宁夏伊斯兰金融发展分析——基于马来西亚经验的借鉴与发展

文章阐述了马来西亚各类伊斯兰金融发展的成功经验:各类伊斯兰金融机构分工细致,经营和监管水平较高,这都为其他国家和地区发展伊斯兰金融提供了宝贵的经验.在此基础上,提出宁夏可以不断创新伊斯兰金融产品,加强伊斯兰金融监管,推进伊斯兰金融合作、重视伊斯兰金融人才培养等措施,为宁夏伊斯兰金融发展献计献策.     

利用阿拉伯资金发展我国西北经济

<正> 阿拉伯资金(或称为石油美元)已成为当前重要的国际金融力量,在我国改革开放的伟大历史进程中,如何发挥对外金融机构的作用,利用阿拉伯资金,为我国经济建设服务,是需要积极研究探索的重要课题。中国宁夏伊斯兰信托投资公司,就是一个旨在发挥宁夏伊斯兰的特殊关系,开拓与中东国家特别是海湾国家的经济合作,利用阿拉伯资金为宁夏和我国经济建设服务的融资     

香港发展伊斯兰金融迈出坚实步伐

正2013年12月3日,由香港金管局及马来西亚中央银行参与协调的伊斯兰金融合作小组首次齐聚香港举行会议,同时与会的八间商业银行与三间基金管理公司同意,将物色可能的集资者在香港和马来西亚两地跨境发行伊斯兰债券,同时向香港市场有融资需要的客户推介伊斯兰债券。香港发展伊斯兰金融,终于告别了此前长时间"只闻楼梯响"的状态,距离香港政府首次提出发展伊斯兰金     

巧用文化金钥匙打开合作新天地--宁夏依托穆斯林文化优势加强内外合作对我区的启示及建议

一、宁夏与阿拉伯国家开放合作的背景
　　伊斯兰文化是世界三大宗教文化之一，全球共有50多个穆斯林国家，16亿穆斯林人口，约占世界人口的四分之一。阿拉伯地区是世界重要的穆斯林聚居区，也是世界伊斯兰文化的核心地区,在全世界16亿穆斯林群体中拥有巨大影响力。我国共有2000多万穆斯林，其中回族约占50%，宁夏回族自治区有233万回族，占宁夏总人口的35.6%，是我国最大的回族聚居区，也是我国穆斯林人口最集中的地区之一。相同的宗教信仰，相近的风俗习惯和较强的民族认同感，为宁夏与阿拉伯国家的开放合作奠定了深厚的民族文化基础。     

伊斯兰金融的全球化发展

伊斯兰金融概述 伊斯兰金融的界定伊斯兰金融是现代全球金融系统中重要的组成部分。对于伊斯兰金融,国际上还没有形成一个统一的界定标准,但是有一点很明确：都需要遵从伊斯兰教法。伊斯兰教法禁止收付利息,也不允许涉及投机赌博、烟草、猪肉、酒精饮品、色情、军火等投融资业务。伊斯兰债券（Sukuk）对应实物资产,收益不是利息形式,而是租赁收入或利润分成。     

哈萨克斯坦和吉尔吉斯斯坦两国伊斯兰金融法：比较、评析

伊斯兰金融是伊斯兰教关于金融问题的教义与现代金融相结合的产物,近年来也扩展到了中亚国家.哈萨克斯坦和吉尔吉斯斯坦是确立伊斯兰金融制度的两个中亚国家,同时也是制定伊斯兰金融法律的中亚国家.本文在对哈萨克斯坦和吉尔吉斯斯坦两国的伊斯兰金融立法情况进行概括的基础上,对其伊斯兰金融法体系进行了详细论述,即两国在伊斯兰金融立法方面形成了涵盖法典、法律和部门规章的多部规范性法律文件构成的伊斯兰金融法体系；并对其立法进行了评析,认为在伊斯兰金融立法路径方面两国完全不同,在立法模式上两国既相同又有差异.随着伊斯兰金融制度在中亚五国的全面扩散,伊斯兰金融法律制度也将在所有的中亚国家确立.     

