AFM知识点汇总—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. 伊斯兰金融 的原则是，经济活动的创造价值和融资方式之间是有联系的，不能收利息，收利 息犯法。

1. Murabaha：类似于商业信用/贷款 Trade credit/loan，利润预先约定，无利息， 借方卖了产品，借方和贷方分享收益。 Pre-arranged mark up for convenience of later payment, no interest.

2. Musharaka：类似于风投 Venture capital, 收益共享，无分红，损失的话，按照 资 本 投 入 承 担 。 Profit share per contract, no dividends, losses per capital contribution, both parties participate.

3. Mudaraba: 类似于股权投资 Equity，利润预先约定，无分红，损失的话，全部 由出钱的人承担。Profit share per contract, no dividends, losses borne by capital provider, organisation runs business.

4. Ijara: 类似于租赁 Leasing，债主拥有所有权并承担主要风险，需要负责大修和 重要保险。Whatever the other features, Lessor remains asset owner and incurs risks of ownership.

5. Sukuk：类似于债券 Bonds，对资产和收益享有所有权，所以既有 debt 债券性质，又有 equity 所有权性质。对于潜在的有形资产，持有股票可能是基于资产（销 售/售后回租）或者资产（证券化）Underlying tangible asset in which holder shares may be asset-based (sale/lease back) or asset-backed (securitisation).

6. Salam：类似于远期合同 Forward contract，商品约定未来某日卖，但现金可以 折现到当下，预先付款。Commodity sold for future delivery, Cash received at discount from financial institution, payments received in advance.

7. Istisna：类似于分期付款 Phased payments，用于项目筹措，先付首付款，然 后用项目进行的钱再支付分期款。Project funding，initial Payment and then instalments from business undertaking the project。

优点：

1. 全球发售 Islamic funds are available worldwide.

2. 不确定性，投机性，风险，都尽量避免了 Gharar (uncertainty, risk, speculation) is not allowed.

3. 过度暴利是不被允许的 Excessive profiteering is not allowed.

4. 银行不能使用过度的杠杆 Banks cannot use excessive leverge.

5. 所有参与方都有长远的视角 All parties take a long-term view.

6. 着眼于共同的利益和合作 Emphasis on mutual interest and co-operation 缺点：

1. 在 sharia’a 伊斯兰教教法的解释没有国际共识 No international consensus on Sharia’a interpretations

2. 没有标准的 Sharia’a模型，从而导致较高的交易成本 No standard Sharia’a model, which leads to higher transaction costs.

3. 额外的合规工作增加交易成本 Additional compliance work increases transaction costs.

4. 伊斯兰银行不能通过对冲降低风险 Islamic banks cannot minimise risk through hedging.

5. 一些伊斯兰产品可能不符合金融法规的规定 Some Islamic products may not be compatible with financial regulations.

6. 伊斯兰债券产品有贸易限制 Limited trading in Sukuk products.