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La finance islamique: fondements, theorie et realite.

MARTENS, André
Fonte: Université de Montréal Publicador: Université de Montréal
Tipo: Artigo de Revista Científica Formato: 212633 bytes; application/pdf
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L’Islam interdit le riba , mot arabe signifiant à la fois usure et intérêt. L’interdiction du rib figure dans la loi islamique, née dans l’Arabie du Moyen Âge. Elle est à la base de la finance islamique qui connut une expansion remarquable durant la deuxième moitié du XX e siècle. Nous nous interrogeons sur les origines de cette interdiction, sur les problèmes que connaît actuellement la finance islamique et sur ses perspectives d’avenir.; The practice of riba (« usury » or « interest » in Arabic) is forbidden by Islam. This prohibition is inscribed in Islamic Law originating during the Middle Ages in The Arab Peninsula. It is at the core of what is called « Islamic finance », having had a remarkable expansion in the second part of the twentieth century. This article focuses on the origin of riba prohibition, the problems facing Islamic finance at the eve of the third millennium and the development prospects of Islamic financial institutions. Key words : riba , usury, Islamic finance, economic development

Trade Finance during the Great Trade Collapse

Chauffour, Jean-Pierre; Malouche, Mariem
Fonte: World Bank Publicador: World Bank
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46.53%
The bursting of the subprime mortgage market in the United States in 2008 and the ensuing global financial crisis were associated with a rapid decline in global trade. The extent of the trade collapse was unprecedented: trade flows fell at a faster rate than had been observed even in the early years of the great depression. G-20 leaders held their first crisis-related summit in November 2008. The goal was to understand the root causes of the global crisis and to reach consensus on actions to address its immediate effects. In the case of trade, a key question concerned the extent to which a drying up of trade finance caused the observed decline in trade flows. This book brings together a range of projects and studies undertaken by development institutions, export credit agencies, private bankers, and academics to shed light on the role of trade finance in the 2008-09 great trade collapse. It provides policy makers, analysts, and other interested parties with analyses and assessments of the role of governments and institutions in restoring trade finance markets. A deeper understanding of the complexity of trade finance remains critical as the world economy recovers and the supply of trade finance improves. The international community continues to know too little about the fragility of low income economies in response to trade finance developments and shocks...

Expanding Access to Finance : Good Practices and Policies for Micro, Small, and Medium Enterprises

Malhotra, Mohini; Chen, Yanni; Criscuolo, Alberto; Fan, Qimiao; Hamel, Iva lIieva; Savchenko, Yevgeniya
Fonte: Washington, DC : World Bank Publicador: Washington, DC : World Bank
EN_US
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This book on micro, small, and medium enterprise (MSME) finance is intended primarily for government policy makers. It presents a policy framework whereby governments can support increased access by MSME to financial services based on empirical evidence and practices. MSME complain that lack of access to finance constrains their growth and competitiveness. Indeed, financial sector policies often work against the ability of commercial financial institutions to serve MSME, albeit often unintentionally. In many countries, lack of competition in the banking sector limits pressure on banks to reach out to MSME client segments. High risk and high transaction costs-real or perceived-associated with bank lending to MSME likewise constrain access. Often, supervisory and capital adequacy requirements penalize banks for lending to enterprises that lack traditional collateral. Attempts by governments to address these constraints and offset the inequalities in financial sector policy generally have not achieved the desired results. This book lays out a market-based policy framework for governments that focuses on delivery of financial services to MSME on commercial terms. The framework guides governments in focusing scarce resources on developing an inclusive financial sector policy; building sound financial institutions; and investing in a supportive information infrastructure...

Strategic Alliances to Scale Up Financial Services in Rural Areas

Gallardo, Joselito; Goldberg, Michael; Randhawa, Bikki
Fonte: Washington, DC: World Bank Publicador: Washington, DC: World Bank
EN_US
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Firms have employed strategic alliances with other firms to effectively manage costs, overcome resource and technology constraints, and enhance competitive position. Strategic alliances can lead to productive institutional collaborations in rural financial markets, thereby expanding the array of financial products, and scaling up access of rural households and micro-businesses to financial services. Strategic alliances comprise a new theme in rural finance. The institutions in the study used strategic alliances to tap new capital resources, manage transaction costs, access banking technology and infrastructure, and acquire new skills to provide an expanding array of financial services to wider markets. The authors carefully examine the experiences of selected rural finance institutions, and their strategic allies or development partners in Guatemala, the Philippines, Ghana, and India to draw out the main findings and share lessons that may be applied in other country settings. The study addressed a number of key questions: What motivated the rural finance institution to structure its alliance or partnership with a bank...

