|
投资是一个涵盖在各种各样活动中个人和企业客户都希望参与的一般术语。投资对于企业客户而言,扮演着重要角色,因为它涉及到以一种特定的行动来决定提交公司的财务和其他资源。投资银行是不断发展的,改革的一个主要进程就是投资银行的产品。投资银行不断开发通常伴随着高利润率而买家也不确定该如何评价他们的新产品。然而,由于这些不能申请专利或版权,因此他们经常迅速地被其他投资银行所复制,并且因为竞争加剧而被迫降低利润率。
在投资银行历史上,许多人认为,所有投资银行的产品和服务都被商品化,在华尔街大投资银行实力集团中权力的集中将被消除。然而这并没有发生,因为许多产品被商品化,新的商品有不断地被发明。投资银行家们通过三个主要手段为他们的客户创造价值:他们拥有一个广泛的工业和金融联系人网络,他们为公司的证券创造了一个竞争性的环境,他们拥有关于当前市场交易结构,法律程序和可比市场活动的知识。尽管以下服务已被确认为是最重要的,但其列表并不详尽。
投资和其他银行服务-Investment And The Other Banking Services
Investment is a general term covering a wide variety of activities in which both personal and business customers wish to engage. Investment plays an important role as far as the corporate customers are concerned because it involves the decision to commit the company’s financial and other resources to a particular course of action. Investment banking is constantly evolving and one main course of evolution is with investment banking products. Investment banks constantly invent new products, which are usually accompanied by high profit margins since buyers are not sure how to value them. However, since these cannot be patented or copyrighted, they are very often copied quickly by other Investment Banks, and margins are forced downward due to increased competition.
Throughout Investment Banking history, many have theorized that all investment banking products and services would be commoditized, and the concentration of power in the bulge bracket would be eliminated. This has failed to happen, because while many products became commoditized, new ones were constantly being invented. Investment bankers create value for their clients through three primary means: They possess an extensive network of industry and financial contacts, they create a competitive environment for the company’s securities and they possess current market knowledge about transaction structuring, legal processes and comparable market events. Even though the following services have been identified as the most important ones this list is not exhaustive.
1.1.1存单(CD)-1.1.1 Certificates of Deposit (CD’s)
The certificate of deposit is the cleverest way of getting over the difficulty that banks like deposits for fixed periods and customers like to be able to get their money back if it is required. The banks due to this reason provide certificate of deposits on which very encouraging interest rates are offered. The certificate accepts receipt of deposit and states the rate of interest that is to be paid on it and maturity date. Certificate of deposits can be held till maturity and customer receives principal plus interest on it or it can be traded in the open market before maturity. The customer can get his money back whilst the amount he receives will depend upon the interest rate and time period certificate held for.
1.1.2货币市场存款-1.1.2 Money Market Deposits:
Money market deposits are on notice but more usually are for a fixed period(say 28 day, one month or two months), to earn interest. The interest rate paid is the ones existing on the money market at the period and they may change with regard to the duration of the deposit.
(Whiting 1994, p125)
1.1.3承保-1.1.3 Underwriting:
Investment banks, also known as merchant banks in some countries, help large corporations to subscribe their shares to open market to generate funds for their company. Equity underwriting is the concept of securing the price and sale of a new issue of stocks. If a bank has taken the risk and responsibility to sell a specific amount of securities, and it can’t sell them as planned, they may have to buy them themselves. Typically, there are two types of underwriting offers, firm commitment and best efforts. With a firm commitment offering, the underwriter is obligated to purchase security if they cannot find anyone else to buy it. With a best efforts offer, they are not.
Banks generally employ securities firms to help them achieve certain levels in financial future transactions as they administer risk. When banks issue their personal stocks or bonds they employ the services of security firms, in the same way securities firms employ the services of banks to arrange payment for securities and yet apply bank credit facility to fund their accounts in securities as brokers.
1.1.4证交所交易-1.1.4 Stock Exchange Transaction:
The investment department of all the major banks have excellent links with the stock exchange market and provide full range of stock exchange services for the purchase and sale of shares to their valued customers. Some major banks have their own dealing subsidiaries such as Barclays de Zoete Wedd. Barclays offer a range of excellent, innovative services to corporate clients, their employees and shareholders. Products include share dealing services, share plan administration and corporate investment saving accounts.
1.1.5私人配售-1.1.5 Private Placement:
A private placement is a direct offering of securities to a limited number of sophisticated institutional investors. Investors in privately placed securities include insurance companies, pension funds, equity funds and trusts. Securities issued as private placements, including debt, equity or hybrid securities, are exempt from public registration under the Securities Act of 1933.
