Paul Lachine

La finance islamique en plein essor

WASHINGTON, DC – Tandis que l’incertitude continue à ronger les marchés, poussant certains investisseurs à s’en dégager complètement, un pan du secteur financier profite d’une croissance exponentielle : les actifs financiers conformes au droit musulman sont passés de 5 milliards de dollars environ à la fin des années 1980 à près de 1200 milliards de dollars en 2011.

Cette classe d’actifs, caractérisée par un risque partagé entre institutions financières et clients, est en grande partie parvenue à se soustraire aux pires conséquences de la crise financière mondiale qui a débuté en 2008. Cette robustesse, entre autres éléments clés, sous-tend l’excellente performance et la popularité croissante de la finance islamique.

Un nombre réduit d’établissements bancaires islamiques ont été négativement affectés par la crise financière mondiale au moment où l’économie réelle s’est contractée, plaçant des émetteurs « d’obligations islamiques » en défaut de paiement. Mais le partage du risque, inhérent à la finance islamique, a rendu ces instruments plus résistants à la première onde de choc en 2008. Des économistes de premier plan, comme Kenneth Rogoff de l’université de Harvard, ont estimé que la finance islamique démontre les avantages d’une plus grande équité et du partage du risque sur la tendance conventionnelle en faveur d’instruments de crédit.

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