Rehabilitation of Rural Finance Institutions : Lessons from Benin and the African Experience

Turtiainen, Turto
Fonte: Banco Mundial Publicador: Banco Mundial
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Most attempts to develop financial markets and rural credit institutions in Africa have performed poorly, not satisfying the demand for savings and credit services in the rural areas. In many cases, however, the institutions continue to exist and could be revived, enlarged, or made more efficient if suitable programs to help them can be worked out. This note reviews the strategies and measures that can be used to rehabilitate rural finance institutions, based on the successful rehabilitation program in Benin and some other cases in Africa. Rehabilitation of a rundown rural finance institution takes several years, but it can be organized in phases, first concentrating on emergency measures to save the institution from bankruptcy, and then planning and implementing the actions for a longer term recovery process.

Development Finance Institutions : Measuring Their Subsidy

Schreiner, Mark; Yaron, Jacob
Fonte: Washington, DC: World Bank Publicador: Washington, DC: World Bank
EN_US
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66.35%
The term "development finance institutions" (DFI) encompasses no only government development banks, but also nongovernmental micro-finance organizations, that match grants to attempt to promote community development, decentralization of power, and local empowerment. Measures of the social cost of DFIs that receive public funds, help to check whether DFIs are good uses of public funds, i.e., if the social benefit of a DFI exceeds the social cost, then public funds are indeed well-spent, further improving social welfare. This report describes the measurement of costs but not of benefits; but even without knowledge of benefits, knowledge of costs can help to adequately spend funds. Two measures of social cost are presented: first, the Subsidy Dependence Index (SDI) - the ratio of subsidy received to revenue from loans; and, subsidy is the social cost of the public funds used to run a DFI - which does not discount flows, rather it works in short time frames, or when the rate of time preference is low; second...

IFC Jobs Study : Assessing Private Sector Contributions to Job Creation and Poverty Reduction

International Finance Corporation
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
EN_US
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56.42%
This report is the result of an open-source study to assess the direct and indirect effects of private sector activity on job creation. The report examines how and under what conditions the private sector can best contribute to job creation and poverty reduction. The private sector, which provides some 90 percent of jobs in developing countries, must be at the core of any response to this double challenge. Therefore, it is crucial to understand the constraints that private companies face in creating jobs, and the public sector and development finance institutions must help build an environment where these obstacles are removed or minimized. This report aims to help by providing an understanding of how the private sector generates jobs, what constraints limit job creation, and how these problems can be mitigated. The world is thus facing a double jobs challenge: creating a large number of jobs and creating better jobs. The economic crisis has added 27 million new unemployed; leading to a total of 200 million unemployed worldwide in 2011. More than 600 million jobs must be created in the next decade to ensure that unemployment does not increase even further as millions of young people enter the workforce. Private sector job cre-ation is inextricably linked to overall development and poverty reduction...

Tunisia Agricultural Finance Study : Main Summary Report

World Bank
Fonte: Washington, DC Publicador: Washington, DC
EN_US
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The Tunisia agricultural finance study was carried out in response to a request made in December 2009 by the Tunisian Ministry of Agriculture (MoA) for support for a study on the key constraints in agricultural finance. Technical and financial support was specifically requested for: (i) a comprehensive diagnostic analysis of the current mechanisms and problems of financing of the agricultural sector in Tunisia, including those by financial institutions and from budget resources, foreign direct investment, and insurance; (ii) a comparison of the Tunisian experience with successful experiences made in other comparable countries; and (iii) the formulation of concrete proposals. The diagnostic part was also requested to include the regulations pertaining to agricultural credit, other constraints impeding the development of agricultural finance, such as costs, profitability, professional organizations, extension services, research etc., and to look at the indebtedness of smallholders. It was also requested that the recommendations help to: (i) better define the objectives to be achieved in terms of financing of agriculture; (ii) increase the participation of the financial sector in financing agriculture; (iii) help identify need for support by different types of farmers; (iv) identify new instruments geared at qualitative and technological changes; (v) reduce the indebtedness of farmers; and (vi) help improve the subsidies for agricultural investment. There are two main written outputs of the Tunisia agricultural finance study. The experts working on the study have compiled a great deal of detailed background information diagnosing the current situation...

