Prikaz knjige dr. Fikreta Hadžića “Islamsko finansijsko tržište”
(p264) European Association for Islamic Economics, Banking and Finance, Sarajevo, 2014. ISBN: 987-9958-0395-1-5.
For more information about ordering books please contact author: fikret.hadzic@islamicfinanceeurope.com
Islamsko finansijsko tržište, posljednjih godina, zaokuplja pažnju stručne i naučne javnosti. Ono je danas univerzalno, a sa svojim principima i pravilima funkcionisanja različito od konvencionalnog finansijskog tržišta. Dosadašnjim i prethodnim analizama islamskog bankarstva nastala je potreba da se studiozno razmotre pitanja ambijenta u kojima funkcionišu islamske banke, kao najznačajnije finansijske institucije.
U prvom poglavlju (Teorijske osnove islamskih finansija) Autor ukazuje na ono što je dozvoljeno i preporučeno u islamu, ali ono što je zabranjeno i pokuđeno:
1) zabranjene robe, usluge i djelatnosti;
2) kamata;
3) pojedine vrste kupoprodaje;
4) određeni načini trgovine, i
5) druge zabranjene aktivnosti. U drugom poglavlju (izvori finansiranja u islamu) identifikovani su osnovni izvori finansiranja u islamu.
Ovi izvori se mogu podijeliti na interne (štednja, zekat, porezi i ostali izvori), te eksterne (inozemna pomoć i podrška, direktna strana ulaganja, indirektna strana ulaganja i ostali eksterni izvori finansiranja). Posebna pažnja je usmjerena na zekat kao specifičan, važan, ali i nedovoljan interni izvor finansiranja.
U trećem poglavlju (Islamsko finansijsko tržište) vrši se komparativna analiza konvencionalnog i islamskog finansijskog tržišta. Posebno se prezentira novčano tržište i ukazuje na specifičnosti islamskog novčanog tržišta. Tržište kapitala je, takođe, značajno za investitore iz muslimanskih zemalja. Ono ima svoje specifičnosti na koje ukazujemo u ovom dijelu knjige.
Takođe, prezentira se i islamsko finansijsko offshore tržište.
U četvrtom poglavlju (Islamski finansijski instrumenti) prezentirani su islamski finansijski instrumenti kao važan segment islamskog finansijskog tržišta. Ukazuje se na potrebu razvoja instrumenata islamskog novčanog tržišta, te (ne)prihvatljivost instrumenata konvencionalnog novčanog tržišta. Druga grupa finansijskih instrumenata su instrumentu tržišta kapitala (obveznice, dionice, varanti, opcije i fjučersi). Ocjenjuje se njihova prihvatljivost sa aspekta islamske ekonomije i finansija. Kao najznačajniji finansijski instrument islamskog tržišta kapitala razmatra se islamska obveznica ili sukuk. Ukazuje se na način kreiranja sukuk-a procesom sekjuritizacije aktive, odnosno realne imovine, uslove koje trebaju ispuniti da bi bili prihvatljivi, osnovne vrste sukuk-a i neka rana iskustva njihove primjene u praksi.
U petom poglavlju (Tekaful ili islamsko osiguranje) razmatraju se pitanja islamskih osiguravajućih društava koja, pored islamskih banaka, predstavljaju najdinamičniji segment islamskog finansijskog tržišta. U ovom kontekstu, govori se o pravnim izvorima i konceptu osiguranja u islamu ukazujući na tri njegova osnovna postulata (uzajamna saradnja, uzajamna zaštita i uzajamna odgovornost). Daje se historijski pregled razvoja tekafula, navode osnovni principi i osnovni proizvodi (opći i porodični tekaful). Na kraju je ukazano na neke potencijale razvoja tekafula u Evropi, ali i u BiH.
U šestom poglavlju (Analiza uzroka globalne finansijske krize sa aspekta islamske ekonomije i finansija) pojašnjen je nastanak i razvoj globalne finansijske krize od njenih početaka do kulminacije 2008. godine. Prezentiran je i islamski ekonomski pristup, odnosno razmotreni uzroci globalne finansijske krize sa aspekta islamskih finansija. Jasno se nameće zaključak da je ovu krizu uzrokovalo upravo ono što islam strogo zabranjuje. Navedeno logično vodi zaključku da su se poštovali osnovni principi islamske ekonomije i finansija – do krize ne bi ni došlo. Ekonomski razvoj bi bio sporiji, ali zato sigurniji.
Sedmo poglavlje (Iskustva normativne regulacije islamskog finansijskog tržišta u Velikoj Britaniji) predstavljeno je kao studija slučaja u kojoj se analiziraju iskustva normativne regulacije islamskog finansijskog tržišta u Velikoj Britaniji. Prezentirani model regulacije mogao bi biti instruktivan i za Bosnu i Hercegovinu u smislu pristupa regulaciji islamskog finansijskog tržišta i posebno islamskog bankarstva. Velika Britanija u ovom slučaju može poslužiti kao dobar primjer. Model Velike Britanije za regulaciju mušaraka, mudaraba, murabaha, ijara i wakala modela finansiranja može se koristiti i primjeniti u domaćem pravnom sistemu.
U osmom poglavlju prezentirana je analiza (Screening berzi u Bosni i Hercegovini na temelju islamskih finansijskih principa) pri kojoj su korišteni su finansijski izvještaji 747 kompanija uvrštenih na dvije berze u BiH. Prema rezultatima empirijskog dijela istraživanja, sa stajališta islamskih finansija, u blizu 40% istraženih kompanija na dvije bosanskohercegovačke berze dozvoljeno je ulaganje. Što se tiče tržišne kapitalizacije, to čini 61,38% ukupne tržišne kapitalizacije kompanija koje kotiraju na ove dvije berze.
