伊斯蘭銀行業：美國金融業的機會與障礙

The Islamic banking industry has grown dramatically since the 1960s into a multinational industry with a substantial impact on global finance. This sector largely involves religious (Shari’ah) and cultural norms into its mission, transactions and processes. Intending to promote the public good, Islamic banking forbids usury, interest-based financing and profits from alcohol, tobacco and pornography.

其規模超過$2500億美元，並且在過去十年中每年至少增長10%。支持這種廣泛增長的是來自伊斯蘭國家的石油意外收入以及伊斯蘭人口（約 15 億）正在以最快的速度增長的事實。目前，只有大約300家伊斯蘭銀行機構以及匯豐銀行和法國巴黎銀行等歐洲銀行已經進入該市場。這些公司的成長機會比比皆是，許多伊斯蘭銀行已經在倫敦證券交易所上市。在有穆斯林人口的國家開展業務的外國銀行。

The Islamic banking sector reaches a growing segment of the world’s population that seeks alternative financial services. Furthermore, investments in these banks offer some protection from global financial shocks. For instance, Islamic banks were unaffected by the financial shock after September 11.

Estimates forecast that Islamic banks could manage as much as half of all Muslims’ individual savings worldwide in a decade. The industry also caters to a large number of high net worth individuals (HNWIs) given the prosperity in the Gulf region and provide financing to large-scale construction projects in emerging markets. Not only could it possibly give foreign banks a larger reach into the Islamic world and exposure to large deposits in Gulf countries, but also it conceivably opens them to Muslim communities in their own respective countries.

Additionally, completely buying out Islamic banks exposes foreign banks to retaliation from customers resulting from anti-Western sentiment. Furthermore, banks such as those in the US face domestic political pressures. An example of this was the Middle Eastern company Dubai Ports World’s unsuccessful attempt to manage US ports. Opposition by the majority of Americans was politically disastrous for those supporting the bid, and the bid was ultimately overturned.

To deflect the impact of anti-American sentiment on operations, foreign banks have considered joint ventures with Islamic Banks. Ownership risks exist for joint ventures, which involve nationally-owned Islamic banks, because governments could jeopardize American banks’ ownership. There is a substantial transfer risk in that according to law and religious doctrine, US banks may be forbidden to take profits out of some countries. Also while US banks may have experience in volatile economies, many do not have significant experience in religious banking and a highly-regulated finance market. Likewise, religious panels have been considered.

Investment from US banks and buyouts are welcomed by some Islamic banks. Partnerships allow more services in terms of Shari’ah principles to be offered. These banks also seek a larger share of the world financial market and new investments. To attract more clients, Islamic banks are addressing issues like measuring liquidity and extensive debt services for companies. This requires innovation and reform of current policies, and partnerships can conceivably help Islamic banks expand with greater ease from foreign banks’ global reach and expertise in daily operations.

One obstacle for Islamic banks concerns its deficiency in accounting standards. Although the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) exists to create industry standards, greater measures need to be taken such as hiring talent and promoting innovation to be able to attract investment. To devout Muslims, Western banks’ involvement may trigger fears of Western control over banking and the sacrifice of Shari’ah principles for the sake of capitalism. This may turn away devout customers who want to ensure that the bank’s profits are distributed equitably.
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