Enhancing Access to Finance for Technology Entrepreneurs : Analysis of Highly Innovative, High Growth Start-Ups in Vietnam, Cambodia, and Nepal

World Bank Group
Fonte: Washington, DC Publicador: Washington, DC
EN_US
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The first part of the study provides contextual background to the financing gaps and associated barriers, which restrict access to finance for HI start-ups. These barriers are driven by both supply and demand sides of the financing equation. Supply side barriers include: high transaction costs associated with financing; high levels of credit risk associated with HI start-ups; high collateral required by financial institutions; non-conducive legal and regulatory environments for investment in HI start-ups; lack of start-up expertise and dedicated resources by financiers; and finance products that are not tailored to HI start-ups needs and circumstances. Demand side barriers include: reliance by HI start-ups on informal financing sources; lack of awareness on the process to apply for funding from formal financing sources; low levels of financial literacy by HI start-ups; and the fear of losing control by involving external investors. This section also contains a broad overview of the country frameworks governing the start-up sector...

SME Finance in Ethiopia : Addressing the Missing Middle Challenge

World Bank
Fonte: Washington, DC Publicador: Washington, DC
EN_US
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This study starts with a brief analysis of which firms are the main net job creators in Ethiopia and then focuses on the financing constraints of Ethiopian MSMEs as one of the key obstacles to job creation and growth. In doing so, the study uses two demand-side surveys (the Ethiopia Survey of Large and Medium Scale Manufacturing Industries LMMIS, an unbalanced panel composed of about 6,000 firms with at least 10 employees which allows for a study of firm dynamics from 2000 through 2011 and the World Bank s Enterprise Survey (ES) that was conducted between July 2011 and July 2012 and includes 794 firms which allows for the additional examination of the services sector, microenterprises, and a more detailed understanding of firm experiences with respect to access to finance) and an ad-hoc supply side survey administered to 16 financial institutions, including the major public and private sector commercial banks and microfinance institutions, covering over 90% of the total assets in the banking and microfinance sector. This survey allowed collecting data on the actual involvement of financial institutions with MSMEs...

Scaling-Up SME Access to Financial Services in the Developing World

International Finance Corporation
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Trabalho em Andamento
EN_US
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56.55%
Small and medium enterprises (SMEs) play a major role in economic development, particularly in emerging countries. Access to finance remains a key constraint to SME development in emerging economies. Closing the credit gap for formal SMEs will be less daunting than for informal SMEs. The SME finance gap is the result of a mismatch between the needs of the small firms and the supply of financial services, which typically are easier for larger firms to access. Deficiencies in the enabling environment and residual market failures have motivated government interventions to foster SME access to financing. The stocktaking exercise confirms the rise in various parts of the world of specific business models aimed at providing financial services to SMEs in a cost-effective manner. Effective SME financing models can be implemented in different country and market environments, but greater outreach is achieved in the most developed environments for the financial sector. Although SME banking and microfinance models are successfully being rolled out in an increasing number of countries and regions...

Toward Universal Access

Stein, Peer; Randhawa, Bikki; Bilandzic, Nina
Fonte: International Finance Corporation, Washington, DC Publicador: International Finance Corporation, Washington, DC
Tipo: Trabalho em Andamento
EN_US
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56.45%
This report highlights key trends, challenges, and opportunities for advancing financial inclusion and presents major high-level policy recommendations for consideration by the Group of 20 (G-20) policy makers to benefit a wider range of developing countries, including many non-G-20 countries. The report serves a broad audience, ranging from policy makers, development finance institutions, and the private sector to experts seeking a synopsis of the key subtopics relevant for financial inclusion and areas of work for advancing progress. The report is organized into four sections. The first recommends broad goals and agenda items to accelerate progress in financial inclusion. The second defines the financial inclusion concept and its importance for economic growth and poverty reduction. The third section provides a snapshot of each of the pillars presented as part of the recommendations, and the fourth section summarizes the way forward. The report also contains an annex that takes a closer look at the microfinance industry as a case in point for reviewing the successes...

