Може ли исламски концепт финансирања бити делотворан у превенцији економских криза?
Could The Concept Of Islamic Finance Be Effective In Preventing Economic Crises?

Summary/Abstract: Among the problems that Islam sees unsolvable in business finance based on conventional loan agreements, the most acute one is unjust distribution of income generated by the project between the project financier and the entrepreneur. Muslim scholars see equitable distribution of risk and reward between economically unequal contracting parties as a desirable way to conduct broader social reform. Acknowledgment of economic inequality, primarily asymmetric information (and competence), became a fundamental assumption of modern economic paradigm and numerous economic institutions have been established to solve the issue. Conventional loan agreement is taken to be an efficient western-style response to asymmetric-information driven problems. Peculiar equity-basedfinancial modes (profit and loss sharing arrangements), which are advocated by the Islamic banking paradigm, are far less widely used than mark-up debt-financing substitutions for interest-based finance. This might be because they lack potential to serve the interests of both parties. The stake of the financier remains suboptimally preserved because of stronger adverse selection and moral hazard issues, whereas financial structure rigidity and a peculiar system of income distribution (based on a pre-agreed fixed sharing ratio), which per se does not assure flexible adjustment of bonuses for managerial efforts to the contribution made by this resource to the jointly-generated economic wealth, weaken the entrepreneur's position. Similar issues are found in Islamic bank financing modalities (e.g. unrestricted Mudarabah), as well. Therefore, we believe that Islamic finance has a rather weak potential to reform the predominant practice of business finance toward a safe and sound financial system. A reform which abandons one option leaving only its alternative essentially reduces available options. On the other hand, the attitude of Islam toward public debt, albeit radical, recognizes the importance of public debt outbreak as being a burning issue of modern economies.

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