Ivan Milenković
Univerzitet u Novom Sadu,
Ekonomski fakultet Subotica
[email protected]
Dragana Milenković
Univerzitet u Prištini, Ekonomski
fakultet Kosovska Mitrovica
[email protected]
s
KAMATA I GARAR
U ISLAMSKOM
BANKARSTVU
Prevod
obezbedili
autori
Rezime
Iako još uvek relativno nepoznato kod nas, i za sada samo „niša“ globalnog bankarskog tržišta,
islamsko bankarstvo igraće u ne tako dalekoj budućnosti značajniju ulogu. Islamske banke,
naročito u svetlu najnovijih ekonomsko-političkih dešavanja u Srbiji (Etihadova akvizicija JAT-a,
projekat
„Beograd na vodi“ itd) nisu tako daleko od bankarskog sistema Srbije, pa je nužno razumeti
osnovne zabrane islamskog bankarstva, što je tema ovog rada. Kamata i garar, što je kategorija u
islamskom bankarstvu mnogo šira, sveobuhvatnija i višeznačnija od rizika ili špekulacije, detaljno
su razmotreni.
Ključne reči
: islamsko bankarstvo, kamata, garar, rizik, špekulacija
JEL
: G20, G15, F44
Bankarstvo, 2016,
vol
. 45,
br
. 1
Primljen: 17.11.2015. Prihvaćen: 19.01.2016.
54
originalni naučni
rad
UDK 336.71::28(497.11)
005.334:336.781(497.11)
DOI:
10.5937/bankarstvo1601054M
INTEREST AND
GHARAR IN
ISLAMIC BANKING
Ivan Milenković
University of Novi Sad, Faculty
of Economics in Subotica
[email protected]
Dragana Milenković
University of Priština, Faculty of
Economics in Kosovska Mitrovica
[email protected]
Translation
provided by
the authors
Summary
Islamic banking is relatively unknown to us. Although Islamic banking is only a segment or a
"niche" of the overall banking industry and banking market, its significance is rising steadily, and it
will play an important role in the near future. Islamic banks, especially in light of the latest
economic and political developments in Serbia (Etihad’s acquisition of JAT, the project "Belgrade
Waterfront", etc.) are not so far away from the Serbian banking system, so it is necessary to
understand the basic forbidden categories in it, which is the main topic of this paper. Interest and
gharar, which is a category in Islamic banking that is much broader, more comprehensive and
more ambiguous than risk or speculation, are discussed in details.
Keywords
: Islamic banking, interest, gharar, risk, speculation
JEL
: G20, G15, F44
55
Bankarstvo, 2016,
Vol
. 45,
Issue
. 1
Received: 17.11.2015 Accepted: 19.01.2016
UDC 336.71::28(497.11)
005.334:336.781(497.11)
original scientific
paper
DOI:
10.5937/bankarstvo1601054M
Milenković I., Milenković D.
Interest and gharar in islamic
5
Bankarstvo
, 2016,
Vol
. 45,
Concept of islamic banking
The concept of Islamic banking is based
on the so-called Islamic savings where
depositors are investors. At the end of the
year, the depositor/investor receives profit as
a percentage of the invested funds in
proportion to the percentage of the bank's
profits. (In case the bank incurs a loss – the
depositor/investor will incur loss in the same
percentage). Unlike conventional banking,
which focuses primarily on the economic and
financial aspects of the transaction, i.e. profit,
Islamic banking devotes at least equal (if not
greater) importance to ethical, moral and
social dimensions within the acceptable
religious dimensions in order to achieve a
socially acceptable distribution of wealth (i.e.
equity), in the spirit of solidarity.
Righteousness and justice are embedded in
the basic principle of Islamic banking, and the
objective is to achieve equality in the society
for the benefit of the society as a whole, in the
spirit of the teachings of the Islamic religion
(as well as other monotheistic religions) by
which the achievement of more important
goals is above any tangible benefits.
In the last twenty years, and especially
since the beginning of the global financial
crisis, there has been a trend of growing
interest in Islamic banking. In order to fully
understand Islamic banking, it must be
known that it is based on Sharia (Islamic law).
Since in Islam there are some strictly
prohibited categories – there is no room
whatsoever for the activities that take place
through the system of Islamic banking and
have to do with these prohibitions.
The list of prohibited categories in Islam,
and thus in the Islamic banking system, is not
long but is very strict:
• The most widely known is the fact that
interest
is prohibited (in Arabic:
riba
),
which is explained in more detail in the
following subsection.
• Gharar
(risk or speculation) is also
forbidden. All transactions in the Islamic
banking system must be free of any hint
of uncertainty, risk and speculation, which
is the universal goal and target in Islamic
religion and philosophy – to protect the
poor from exploitation as manifestation of
justice is the main pillar of Islamic
banking and
Islam in general. The best way to achieve
this is through division of risk (gharar
is explained in more detail in one of the
subsequent subchapters).
• The third forbidden category is
gambling
(
maysar
). What is wrong with gambling?
First, gambling does not create additional
wealth. Games of chance only transfer
wealth from its (losing) owners to the
new (winning) ones. Considering the
human resources consumed in the process,
without generating new value, wealth
transfers through games of chance cannot
be considered to be efficient. They do not
serve any social purpose. The satisfaction
and thrill they provide to the players do
not justify the opportunity costs involved.
Other exonerating circumstances like the
state revenue in the form of taxes or
employment generated by casinos,
lotteries, etc. cannot be considered as
‘advantages’ until the acceptability of
gambling itself is established (Siddici,
2009, p. 5).