21世纪海上丝绸之路经济金融法律合作前瞻——中国东南亚南亚法律合作磋商会暨21世纪海上丝绸之路法律研讨会述评

对中国东南亚南亚法律合作磋商会暨21世纪海上丝绸之路法律研讨会的相关学术问题进行了归纳综述.会议就亚洲金融法律合作与互联互通、伊斯兰金融体系、人民币跨境交易、上海自贸区2014金融新政等问题展开了研讨与磋商.会议认为仍然有很多问题亟待完善与解决:大量资金如何监管？非国家实体如何参与？私人投资者利益如何保护？等等.     

宁夏丝路文化产业发展路径分析

宁夏是丝绸之路东段北道的必经之路,开发丝路文化产业具有区位优势、 文化优势和政策优势.发展文化产业要选择整合文化资源,打造特色文化品牌、 建立丝绸之路文化产业链、 拓展丝绸之路文化产业开放型发展平台和扩大对外文化交流与合作的路径.     

香港发展伊斯兰金融迈出坚实步伐简

2013年12月3日，由香港金管局及马来西亚中央银行参与协调的伊斯兰金融合作小组首次齐聚香港举行会议，同时与会的八间商业银行与三间基金管理公司同意，将物色可能的集资者在香港和马来西亚两地跨境发行伊斯兰债券，同时向香港市场有融资需要的客户推介伊斯兰债券。     

宁夏科技金融专项绩效评价体系研究

通过探索科技金融项目及专项的绩效评价方式、体系构建原则、指标的设定等建立了一套适用于宁夏科技金融专项绩效评价的指标体系,为今后科技金融专项绩效评价提供了工具,并为其它科技项目/专项绩效评价提供框架和参考,对促进宁夏科学技术的发展具有积极意义。     

Development of Islamic Banking in Russia Based on the Example of LLC Financial House Amal

The article considers the development of Islamic banking in Russia using the example of the Islamic financial organization Financial House Amal. Islamic investment treaties and tools used in Financial House Amal have been analyzed. The basic concepts and tasks of the Accounting and Audit Organization for Islamic Financial Institutions (AAOIFI) have been considered. The main conclusions on the introduction of Islamic finance in Russia have been proposed.     

区域金融发展与经济增长的关系分析——以宁夏为例

本文从金融发展的角度上探讨了宁夏金融发展与经济增长的相互作用特点,分析了宁夏金融发展中存在的问题并提出对策,以期对区域金融业的快速发展及形成良性金融发展与经济增长互动关系提供借鉴。     

Inflationary shocks and real output growth in nine Muslim-majority countries: Implications for Islamic banking and finance

Low and stable inflation is important for maintaining the viability of Islamic banking and finance within a dual banking system. Inflationary shocks when transmitted to real output growth cause a shift of investment to fixed return products as a hedge against the uncertainty of returns on equity investment under Islamic profit-loss sharing contracts. This study examines the transmission of inflationary shocks to the real economy for nine Muslim-majority countries (Bahrain, Bangladesh, Egypt, Indonesia, Iran, Malaysia, Pakistan, Saudi Arabia, and Turkey) that have introduced Islamic banking, all except Iran within dual-banking systems. A structural vector autoregressive (SVAR) framework is deployed to understand macroeconomic relationships using annual data from the late 1970s to 2014. The key finding is that inflationary shocks affect real interest and exchange rates which in turn impact real output growth. The paper argues that the absorption of inflationary shocks in real interest and exchange rates is the outcome of rigidities in nominal interest and exchange rates within repressed financial systems. Policy regimes that allow for greater adjustment in nominal interest and exchange rates under a deregulated financial system would offer better shock absorption capacity which would lead to less volatility in inflation, real interest and exchange rates, and real output growth. The resulting more stable macroeconomic environment would be more conducive to the development of an Islamic financial sector that would promote economic growth.     

