Desarrollo. Sobre el sistema de Banca Islámica.

Economic Logician comenta lo siguiente sobre un artículo:

Islamic banking has emerged in response and is offering deposit accounts that do not provide interest, but shares in the bank’s profits.

Valga que esto siga pasando en pleno siglo XXI. Me refiero a que las creencias religiosas determinen el comportamiento económico de los individuos, más que la teoría o la racionalidad económica (por cierto, esto dice poco a favor de la teoría económica…). Y, ojo, esta actitud para-económica no sólo ocurre en los países islámicos. También en los católicos. Esto lo se de primera mano.

Pero, vamos a ver: ¿ es viable económicamente una Banca sin intereses ?. Quiero decir,  ¿ que posibles beneficios puede tener un banco que no preste a interés ? Esta pregunta me ha hecho ver con más detalle el paper.

Título. Implications of alternative banking systems.

A signicant number of individuals are unwilling to deposit their savings into the banking sector since it does not operate according to their religious beliefs. In this paper we provide a model that aims to answer the following questions:

–First, under what conditions an alternative banking system would arise?

–Second, what are the growth, and welfare implications of these banking systems?

Our model shows that an alternative banking system would arise if individuals have religious concerns. Moreover, we show that in an economy populated with a certain number of religiously concerned individuals, the existence of an alternative baking system can generate relatively higher growth and improve welfare.

El caso es que he oído mucho hablar sobre el sistema islámico de banca pero no conozco cómo funciona en detalle.

Extractos.

Individuals with standard preferences usually seek investment opportunities according to their level of risk aversion i.e. they choose assets with high returns if they are willing to accept the high risk that follows. However, for individuals with religious/after-life preferences, the risk/return pro…le of an asset would not be the only factor for investment decisions. For instance, these individuals would choose an asset with a relatively low return if it complies with their religious beliefs.

According to the World Islamic Banking Competitiveness Report 2011-2012, the Islamic fi…nance industry is valued at $1.14 trillion and growing at a rate of 10% each year.

Islamic banks operate under pro…tfit sharing and trade agreements since Islam strictly prohibits paying and receiving interest.

–On the deposit side, the bank offers accounts with different risk/return profit…profiles and shares in the pro…fit with the depositors. Hence an Islamic bank’s deposit acts similar to a mutual fund.

–On the loan side, the bank uses trade and leasing agreements for consumption loans.

–If the client would, however, require a business loan, an Islamic bank would offer a business partner agreement where both parties share in the profi…t according to the amount of funds contributed.

There are increasing efforts to understand the implications of the Islamic banking system both theoretically and empirically. This study deviates from the earlier studies by providing a framework to explore under what conditions those banks arise. In order to do so, we assume that individuals in our economy differ in terms of their religiosity/after-life concerns.

In addition, we analyze the growth, aggregate, and welfare implications of an Islamic banking system. Although the economic implications of the …nancial intermediation have been well analyzed in the literature, the economic implications of the Islamic banking system is still not known. This paper aims to fi…ll this gap in the literature.

¿ Está claro cómo funciona la banca islámica no ? Para mi, más o menos. Pero  funcionar debe de funcionar: 1,4 trillones (imaginamos que anglo-trillones) no es poca cosa…

Este tema me interesa y volveremos sobre el con más documentación.

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