1.1.6首次公开发行(IPO)-1.1.6 Initial Public Offering (IPO):
In financial markets, an initial public offering (IPO) is the first sale of a company’s common shares to public investors. The company will usually issue only primary shares, but may also sell secondary shares. Typically, a company will hire an investment banker to underwrite the offering and a corporate lawyer to assist the drafting of the prospectus. If the general public does not buy shares, the bank in charge of underwriting will start to buy them and will charge a fee ranging from 1.5% to 2%.
1.1.7风险资本-1.1.7 Venture Capital:
Venture capital is a term to describe the financing of startup and early stage businesses as well as businesses in "turn around" situations. Venture capital investments generally are higher risk investments but offer the potential for above-average returns. Obtaining venture capital is a clear indication that the control of the company has been given to other hands. However, according to Scott (1991), those banks who may be willing to enter into such a risky venture may want to have about 70% control of the company.
1.2其他服务-1.2 OTHER SERVICES
The primary objective of all the banks and financial institutions is to make a profit and as much profit as possible with long term stability and continuity. In order to do so they must provide arrange of services to meet the current requirements of the customers. Apart from lending and investment, banks allover the world now offer variety of innovative services due to changing needs for banking and financial services, new communications and information technology, inflation and high interest rates, volatility in the financial markets and regulation of the banking sector. Banking products and practices that are not connected to the conventional type of portfolio lending and investment that help generate revenues will be discussed under the head of other services, which are as follows:
1.2.1风险管理服务的准备-1.2.1 Risk Management Services:
Risk management services are essential today to most major companies because they have all sorts of open ended operations taking place, which may be vulnerable to interest rate changes, foreign exchange rate fluctuations or various types of forces around the world. The banks have foreign exchange and money market services available for corporate customers around the clock for dealing which keep track of changes and minimize risks. Some of the activities are as follows:
远期合约-Forward Contracts
Forward contracts are a hedging product offered by financial institutions usually banks to help their corporate customers in managing interest or exchange rate risks. Forward contract involves an obligatory agreement between two parties (often called counterparties) to pre-sell/buy at interest rate or exchange rate specified now for delivery at a specified time in the future.
外汇期权-Currency Options#p#分页标题#e#
An option is similar in some ways to a forward, although there are several critical distinctions. The primary difference is that an option involves the right, not the obligation, to complete a financial transaction.
利率的选择-Interest Rate Option
Banks offer variety of interest rate options to give a company a right if it wishes to do so, to borrow at an agreed rate within a stated future period. There are also options for minimum deposit rate for a given period to protect an investor against fluctuations in future rates.
货币掉期交易Currency Swaps
These are of interest to businesses with asset or liability positions in a particular currency which may lead to losses if exchange rates move against them. By matching companies in opposite positions a bank can help both parties.
利率互换-Interest Rate Swaps
Banks usually enter the interest rate swap market as intermediaries that arrange the swaps among counterparties for a fee. So long as banks maintain a matched swap book and provide no counterparty guarantees they have minimal exposures to interest rate risk.
证券化-Securitization
Securitization is a financial technique that pools assets together and, in effect, turns them into a tradable security. Financial institutions, banks and businesses of all kinds use securitization to immediately realize the value of a cash-producing asset. Banks originate and distribute securitized instruments based upon real estate loans, credit cards receivables, automobile loans and recently some commercial loans.
1.2.2咨询服务-1.2.2 Advisory Services:
The field of advisory services has always been one which banks have offered, but the extent and range of the services have changed significantly in recent years. The routine activities of businesses have always called for overdrafts, loans and specialized development advice.
Banks have always had special enthusiasts working with local industry to build not only industry enterprises but the whole infrastructure of a country. Today these have enlarged to embrace commodities, energy, distribution, aviation, electronics and aerospace. Particular areas are as follows:
企业服务-Business Enterprise Services
Banks provide these services, which are grass root advisory services for new enterprises, tied to the official aid scheme, the small firms services and bodies such as the council for small industries in rural areas (COSIRA) in UK and small and medium enterprise development authority (SMEDA) in Pakistan.
新的问题和企业融资-New Issues and Corporate Finance
Banks provides advice to big companies that are moving into the unlisted securities market or are going public, need advice on corporate finance, capital structuring and sources of funds.