On the Reputation of Islamic Banks: a Panel Data Qualitative Econometrics Analysis

This study investigates the issue of reputation for Islamic banks. Bank reputation can either be modelled using a direct approach based on Game Theory (Chemmanur and Fulghieri in J Financ 49:57–79, 1994) or through an indirect approach that investigates linkages between conventional and Islamic banks. Adopting the indirect test approach, we propose a binary measure of Islamic Banks (IBs) reputation by testing their dynamic interactions with regard to conventional banks. Interestingly, we propose different qualitative econometric specifications to capture the drivers of IBs’ reputation. Using panel data for 10 major conventional banks and 10 Islamic banks over the period April 2006 – February 2013 (about 17,800 observations), we show that reputation probability can significantly increase in line with Islamic banking performance, while excess risk taken by Islamic bankers will decrease it. Further, we show that an environment with high global financial risk -induced for example by an increase in conventional product risk- has a negative effect on IBs’ reputation.     

ISLAM AS A MODERN SOCIAL FORCE KAN KAGAYA

This article aims at an understanding of Islam as one of the forces exercising positive influence on the conduct of modern Muslims, and as a social force considered from a sociological point of view. The first task for Muslims in the present day may be considered to be that of fundamental reform, that is, there must be a switch from negative to positive attitudes both within the individual and within society as a whole. This must be accompanied by the firm establishment of a strong political base under the leadership of which progress may be made towards achieving a modern economic development. Accordingly this article examines the historic-social conditions necessary for a fundamental reform of Islamic institutions and the Muslim's way of thinking, and into the historical development of political and social values in Muslim society.     

马来西亚伊斯兰银行业的崛起与启示

近年来,马来西亚伊斯兰银行业发展迅速,取得了令世界瞩目的成绩,马来西亚在全球伊斯兰金融界的地位也在不断上升。中国有2000多万穆斯林,伊斯兰银行业务的潜在需求很大,可以从马来西亚的成功经验中获得一些启示。     

Do Islamic and Conventional Banks Really Differ? A Panel Data Statistical Analysis

This study compares two types of banks: conventional banks and Islamic banks. Indeed, since the aftermath of the credit crunch and the global financial crisis (2008–2009), the former have been severely criticized, while the latter are increasingly considered as an alternative form of banking. From a panel sample of twenty major banks (ten conventional banks and ten Islamic banks) located in various developed and emerging countries over the period April 2006- February 2013, the present paper examines whether or not there are significant differences between the two banking systems. Our sample enables us to compare these international banking systems, taking the crisis impact and new regulations and supervisory rules into account. To this effect, we carried out econometric analyses of univariate and multivariate panel data, which pointed to two interesting findings. First, there are only a few significant differences between IBs and CBs in terms of financial risk. Second, PVAR (Panel Vector Autoregressive) estimates and the analysis of Impulse Response Functions (IRFs) indicate weak interactions between IBs and CBs, while panel causality tests reject the causality hypothesis from IBs to CBs.     

Bills of exchange, interest bans, and impersonal exchange in Islam and Christianity

A vast economic history literature suggests that medieval institutions supporting contract enforcement were necessary for impersonal exchange to emerge. Yet this literature cannot account for the bill of exchange, an important financial instrument that had positive legal standing in both the medieval Islamic and Christian worlds but remained relegated to personal networks only in the former. This paper suggests that a seemingly innocuous difference - the involvement of currency exchange in European but not Middle Eastern bills, a difference resulting from the secular legalization of interest in Europe - encouraged divergent endogenous processes resulting in these distinct institutional arrangements.     

金融聚集对企业融资约束的影响及机制研究

文章探讨了金融聚集对企业融资约束的影响，发现金融聚集对企业的融资约束产生正向的缓解作用。研究样本包括2009 年至2019 年A 股上市公司，通过采用排序逻辑回归方法，构建了企业融资约束的指标并发现融资约束是一个广泛存在的问题，但其在不同企业之间的程度存在明显的差异。利用区域熵指数来衡量中国31 个省、市、自治区的金融聚集水平，结果显示，除了经济较为发达的地区之外，宁夏和青海在中西部地区的金融聚集水平相对较高。采用固定效应模型进行的实证检验证实了金融聚集对缓解企业融资约束的积极作用。从机制上分析，金融聚集能通过减少信息不对称，从而有助于缓解企业融资约束。另外，更深入的分析表明，保险行业的聚集对缓解企业融资约束的影响尤为显著。该研究扩展了现有关于金融聚集与区域经济发展之间关系的研究，而且为企业缓解融资约束以及政府在制定金融产业政策时提供了参考。