Small and Medium Enterprise Finance

Global Partnership for Financial Inclusion; International Finance Corporation
Fonte: International Finance Corporation, Washington, DC Publicador: International Finance Corporation, Washington, DC
Tipo: Trabalho em Andamento
EN_US
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This update considers new findings since the initial Stocktaking report, substantiating the contribution of the private sector, and of small and medium enterprises (SMEs) in particular, for new jobs and investment. These findings further illustrate the key role access to finance plays in SMEs abilities and willingness to add jobs including the special circumstances of fast-growing SMEs, or gazelles. The new findings further detail availability and gaps in SME financing, including for specific subsectors such as women-owned firms and agri-enterprises. New trends include progress made in recent years to improve financial markets infrastructure, and expanded lending in countries such as China, which have made progress in this area. The findings also include key private sector innovations pioneered by the SME Finance Challenge winners and other private sector institutions, focusing on key sector opportunities (such as agribusiness and energy), product innovation (such as expanded local currency options), and risk management alternatives. The new findings and trends highlight the potential of collaborative platforms that have emerged from the G-20/GPFI (Global Partnership for Financial Inclusion) process to combine resources to improve SME access to finance...

Nigeria : Financial Sector Review, Volume 1. Overview and Macro-Financial Environment

World Bank
Fonte: Washington, DC Publicador: Washington, DC
ENGLISH; EN_US
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This report is a comprehensive review of the Nigerian financial system, covering the following areas: i) macro-financial environment; ii) safety and soundness of the banking system; iii) banking supervision; iv) development finance institutions; v) community banks and commercial banks' rural operations; vi) insurance and pensions; vii) housing finance; viii) money and capital markets; and ix) term finance and leasing. The report is in three volumes: Volume 1 (Overview and Macro-financial Environment) covers the Executive Summary, Overview of the Financial System and Macro-Financial Issues. Volume 2 (Banking Institutions) contains chapters on: i) The Banking System; ii) Assessment of Banking Supervision; iii) Development Finance Institutions; and iv) Community Banks and Commercial banks' rural operations. Volume 3 (Non-Bank Financial Institutions and Markets) includes: i) Insurance and Pensions; ii) Housing Finance; iii) Money and Capital Markets; and iv) Term Finance and Leasing. The Statistical Annex contains relevant data for all the chapters.

Nigeria : Financial Sector Review, Volume 2. Banking Institutions and Their Supervision

World Bank
Fonte: Washington, DC Publicador: Washington, DC
ENGLISH; EN_US
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56.53%
This report is a comprehensive review of the Nigerian financial system, covering the following areas: i) macro-financial environment; ii) safety and soundness of the banking system; iii) banking supervision; iv) development finance institutions; v) community banks and commercial banks' rural operations; vi) insurance and pensions; vii) housing finance; viii) money and capital markets; and ix) term finance and leasing. The report is in three volumes: Volume 1 (Overview and Macro-financial Environment) covers the Executive Summary, Overview of the Financial System and Macro-Financial Issues. Volume 2 (Banking Institutions) contains chapters on: i) The Banking System; ii) Assessment of Banking Supervision; iii) Development Finance Institutions; and iv) Community Banks and Commercial banks' rural operations. Volume 3 (Non-Bank Financial Institutions and Markets) includes: i) Insurance and Pensions; ii) Housing Finance; iii) Money and Capital Markets; and iv) Term Finance and Leasing. The Statistical Annex contains relevant data for all the chapters.

Nigeria : Financial Sector Review, Volume 3. Non-Bank Financial Institutions and Markets

World Bank
Fonte: Washington, DC Publicador: Washington, DC
ENGLISH; EN_US
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This report is a comprehensive review of the Nigerian financial system, covering the following areas: i) macro-financial environment; ii) safety and soundness of the banking system; iii) banking supervision; iv) development finance institutions; v) community banks and commercial banks' rural operations; vi) insurance and pensions; vii) housing finance; viii) money and capital markets; and ix) term finance and leasing. The report is in three volumes: Volume 1 (Overview and Macro-financial Environment) covers the Executive Summary, Overview of the Financial System and Macro-Financial Issues. Volume 2 (Banking Institutions) contains chapters on: i) The Banking System; ii) Assessment of Banking Supervision; iii) Development Finance Institutions; and iv) Community Banks and Commercial banks' rural operations. Volume 3 (Non-Bank Financial Institutions and Markets) includes: i) Insurance and Pensions; ii) Housing Finance; iii) Money and Capital Markets; and iv) Term Finance and Leasing. The Statistical Annex contains relevant data for all the chapters.