并购服务-Mergers and Acquisitions Services
At the highest level some of the major banks offer a huge range of services to companies seeking acquisition or wishing amalgamation with other companies in the same or related fields of activity.
1.2.3 保险服务-1.2.3 Insurance Services:
Most banks in the developed countries like UK have a subsidiary company which offers a wide range of insurance cover, though this is not necessarily provided by the subsidiary itself. More frequently the banking subsidiary has relations with whole range of insurance companies and Lloyds brokers to find a policy that is suitable for the customer’s particular circumstances. The premium paid is then shared in some fair ratio between the bank, acting as agent and the company actually providing the cover.
1.2.4在线/网上银行-1.2.4 Online / Internet Banking:
With the internet recognized as a strong mechanism for the creation and delivery of information, product and services, it was simply a question of time before all the segments of the financial industry including banks gravitated to the web. Though early web finance activity appearing in the mid 1990’s was pioneered by small institutions, most major players soon joined in the web based strategies for the delivery of financial service. Online banking (Internet banking) is a term used for performing transactions, payments etc. Over the internet through a bank’s secure website. This can be very useful, especially for banking outside bank hours (which tend to be very short) and banking from anywhere where internet access is available. In most cases a web browser such as Internet Explorer is utilized and any normal internet connection is suitable. No special software or hardware is usually needed.
Banks usually offer Internet banking in two main ways. An existing bank with physical offices can establish a Web site and offer Internet banking to its customers as an addition to its traditional delivery channels. A second alternative is to establish a .virtual or Internet only bank. The computer server that lies at the heart of a virtual bank may be housed in an office that serves as the legal address of such a bank, or at some other location. Internet banks may offer their customers the ability to make deposits and withdraw funds via ATMs or other remote delivery channels owned by other institutions.
Understanding the various kinds of Internet banking products will help examiners assess the risks involved. Currently, the following three basic kinds of Internet banking are being employed in the marketplace: Informational internet banking is the basic level of Internet banking. Typically, the website has marketing information about the bank’s products and services on a stand-alone server. The risk is comparatively low, as informational systems typically have no link between the web server and the bank’s internal network.
Communicative internet banking allows some communication between the bank’s systems and the customer. The communication may be restricted to electronic mail; account inquiry, loan applications, or static file updates (name and address changes). Because these servers may have a link to the bank’s internal networks, the risk is slightly higher with this configuration than with informational systems. Appropriate controls need to be in place to avoid any unauthorized access to the bank’s internal network. Virus controls also become much more significant in this environment. Transactional internet banking allows customers to execute transactions. Since a ling typically exists between the web server and the bank’s internal network, this is the highest risk structural design and must have the strongest controls. Customer transactions can include accessing accounts, paying bills, transferring funds, etc. The number of customers who choose online banking as their preferred method of dealing with their finances is growing rapidly as many people appreciate the convenience. There are a growing number of banks that operate exclusively online. Because these online banks have low costs compared to traditional banks they can offer higher interest rates.
Protection through single password authentication, as is the case in most secure internet shopping sites, is not considered secure enough for online banking applications in some countries. Online banking user interfaces are secure sites and traffic of all information including the password is encrypted, making it next to impossible for a third party to obtain or change information after it is sent. However, encryption alone does not rule out the danger of password cracking and physical theft of passwords written down by careless users. Many online banking services therefore impose a second layer of security. Strategies vary, but a common method used is the transaction numbers, which are essentially single use passwords. Another strategy is the use of two passwords, only random parts of which are entered at the start of every online banking session. A third popular strategy is providing customers with chip card readers capable of generating single use passwords unique to the customer’s chip card. In UK most of the banks use single and two password strategies while in Pakistan, most online banking still uses single password protection.
Some customers avoid online banking as they perhaps wrongly perceive it as being too vulnerable to frauds. The security measures employed by most banks are never 100% safe, but in practice the number of online banking fraud victims are very small. Indeed, conventional banking practices may be easier for fraudsters than online banking. Credit card fraud, signature forgery and identity theft are far more widespread "offline" crimes than hacking. Bank transactions are generally traceable and criminal penalties for bank fraud are high. Online banking can be more insecure if users are careless or computer illiterate.
