Survival of the Interest Rate Based Debt Financing System مقاله

"The World Bank in its latest report on Global Economic Prospects, 2012 suggests that Banking-sector deleveraging is cutting into growth and developing country capital flows, faced with rising funding costs, increased counter-party risk assessments, deteriorating bank-asset-quality, and growing concerns over the adequacy of capitalization. Uncertainties, ambiguities and complexities governing the present architecture and configuration of policies, seem to exacerbate the perception that the present financing regime is unable to mitigate effectively the risks to the global economy. Islamic finance, being based on sharing the risk of an activity rather than on interest rate driven debt contracts, contributes efficiently to capital accumulation and is immune to financial instability and speculation. Among these characteristics are the following: • transparency, trust and faithfulness to terms and conditions of contracts; • close relationship between finance and the real sector activities such that the rate of return to the latter determines that of the former; • asset/liability risk matching; • coordinated asset/liability maturity structure; • asset/liability value matching such that the value of both sides of the balance sheet move simultaneously and in the same direction in response to changes in asset prices; and • limitations on credit expansion and leverage, naturally arising from the need for credit growth that is tied closely to the expected rate of growth of the real economy. If these efforts succeed, perhaps even the benefits of emerging multiple growth centers in the global economy will be further enhanced with greater stability and resilience in the supporting financial transactions through risk sharing (Mirakhor, 2011c)."