These sources form the basis for all financial transactions.
The Prohibition of Riba (Interest):
A central tenet of Islamic finance is the strict prohibition of Riba.
Riba, literally meaning “an excess,” is interpreted as any unjustifiable increase of capital, whether through loans or sales.
Essentially, any predetermined, fixed rate of return tied to the principal and time, regardless of the investment’s performance, is considered Riba.
This prohibition is not to be confused with profit sharing, which Islam encourages. Profit, determined after the fact, reflects the success of an enterprise, while interest is a cost incurred regardless of the outcome.
In simpler terms, Islamic finance encourages risk sharing between the lender and the borrower, rather than a guaranteed return for the lender.
The Prohibition of Gharar (Uncertainty):
Another crucial principle is the prohibition of Gharar, which refers to excessive uncertainty or ambiguity in contracts.
While some level of uncertainty is unavoidable in any transaction, excessive Gharar, akin to gambling, is prohibited.
This is especially relevant in modern finance with regards to insurance, and derivatives.
Insurance contracts are often argued against, because the payout is uncertain.
Derivatives such as forwards, futures, and options are also seen as containing excessive Gharar, as the underlying asset may not exist at the time of the transaction.
Islamic finance permits certain exceptions to this rule through contracts like Salam and Istisna’, but with strict conditions.
Key Islamic Financial Instruments:
Islamic financial institutions utilize various instruments that comply with Sharia’ principles:
Murabaha (Cost-Plus Financing): A sale contract where the seller discloses the cost of the asset and adds a mutually agreed-upon profit margin.
Ijara (Leasing): A lease agreement where the asset’s ownership remains with the lessor, and the lessee pays rent for its usage.
Musharaka (Profit and Loss Sharing): A partnership where profits and losses are shared according to agreed-upon ratios.
Modaraba (Trust Financing): A partnership where one party provides capital, and the other manages the investment, with profits shared according to a pre-agreed ratio.
The Evolution of Islamic Finance:
In the 1980s and 1990s, Islamic financial institutions primarily focused on trade financing. However, the market’s evolution and the demand for diverse financial products have led to a push for innovation and financial engineering in the sector.
In Conclusion:
Islamic finance offers a unique approach to financial transactions, grounded in ethical principles and risk sharing. By understanding the core principles of Riba and Gharar, as well as the various Sharia’-compliant instruments, we can appreciate the distinct characteristics of this growing sector.