• Trade in particular goods
(
bay-al-inah
) is
also prohibited (e.g. pork, drugs, alcohol, as
well as activities related to pornography
and other sorts of immoral doings, etc.)
because it is among the prohibited activities
(
haram
/sin/). Everything that is not
forbidden is permitted (
halal
) and even
better if it is for the common good
(
mashallah
/also means a private good/).
Islamic law prohibits the above stated
because it can result in the accumulation of
wealth at the expense of another.
In the banks that operate according to the
principles of Islamic banking personal loans is
an absolutely unknown category, due to the
fact that the loan must have a purpose. Also,
loans are not granted in cash, hence the
possibility of one loan being misused is
virtually excluded. The simplest possible
illustration is an example from everyday
business, in which the previously mentioned
principles would look like this: if a bank that
operates on the principle of Islamic banking
borrows money – it does not pay the (passive)
interest, nor are these funds lent with the
(active) interest. Instead, the borrowed money
is invested in a particular project, and the
lenders receive a share in the project. Thus, in
addition to avoiding the payment and
collection of interest, this is a relatively
Milenković I., Milenković D.
Kamata i garar u islamskom
Bankarstvo
, 2016,
vol
. 45,
5
Tabela 1: Glavne razlike između konvencionalnog i islamskog bankarstva
Izvor: prilagođeno na osnovu Korten, 2010, str. 201-202
uloga novca, koji ne postoji sam zbog sebe
već da bi se olakšala i ubrzala razmena. To
je ujedno i jedna od najstarijih ekonomskih
istina, a i jedan od principa na kojima
islamsko bankarstvo principijelno istrajava.
Istaknute
karakteristike
koncepta
islamskog
bankarstva su sledeće (Ali, 2011, str. 150):
• pozajmljivanje i davanje na zajam sa
kamatom, kao i „kockarski“ oblici
transakcija, kao i neetička dobra i usluge
su zabranjene po Islamu;
• depoziti se mogu bazirati ili na
beskamatnom, ali od strane principala
zaštićenom kreditu (qard) ili na principu
podele profita i gubitka;
• finansijski inžinjering novih proizvoda
i instrumenti moraju biti u skladu sa
Šerijatom;
• dugovima se ne sme trgovati uz kamatu
niti se smeju se restruktuirati uz kamatu.
Dug, međutim, može biti zamenjen za
robu ili usluge;
• privatno vlasništvo i slobodno tržište su
osnove ekonomskog sistema.
Mnoge od specifičnosti po kojima se
koncept islamskog bankarstva razlikuje od
konvencionalnog bankarstva predstavljene su
u tabeli 1. Ono čega nema u tabeli je da kod
konvencionalnih banaka to da li će kredit biti
odobren ili ne zavisi od kreditne sposobnosti
klijenta. Za razliku od toga, kod islamskog
bankarstva se teži idealu da se finansiraju one
ekonomske transakcije koje su izgledne, a ne
da kriterijum bude kreditna sposobnost
dužnika. Osim toga, činjenica je da je
konvencionalno bankarstvo zasnovano na
sistemu delimičnih rezervi položenih na račun
kod centralne banke, što je sistem koji
omogućuje bankama da generišu izvore
finansiranja koji mnogostruko nadmašuju
potrebe za finansiranjem realne ekonomije.
Inicijalno odobreni kredit koji neretko
odobravaju konvencionalne banke, a koji
nije vezan za realnu ekonomiju može da
„izrodi“ u sledećim iteracijama nemerljiv
posledični broj kredita koji su takođe
nevezani za realnu ekonomiju. Kao rezultat
toga imamo situaciju (sadašnje stanje u svetu)
da finansijski sektor mnogostruko namašuje
realni sektor, što
Konvencionalno (kamatno) bankarstvo
Islamsko (beskamato) bankarstvo
Ono što dominantno privlači klijente
Novac
Život, kao što je Bog odredio u svim monoteističkim
religijama (Judeo-Hrišćansko-Islamskim)
Ono što definiše suštinu
Korišćenje novca da bi se stvorio novac za one i od strane
onih koji novac poseduju
Angažuje sve raspoložive resurse da bi se zadovoljile
potrebe svih, bez izuzetaka
Veličina banke
Velike (npr. mega-banke)
Male i srednje
Vlasništvo
Depersonalizovano, uz odsustvo uloge akcionara u većini
slučajeva
Personalizovano, sa važnom ulogom akcionara
Finansijski kapital
Globalni
Lokalni/nacionalni - reinvestiranje unutar granica
Svrha investiranja
Da bi se maksimirao privatni profit i blagostanje
Da bi se povećao output i blagostanje zajednice
Koordinacioni mehanizam
Centralno planiranje od strane mega-korporacija
Samoorganizovano tržište unutar mreže zajednice
Saradnja
Između konkurenata, da bi se izbegla disciplina
konkurencije, a ponekad i regulacija
Između ljudi i među zajednicom, u cilju unapređenja
opšteg dobra za sve
Svrha konkurencije
Da eliminiše nespremne sa tržišta i zauzme ga
Da stimuliše efikasnost i inovativnost
Uloga države
Da zaštiti imovinu vlasnicima
Da zaštiti interes ljudi
Trgovina
Slobodna, ali u korist mega-korporacija
Slobodna, fer i uravnotežena
Politička orijentacija
Elitistička, demokratija novca („pohlepa je dobra“)
Populistička, demokratija ljudi
