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La solvabilité des banques islamiques : forces et faiblesses

Listed author(s):
  • Anouar Hassoune
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    [eng] Islamic banks' profitability Islamic banks are not allowed to pay or charge interests, considered as prohibited usury (riba). Islamic banks can undertake only financing activities where an underlying physical asset is involved, either for trade or production. So, Islamic banks rely on the cardinal principle of profit and loss sharing with the financed counterpart. Symmetrically, an Islamic bank has to share its « profits » with certain depositors who place their savings in « investment accounts ». With respect to Islamic banks' credit worthiness, the positives that Islamic banking brings in terms of profitability tend to be offset by weaker liquidity. Indeed, relying on a theoretical model based on the calibration technique, we show that an Islamic bank's profitability is less volatile than that of a conventional bank. Finally, it is heavily suspected, from empirical data, that Islamic banks are more profitable than their conventional peers : the former have the ability to extract a « rent » from their funding structure, characterized by the large amount of non-remunerated deposits. JEL classifications : G21 [fre] Les banques islamiques ne sont autorisées ni à recevoir ni à payer des intérêts, assimilés à l'usure prohibée (riba). Elles ne peuvent participer à des activités de financement que si elles portent sur la production ou l'échange d'un bien réel. La banque islamique partage donc les profits et les pertes de ses clients. En contrepartie, la banque islamique partage ses « profits » avec certains de ses déposants à terme. En termes de solvabilité, les banques islamiques perdent sur de nombreux terrains, notamment celui de la liquidité, ce qu'elles ont tendance à gagner en matière de rentabilité de leurs fonds propres. A l'aide d'un modèle théorique calibré, on montre que la rentabilité des capitaux propres des banques islamiques est moins volatile que celle de leurs homologues conventionnels. Enfin, des présomptions empiriques étayent l'hypothèse d'une plus grande rentabilité de ces banques : elles ont la possibilité d'extraire une rente de financement du fait qu'une grande partie de leur clientèle n'exige aucune rémunération de ses dépôts à vue. Classification JEL : G21

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    Article provided by Programme National Persée in its journal Revue d'économie financière.

    Volume (Year): 72 (2003)
    Issue (Month): 3 ()
    Pages: 277-297

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    Handle: RePEc:prs:recofi:ecofi_0987-3368_2003_num_72_3_4884
    Note: DOI:10.3406/ecofi.2003.4884
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    1. Martens, André, 2001. "La finance islamique : fondements, théorie et réalité," L'Actualité Economique, Société Canadienne de Science Economique, vol. 77(4), pages 475-498, décembre.
    2. MARTENS, André, 2001. "La finance islamique: fondements, theorie et realite," Cahiers de recherche 2001-20, Universite de Montreal, Departement de sciences economiques.
    3. Luca Errico & Mitra Farahbaksh, 1998. "Islamic Banking; Issues in Prudential Regulations and Supervision," IMF Working Papers 98/30, International Monetary Fund.
    4. Martens, A., 2001. "La finance islamique: fondements, theorie et realite," Cahiers de recherche 2001-20, Centre interuniversitaire de recherche en économie quantitative, CIREQ.
    5. Abbas Mirakhor & Mohsin S. Khan, 1991. "Islamic Banking," IMF Working Papers 91/88, International Monetary Fund.
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