1.2.5电话银行-1.2.5 Telephone Banking
The banking sector is still in the grip of tremendous cost and competitive pressure. In spite of, or perhaps because of this pressure smart ideas are needed to keep customers and increase their value so that long term success of the bank can be guaranteed. The concept and practice of telephone banking has made it possible for banks. Large number of banks sees the telephone banking as the most suitable support to home banking leading to fast customer service with less cost. With telephone banking it is possible to contact the bank wherever and whenever you want, 24 hours a day, seven days a week, to keep an eye on what’s going in and out of ones bank accounts. Generally a pre-recorded or automated voice will take a customer through the instructions and if customer requires some advice on a Banks product or service he/she can speak to trained advisers. Telephone banking is a secure and confidential service. The bank provides a unique membership number and pin code to customers when they join, which will be needed every time the account is accessed.#p#分页标题#e#
There are list of various services that banks offer depending upon their strategy. Some common services are checking balance statements, obtaining a mini statement, paying bills, transfer of money, set up or change standing orders, cancel Direct Debits, get information on other bank products and services etc.
1.2.6借方/现金卡-1.2.6 Debit/Cash Cards
A debit/cash card is a bank card which physically looks like a credit card and like a credit card, is used as an substitute to cash when making purchases. However, when purchases are made with a debit card, the funds are withdrawn directly from the purchaser’s checking or savings account at a bank. Two different types of debit cards are in use today: online and offline. Online debit cards use the same underlying technology as ATMs (bank machines) that provide cash on authentication by a numeric PIN (personal identification number) known only to the cardholder. This is the only method used in some countries, particularly Pakistan. Offline debit cards carry the logotypes of, and can be used in manner nearly identical to, major credit cards (e.g. Visa or MasterCard). The use of a debit card in this manner may have a daily limit, with the maximum limit being the amount of money on deposit. A debit card used in this way is like a secured credit card. Debit cards, and secured credit cards, are popular amongst students who have not yet established a credit history.
Different brands of debit cards are Maestro (debit card), Solo, Switch, Visa Delta, Visa Electron etc.
1.2.7电子支付系统-1.2.7 Electronic Payment System
One of the most important requirements in e-commerce is the ability to accept a form of electronic payment. This form of electronic payment is referred to as financial electronic data interchange (FEDI). FEDI has become increasingly popular over the last number of years due to the extensive use of the internet based shopping and banking. Gosling (1999) argues that one of the most important strategies employed by banks to become cost efficient is the electronic payment systems. This involves the use of credit transfers and direct debits for corporation. The use of electronic systems like Swift, American Express, Western Union or Money Gram, can help in transferring funds any where in the world immediately from one account to another.
第2章-Chapter - 2
企业银行服务-CORPORATE BANKING SERVICES
3: ISLAMIC BANKING SERVICES
2.1伊斯兰银行业和概念-2.1 ISLAMIC BANKING AND CONCEPTS:
Ariff (1988) argues that Islamic banking refers to a system of banking or banking activity which is consistent with Islamic Shariah laws and guided by Islamic economics known as Fiqh al-Muamalat (Islamic rules on transactions). In particular, Islamic Shariah law prohibits the collection of interest, also commonly called ‘riba’ in Islamic discourse. One form of the argument against interest is that money is not a good or commodity and profit should be earned on goods and services only not on the control of money itself. On the other hand, Islamic banking promotes profit sharing in the conduct of banking business.
Islamic banks and banking institutions that offer Islamic banking products and services are required to establish Shariah advisory committees/consultants to advise them and to ensure that the operations and activities of the bank comply with Shariah principles. To help understand the Islamic banking there are some key concepts which will now be discussed briefly:
Wadiah means safekeeping. In Wadiah a bank is considered as a custodian and trustee of funds. A person deposits funds in the bank and the bank guarantees refund of the whole amount of the deposit, or any part of the outstanding amount, when the depositor demands for it. The core of this arrangement is that the bank has the authority to use customer’s deposits. The depositor will periodically obtain the share of the profits earned by the bank when the bank utilizes the depositor’s funds to invest in its business ventures. The portion of the profit to be shared is at the absolute discretion of the bank. This reward is the alternative to the interest income that customer otherwise receives from a conventional bank.
Mudaraba means profit sharing. Mudarabah is a deal or agreement between a capital provider (depositor) and an entrepreneur (the bank), whereby the entrepreneur can utilize funds for it business activity. In this contract the capital provider have no authority to interfere in the fund utilization. On the other hand, the entrepreneur has the authority to invest the funds at its on discretion in the businesses that are permissible in Islam and which it think are profitable. Depending on the tenure of the agreement capital provider will be offered a profit sharing ratio which will form the basis of the agreement made between the capital provider and the entrepreneur. On the maturity date of the agreement any profits made will be shared between the capital provider and the entrepreneur according to an agreed ratio while losses are borne solely by the capital provider.
