| المستخلص: |
The future development of the Islamic finance system through a substantial increase in managed Islamic assets is dependent on two principal pillars: the sustainability of the financial strength of Islamic banks and their ability to attract business beyond their domestic markets. The construction of these two pillars inevitably calls for a modernization of the banks' products and services and of the efficiency of their governance mechanisms and risk management. A period of innovation of sophisticated and structured financial tools specific to the Islamic finance industry would thus be an essential prerequisite. Firstly, this would bring the ALM and the Islamic finance institutions' way of hedging risks into compliance with international standards, and at the same time develop a strong and modern marketing based on a range of financial products and services that are not only differentiated and coherent, but more importantly, complete, competitive and contributing to the emergence of true Islamic capital markets capable of attracting investors from the conventional finance industry. Only modern and creative financial engineering that taps into the immensity of Fiqh in a fulfilled spirit of Shariah-compliance and that is innovative and independent, will bring this take this young industry from the well-worn path of replicative "Sharia-compliant" products to its own, new, "Sharia-based" tools. Innovation in Islamic financial engineering is therefore not a luxury, but a prerequisite to the survival of the Islamic finance institutions, enabling them to meet the challenges they face. Through this current research, we are attempting to shed light on the nature of the Islamic banks' real need for structured tools to modernize their approach to asset-liability management, dynamic asset management (hedge funds), index management, liquidity management (Islamic money market products) and above all risk-management markets through the appropriate use of new Islamic derivative products. This study also aims to shed light on the real obstacles in the way of this essential modernization, including: the independence and financial technical competence of Fiqh committees and Sharia boards, and their openness to their environment. Given the clear deficiency in dually qualified human capital - in possession of both financial and sharia expertise - (Fiqh Al-Mouamalat and Ousoul Al-Fikh), research and development remains restrained. Innovation is frequently hampered by the poor financial expertise of the scholars who are themselves held back by a poorly-updated system of jurisprudence that dates back several centuries and fundamentally suffers from structural incoherence, being itself the perpetual subject of controversy among adherents of different schools of thought. The fundamental challenge facing Islamic finance is to identify the practices and tools of risk-management best-adapted to its principles. Efforts to address this issue and tackle juridical ambiguities stemming from different interpretations of the Sharia have recently been made in countries such as Malaysia, Egypt and Bahrain. Thanks to the progress made by supervisory bodies such as the Islamic Financial Services Board (IFSB), the International Islamic Financial Market (IIFM), the Accounting and Auditing Organization of Islamic Finance Institutions (AAOIFI) among many others, these issues should begin to fade away in the near future. Finally, Islamic finance will need to construct a definitive business model that is reliable, modern, complete, comprehensive and above all, universal. \
L'avenir du développement du système financier islamique à travers un accroissement conséquent des actifs islamiques sous gestion est tributaire de deux grands piliers : d'une part la pérennisation de la solidité financière des banques islamiques et d'autre part leur capacité d'attraction commerciale au-delà de leurs marchés domestiques. L'édification de ces deux piliers passe inéluctablement par une modernisation de leur offre et l'efficience de leurs mécanismes de gouvernance et de gestion des risques. Ainsi une nouvelle ère d'innovation d'instruments structurés et sophistiqués propre à l'industrie financière islamique serait un incontournable pré-requis. Cela permettra d'abord de normer aux standards internationaux, l'ALM et le mode de couverture des risques des institutions financières islamiques et en même temps développer un marketing fort et moderne autour d'une palette d'offres financières, bien évidement différenciée et affinitaire, mais surtout complète et compétitive, favorisant l'émergence de véritables marchés de capitaux islamiques matures et efficients capables de drainer de nouveaux entrants, jusqu'au là rompus à la finance conventionnelle. Ainsi, seule une ingénierie financière moderne et créative, puisant dans l'immensité du Fikh, dans un esprit de Sharia épanoui, novateur et indépendant, serait de même à faire sortir cette jeune industrie du sentier battu des produits réplicatifs « shari'a compliant » vers de nouveaux instruments propres « sharia based ». A ce titre, l'innovation en ingénierie financière islamique, n'est pas un luxe, mais plutôt une condition de survie des institutions financières islamiques leur prodiguant les moyens de relever les défis qu'elles sont contraintes de confronter. A travers cette présente recherche, nous essayerons de projeter la lumière sur la nature des besoins réels des banques islamiques en instruments structurés pour moderniser leur approche en matière de gestion actif-passif, Gestion dynamique d'actifs (hedges funds), Gestion indicielle, Gestion de liquidité (produits monétaires islamiques) et surtout Gestion des risques de marchés à travers l'usage à bon escient de nouveaux produits dérivés islamiques.
|
