Developing Islamic Finance in the Philippines
| Autor: | Mylenko, Nataliya, Iqbal, Zamir |
|---|---|
| Jazyk: | angličtina |
| Rok vydání: | 2016 |
| Předmět: |
INVESTMENT
UNIVERSAL BANK TAX DEBT SECURITY INFRASTRUCTURE BANKING SYSTEM OPERATING EXPENSES ISLAMIC CAPITAL ISLAMIC FINANCIAL SERVICES ISLAMIC FINANCIAL PRODUCTS DEPOSIT FINANCIAL ASSETS TRUST FUND EQUITY FINANCING PROJECTS MONEY MARKETS DEPOSIT INSURANCE LENDING INVESTMENTS MANDATES UNSECURED DEBT MUNICIPALITIES GAMBLING FINANCIAL TRANSACTIONS RETURNS TAX TREATMENT POVERTY ENABLING ENVIRONMENT SHARES ISLAMIC FINANCIAL INSTRUMENTS RESOURCE MOBILIZATION TRANSACTIONS AUDITING BANK MARKET INSTRUMENTS MICRO-FINANCE ISLAMIC FINANCE OPERATING LOSSES FINANCIAL DEEPENING FINANCIAL MARKETS SPOT MARKET INVESTMENT INSTRUMENTS DEPOSITS INDUSTRY LAND OWNERSHIP ISLAMIC BANKING REMITTANCE ISSUANCES MARKETS PROFIT FINANCE AUTOMATED TELLER MACHINES BANKING INSTITUTION ISLAMIC BANKING SYSTEM BANKING LIABILITIES ISLAMIC CAPITAL MARKETS MONETARY POLICY FOREIGN BANKS DIRECT FINANCING ISLAMIC INVESTMENTS LIQUIDITY ISLAMIC LAW SERVICES INSTRUMENTS DEBT BANKING SECTOR MARKET PRUDENTIAL STANDARDS GOVERNMENT POLICIES FINANCIAL SERVICES ECONOMIC DEVELOPMENT AUTONOMY RETURN TANGIBLE ASSETS LOAN PORTFOLIO FINANCIAL SERVICE PROVIDERS ISLAMIC FINANCIAL MARKETS UNDERLYING ASSETS ISLAMIC FINANCIAL INSTITUTIONS ISLAMIC BANKS MONEY MARKET INSTRUMENTS FOREIGN EXCHANGE PORTFOLIO RISK SHARING ISLAMIC BANK EXCHANGE ACCOUNTING DEPOSIT ACCOUNTS VALUE SECURITY RISK FINANCIAL LEASING ISLAMIC INSTRUMENTS MARKET SIZE CONVENTIONAL BANKING BANKING ASSETS PURE DEBT CAPITAL MARKETS GOVERNANCE IMMUNIZATION REGULATORY FRAMEWORK SUKUK FINANCIAL SYSTEM OIL PRICES FINANCIAL INSTITUTIONS GOOD INSURANCE BANKING SERVICES INSURANCE CORPORATION EQUITY TURNOVERS BANKS TREASURY LAND FOREIGN INVESTMENTS INTERNATIONAL STANDARD MIGRATION PRIVATIZATION PUBLIC POLICY PROFITS LOAN CREDIT EXPENDITURES LEGISLATION MATURITY SECURITIES INTERNATIONAL BANK COMMERCIAL BANKS FUTURE MONEY MARKET MICROFINANCE CONTRACT REMITTANCE SERVICES EQUITY MARKETS CREDIT SALES GLOBALIZATION UNIVERSAL BANKS ISSUANCE DEVELOPMENT BANK INVESTMENT BANK SUPERVISORY FRAMEWORK SUBSIDIARY CONTRACTS INVESTOR INVESTMENT BANKING ISLAMIC INVESTMENT CAPITALIZATION INTEREST ISLAMIC FUNDS INTERNATIONAL FINANCIAL MARKETS TRADING LEGAL FRAMEWORK PROFIT MARGIN FINANCIAL SUPPORT TRUSTEE CAPITAL BASE REVENUES BANK SUPERVISION CAPACITY BUILDING NET LOSSES SHARE NET LOSS LIQUIDITY MANAGEMENT FINANCIAL INSTRUMENTS ISLAMIC DEVELOPMENT BANK TRANSACTION OPERATING COSTS |
| Popis: | This report was prepared as part of the World Bank engagement in the Philippines to support Islamic Finance and Financial Inclusion. It provides an overview on the context for the development of Islamic finance in the Philippines and is accompanied by two focused reports providing further detail and suggestions on enhancing financial inclusion in the Philippines through Islamic microfinance and assessment of the status of financial inclusion in Autonomous Region in Muslim Mindanao (ARMM)and the proposed Bangsamoro territory. The term Islamic finance is used to refer to financial activities conforming to Islamic Law (Shari‘ah). One of the main principles of the Islamic finance system is the prohibition of the payment and the receipt of ribā (interest) in a financial transaction. A pure debt security is replaced with an “asset-based” security, direct financing of a real asset, and different forms of partnerships of which equity financing is the most desirable.The following key principles guide Islamic Finance: i) Prohibition of interest on transactions (ribā); ii) Financing must be linked to assets (materiality); iii) Engagement in immoral or ethically problematic businesses not allowed (e.g., gambling or alcohol production); iv) Returns must be linked to risks. Table 1 provides a summary description of basic financial instruments.Over the past decade Islamic finance has emerged as an effective tool for financing development worldwide, including in non-Muslim majority countries. Discussion and interest in Islamic finance has also appeared on G20 discussions. Major financial markets are discovering solid evidence that Islamic finance has already been mainstreamed within the global financial system – and that it has the potential to help address the challenges of ending extreme poverty and boosting shared prosperity.In summary, Islamic finance is equity-based, asset-backed, ethical, sustainable, environmentally- and socially-responsible finance. It promotes risk sharing, connects the financial sector with the real economy, and emphasizes financial inclusion and social welfare. |
| Databáze: | OpenAIRE |
| Externí odkaz: |
|