Na kraju, u devetom poglavlju (Poslovni modeli i operativna efikasnost mikrofinansija u BiH sa lekcijama za islamske mikrofinansije) razmotren je nastanak i poslovanje mikrokreditnih organizacija u BiH. Pokušala se sagledati njihova primjenljivost i usaglašenost sa islamskim principima. Mikrokreditne institucije u BiH ozbiljno su uzdrmane globalnom finansijskom krizom. One se suočavaju sa brojnim problemima u svom poslovanju. kao jedna od značajnih kočnica u njihovom daljem razvoju svakako je nedostatak stabilnih eksternih izvora finansiranja, ali i neadekvatno upravljanje kreditnim rizicima. Sa ekstremno visokim kamatnim stopama na kredite, ove institucije su se pretvorile u svoju suprotnost. Od pomoći i podrške socijalno osjetljivim kategorijama stanovništva i malim biznisima, one su postale ozbiljna kočnica njihovog daljeg razvoja i zapošljavanja. Iskustva njihovog razvoja u BiH mogu biti instruktivna i korisna pri iznalaženju islamskih modela finansiranja socijalno osjetljivih kategorija stanovništva u post-konfliktnim društvima.
English version of summary:
Islamic financial market, in recent years, is occupying the attention of experts and scientists. It is now universally and with its principles and rules of functioning it is different from the conventional financial market. By current and previous analyzes of Islamic banking, the need to meticulously examine issues of environment in which Islamic banks operate is emerged, as the most important financial institutions. In the first chapter (Theoretical foundations of Islamic finance) The author points out what is allowed and recommended in Islam, but what is forbidden and disliked: 1) prohibited goods, services and activities; 2) interest; 3) certain types of buying and selling; 4) certain methods of trade, and 5) other prohibited activities. In the second chapter (sources of financing in Islam) identified the main sources of financing in Islam. These sources can be divided into internal (savings, zakat, taxes and other sources) and external (foreign aid and support, direct investment, indirect foreign investment and other external sources of funding). Special attention is directed to the zakat as a specific, important, but insufficient internal source of financing. The third chapter (the Islamic financial market) the comparative analysis of conventional and Islamic financial markets is undertaken. In particular, the money market is presented and points to the specificity of the Islamic money market. The capital market is also important for investors from Muslim countries. It has its own characteristics that we show in this part of the book. Also, offshore Islamic financial market has been presented. The fourth chapter (Islamic financial instruments) presents Islamic financial instruments as an important segment of the Islamic financial market. Pointed is the need for the development of Islamic money market instruments, and (in)eligibility of instruments of conventional money market. Another group of financial instruments are capital market instruments (bonds, shares, warrants, options and futures). Their acceptability in terms of Islamic economics and finance has being assessed. As the most important financial instrument for the Islamic capital market is considered an Islamic bond, or sukuk. It points to the way of creating sukuk with the process of securitization of assets or real property, the conditions to be fulfilled in order to be eligible, and the basic types of sukuk and some early experiences of its application in practice. The fifth chapter (Tekaful or Islamic insurance) discusses questions of Islamic insurance companies which, in addition to Islamic banks, represent the most dynamic segment of the Islamic financial market. In this context, this chapter discusses the sources of law and the concept of insurance in Islam, pointing to the three basic postulates (mutual cooperation, mutual protection and mutual responsibility). It is given a historical overview of the development of tekaful, according to the basic principles and basic products (general and family tekaful). In the end, it is pointed on potential development of tekaful in Europe, but also in Bosnia and Herzegovina. In the sixth chapter (Analysis of the causes of the global financial crisis in terms of Islamic Economy and Finance) it is explained the origin and development of the global financial crisis from its beginnings to the culmination of 2008. It was presented and Islamic economic approach, and discussed the causes of the global financial crisis in terms of Islamic finance. Clearly, we must conclude that this crisis has been caused by what Islam strictly forbids. The above logic leads to the conclusion that if the basic principles of Islamic economics and finance were respected – the crisis would not have happened. Economic development would be slower, but therefore safer. Chapter Seven (Experiences of normative regulation of Islamic financial markets in the UK) presents, as a case study in which it is analyzed the experience of normative regulation of Islamic financial market in the UK. The presented model of regulation could be instructive and for Bosnia and Herzegovina in terms of access to the regulation of Islamic financial markets and especially in Islamic banking. United Kingdom in this case can serve as a good example. Model of UK regulation of Musharaka, mudaraba, Murabaha, Ijarah and Wakala financing models can be used and applied in the domestic legal system. The eighth chapter presents the analysis (Screening Stock Exchange in Bosnia and Herzegovina on the basis of Islamic financial principles) in which they were used in the financial statements 747 companies listed on the two stock exchanges in BiH. According to the results of the present project, from the standpoint of Islamic finance, in nearly 40% of the investigated companies in the two Bosnia and Herzegovina stock exchanges are allowed to invest. In terms of market capitalization, it makes 61.38% of the total market capitalization of companies listed on the two stock exchanges. Finally, in the ninth chapter (Business models and operational efficiency of microfinance in BiH with lessons for Islamic microfinance) discussed the formation and operation of microcredit organizations in BiH. It is tried to consider their applicability and compliance with Islamic principles. Microcredit institutions in BiH have been seriously shaken by the global financial crisis. They face many difficulties in their operations. As one of the major obstacles in their further development is certainly a lack of stable external financing sources, and inadequate credit risk management. With the extremely high interest rates on loans, these institutions have turned into its opposite. From assistance and support to socially vulnerable groups and small businesses, they have become serious impediments to their further development and employment. The experience of its development in BH can be instructive and helpful in finding Islamic financing model for vulnerable populations in post-conflict societies.