Musharaka means joint venture. This concept is normally applied for business partnerships or joint ventures. The profits made are shared on an agreed ratio while losses incurred, will be divided based on the equity participation ratio.
Murabaha means cost plus that is selling of goods at a price, which includes a profit margin agreed by both parties. The purchase price, selling price, other costs and the profit margin must be clearly stated at the time of the sale agreement.
Bai' Bithaman Ajil means deferred payment sale. It involves selling of goods on a deferred payment basis at a price, which includes a profit margin agreed by both parties.
Wakalah means agency. It is a contract in which person appoints a representative to undertake transactions on his/their behalf. Under this concept, the bank acts as customer’s agent in completing a particular financial transaction. As agent, the bank will be paid a certain amount of fee for the services it provides.
Ijarah thumma al Bai means hire purchase or leasing. There are two contracts involved in this concept. The first contract, Ijarah contract (leasing/renting) and the second contract, Bai’ contract (purchase) are undertaken one after the other. For example, in a car financing facility, a customer enters into the first contract and leases the car from the owner (bank) at an agreed rental over a specific period. When the leasing period expires, the second contract comes into effect, which enables the customer to purchase the car at an agreed price.
Qardhul Hassana means interest free loan. A loan advanced on a goodwill basis and the borrower is only required to repay the amount borrowed. However, the borrower may, at his discretion, pay extra (without promising it) as a token of appreciation.
Bai' al-Inah means selling and buy back agreement. In this financier sells an asset to the customer on a deferred payment and then the asset is immediately repurchased by the financier for cash at a discount.
Hibah means gift. A token given of your own free will in return for loan given or benefit obtained.
2.2在英国的伊斯兰银行-2.2 ISLAMIC BANKING IN UK
Islamic banking has developed rapidly across the world in the past 25 years, with most important centers established in the Gulf and the Far East. UK has become an important centre for wholesale Islamic products, such as Mudaraba trading, which are traded by a variety of international banks. Until now there has been no outlet on the retail side for Islamic savings products in the West, yet the potential market is quite large. There are about 1.8 million Muslims living in the UK alone, accounting for 3% of the total population, as well as an additional half a million Muslims visit UK annually.
Since the early 1990s, the Bank of England and then the FSA have held a fairly active watch on Islamic banking. Eddie George, the former governor of Bank of England, acknowledged early on that Islamic banking was a major development which Western regulators should understand and work alongside. Therefore, contacts with influential Muslim organizations were continued by Howard Davies, former chairman, at the FSA.
Under the Financial Services and Markets Act 2000 (FSMA), there is no discrimination for or against a particular sector, such as Islamic banking. All applicants have to meet five, basic criteria, or Threshold Conditions. Among the most important are sufficient financial resources (capital and liquidity), sound management and reliable systems and controls.
Such criteria are common to all major countries. In the case of Islamic Bank of Britain, the bank prepared the ground thoroughly and took appropriate advice important for any applicant. It provided a credible business plan and was able to demonstrate that the threshold conditions could be met. The risks in Islamic operations are different and they were inevitable obstacles, some practical and some legal. The major legal issue was that of Islamic deposits. The legal definition of a deposit in the UK is a sum of money that has to be repaid in full. But the Islamic Bank of Britain wanted to offer a profit and loss sharing account, a Mudaraba contract in which the customer has to accept the risk of loss to his/her original capital. A second issue, unique to Islamic banks, is that of Shariah compliance and the role of the Shariah Supervisory Board. The FSA is a financial not a religious regulator; and it is not able to get involved in questions of whether something is Shariah compliant or not. (Financial Services Authority)#p#分页标题#e#
Two other issues not restricted to Islamic Bank of Britain are also worth mentioning. First, because Islamic banking is still new and different. In the West, any Islamic bank will have to be very clear to their customers about the risks and nature of the products they are offering. Second, there are still unanswered questions over corporate governance in the Islamic banking model. The issue here is whether and how investment account holders can be sure that they are being treated fairly and insiders to the bank are not taking advantage of their confidential information at an appropriate time.
