이슬람국가의 금융산업에 관한 연구 (UAE와 말레이시아를 중심으로)

Abstract

The weight of Islamic financing in the international financing market was negligible until the early 2000s. However, recently the trade volume between East and West increased and the investment also became active under the impact from the abundant petro-dollar following the rapid increase of oil and natural gas price and gradual expansion of participation in Islamic financing by the traditional financing institutions. Accordingly, the Islamic financing market abiding by the ‘Shariah’ (Islamic law) has been growing more than annual 10% during last 10 years and the total asset volume of Islamic financing has reached 1 trillion USD. The expanding trend of Islamic financing is expected to continue in the future. At present, more than 300 financial institutions in 75 countries are handling Islamic financing and operating more than 90 ‘Takaful’s (Islamic insurance instrument) and 350 ‘Shariah-keeping’ funds. Different from traditional financial instruments allowing interest payment, Islamic financing strictly prohibits interest payment. The financial instruments should base on real assets and the income/loss from them shall be shared. Islamic financing also has firm limitation regarding the involvement in the specific industries such as liquor, gambling and military products. This kind of modern Islamic financing appeared in the financing market in 1970s together with the establishment of Dubai Islamic Bank and Islamic Development Bank. The financial industry of UAE has grown up to become the hub of Middle East financing market. It has shown rapid growth since the high oil price trend had become fixed in 2004. The total asset of UAE banks as of June of 2008 reached 389.3 billion USD, which is 300% increase since 2004. And the weight of Islamic banks among all UAE commercial banks increased to 13.4% in the first quarter of 2008, which had been 8.8% in 2002. The Abu Dhabi security market and Dubai security market also showed notable growth. The bank industry of Dubai financing market now takes 32.5% share of all industries and Islamic bond market took larger weight by issuing 1.2 billion USD in the end of 2007 among total bonds issued, 2.1 billion USD. Malaysia is the leading country in Islamic financing with the most advanced Islamic financing technique. The country is doing the core role in the advance of Islamic financing industry. The ‘Sukuk’ (Islamicbond) issuance of Malaysia takes 80% of worldwide Sukuk issuance in the end of April, 2007. It is 66% of number two Sukuk issuance country, UAE. The weight of Malaysia in the worldwide Islamic financing market has grown to approximately 12% now. Malaysia became the leading country in Islamic financing market, especially the Sukuk market, by having the comprehensive financial system consisting of banks, Takafuls and the financing market,which are the characteristics of Islamic financing market. Since the Malaysian law on the Islamic financing system also supports this financial system, Malaysia is likely to continue to take the leading role in the Islamic bond market. Following the rapid growth of Islamic financing market and Islamic bond market, Korea and other countries are revising their domestic Islamic financing related laws in order to utilize the Islamic financing resource. At present, the bill for the revision of tax law for the Islamic bond is pending in the National Assembly of Korea.