In all, it took 18 months to work through these and other tricky questions. According to Michael Hanlon, CEO of Islamic Bank of Britain .An incredibly constructive approach was taken by the regulator.. The FSA took full account of one of its Principles of Good Regulation namely to encourage diversity and innovation. But it is important to note that its necessary prudential requirements have been met and depositors have the same protection as in other banks. The flexibility, which the FSA found was very much within a common regulatory framework. Since it opened for business, Islamic Bank of Britain’s capital has been doubled through a successful IPO and it now has four branches. Looking ahead, people are asking whether this is the start of a trend, of more Islamic banks and insurance companies being authorized in the UK. The FSA have had current consultation from two or three firms from different parts of the world, but it is too soon to know the outcome. Major UK banks are entering the market. For example, Lloyds TSB has announced a Shariah compliant deposit account, HSBC is also providing Islamic banking services.
Apart from these banks, other financial institutions providing Islamic banking services in UK are Albaraka International Limited London. Albaraka Investment Company limited London, Al Rajhi Company for Islamic Investment Limited London and Islamic Finance House Public Limited Company London. (Financial Services Authority)
2.3在巴基斯坦的伊斯兰银行业-2.3 ISLAMIC BANKING IN PAKISTAN
The fact that the Islamic banking in Pakistan is witnessing strong growth and has emerged as a realistic substitute for providing financial services, has been demonstrated by various financial indicators for year 2010. During the past year, the prominent local and foreign banks have increased the number of branches offering Islamic banking services. Islamic banking has started 2010 on a very positive note. With the licensing of one more Islamic bank named Bank Islami Pakistan Limited, which will start its operation by the end of 2010. Up till the first quarter of 2010, the number of full-fledged Islamic banks increased to three. At the same time, the branch network of the existing Islamic banking participants has now increased to 54 as compared to 48 in December 2009. Both, the Islamic banks and the conventional banks operating through Islamic Banking Branches contributed towards this improved outreach. The Islamic Banking Branches of Bank Al Habib and Habib Bank
Limited started operations during this quarter, while Islamic Banking Branches of Soneri Bank had started operations on 31st December, 2009. Given the increase in branch network, the overall balance sheet footing of the Islamic Banking System (IBS) has registered growth, whereby the full-fledged Islamic banks continue to hold major portion of the asset base. The total assets now stand at Rs 50.2 billion after recording a growth of 13.6% from December 2009. As a result of this growth, the share of Islamic Banking System in the overall banking system has slightly increased to 1.6 percent in March 2010 from 1.5 percent in December 2009.
A look at the sources and utilization of funds as detailed in above table it is clear that the deposits remained the most important source of funds. Whilst financing absorbed a major portion of these funds, the share of investments in the total asset portfolio remained very low containing the market risk of Islamic banks. On the other hand, the credit to deposit ratio of the overall Islamic banking system remained high, as more than 90% of the deposits were consumed by the financings. Product wise break-up of Islamic financings shows the predominance of Murabaha at 53% and Ijarah at 28% together they are at 81 percent of the total financings. Details of product wise all the Islamic financing can be seen in diagram below:
Figure 5.1 Product Wise Islamic Financing in Pakistan
Source: Quarterly performance review of banking system, March 2010
The future position for the Islamic banking system is pretty promising in the backdrop of increase in the number of Islamic banking participants, extension in the overall asset base, strengthening profitability indicators and controlled credit and market risk. Further, 34 branches have been allowed by State Bank of Pakistan to be opened as per Annual Branch Expansion Plan for the year 2010, which do not include new market players whose applications are under consideration. During the first quarter of 2010, Dubai Islamic Bank has been granted in principle approval to open an Islamic bank in Pakistan.
The preceding discussion makes it clear that Islamic banking in UK and Pakistan is not a negligible or just temporary phenomenon. Islamic banks are here to stay and there are signs that they will continue to grow and expand. Even if one does not subscribe to the Islamic injunction against the institution of interest, one may find in Islamic banking some innovative ideas which could add more variety to the existing financial network. It is sometimes suggested that Islamic banks are rather complacent. They tend to behave as though they had a captive market in the Muslim masses that will come to them on religious grounds. This complacency seems more prominent in countries with only one Islamic bank.
Many Muslims find it more convenient to deal with conventional banks and have no doubts about shifting their deposits between Islamic banks and conventional ones depending on which bank offers a better return. This might suggest a case for more Islamic banks in those countries as it would force the banks to be more innovative and competitive. Another solution would be to allow the conventional banks to undertake equity financing and/or to operate Islamic counters or windows, subject to strict compliance with the Shariah laws. It is perhaps not too wild a suggestion to recommend that there is a need for specialized Islamic financial institutions such as Mudaraba banks, Murabaha banks and Musharaka banks which would compete with one another to provide the best possible services.
|
 |
|||
| 网站地图 |