Micro and Rural Finance in Ghana : Evolving Industry and Approaches to Regulation; Micro finance et financements ruraux au Ghana : Evolution de l'industrie et des approches a la reglementation

Steel, William F.; Andah, David O.
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Brief; Publications & Research
ENGLISH
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56.36%
The note reviews the structure and performance of Ghana's rural, and micro-finance institutions (RMFIs), through a financial system, namely comprising three main categories: formal, semi-formal, and informal systems. It then analyzes the liberalization of its financial policies (late 1980s) and the supervision regime, indicating that while Ghana's approach has yielded a wide range of RMFIs, and products - potentially outreaching the poor based on savings mobilization - it has also permitted the easy entry of institutions with weak management, and internal controls. This demonstrates the difficulty in striking the right balance between encouraging entry and innovation, and establishing adequate supervision capacity.

Strengthening the Governance and Performance of State-Owned Financial Institutions

Scott, David H.
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
ENGLISH
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46.58%
Corporate governance arrangements define the responsibilities, authorities and accountabilities of owners, boards of directors, and executive managers of a company. Good corporate governance is as important for state financial institutions as for private sector companies. Many of the problems that commonly afflict state financial institutions can be associated with, if not attributed directly to, weaknesses in corporate governance. This note draws on guidelines recently published by the OECD and the Basel Committee for Banking Supervision to compile a comprehensive corporate governance evaluation framework relevant to state-owned commercial and development finance institutions. It highlights aspects of this framework that are considered to be of particular importance to state financial institutions by citing innovative practices in a number of countries. Finally, it presents a detailed case study of the governance arrangements in place at the Development Bank of Southern Africa.

IFC Annual Report 2009 : Their/Our Story, Creating Opportunity Where It's Needed Most; A sua/a nossa historia : criacao de oportunidades onde elas sao mais necessarias - relatorio anual da IFC 2009 Leur histoire est aussi la notre : des opportunites pour qui en ont le plus besoin - rapport annuel de l'IFC 2009 Su historia y la nuestra : crear oportunidades donde mas se necesitan - informe anual de la IFC 2009

International Finance Corporation
Fonte: Washington, DC: World Bank Publicador: Washington, DC: World Bank
Tipo: Publications & Research :: World Bank Annual Report; Publications & Research :: Publication
ENGLISH
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The global economic crisis has opened an uncertain chapter, especially for the 2.5 billion people who live on less than $2 a day. Many of them lack access to electricity, or clean water, or basic health care. For at least a decade, economic growth in developing countries helped expand the availability of basic necessities while steadily reducing the number of people in poverty. But this year, the number of people in extreme poverty is expected to be much higher than was predicted before the crisis. Unemployment is rising. Yet many countries lack the domestic resources needed to speed up development. International Finance Corporation (IFC) has responded swiftly and creatively to improve the lives of the most vulnerable people by working with the private sector to create conditions for sustainable prosperity, wherever the need is greatest. IFC has quickly ramped up its advisory efforts and mobilized its donor partners to help governments, clients, and markets cope with the crisis and recover speedily. Priorities include: helping financial institutions better manage their risks and their nonperforming loans; complementing investment efforts in banking for small and medium enterprises...

Measuring the Performance and Achievement of Social Objectives of Development Finance Institutions

Francisco, Manuela; Mascaró, Yira; Mendoza, Juan Carlos; Yaron, Jacob
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
ENGLISH
Relevância na Pesquisa
66.56%
This paper develops and tests a proposed methodology that puts forward a new integrated method for evaluating the performance of development finance institutions. This methodology applies assessment criteria that take into account both the social objective that the development finance institution addresses and the subsidies it received in order to achieve such an objective. This methodology is applied to two pilot case studies-Banadesa (Honduras) and Banrural (Guatemala). The authors calculate the previously tested subsidy dependence index, which measures the degree of an institution's subsidy dependence. The paper develops and estimates a new measure-the output index- which indicates the level to which the institution fulfills the social objectives of the state. The analysis integrates the subsidy dependence index and the output index to assess the effectiveness associated with meeting the social objective. The findings suggest that the integration of the two indexes can constitute the basis of a meaningful evaluation framework for the performance of development finance institutions. This new methodology can also be a useful metric for policy makers who are seeking to decide on an optimal allocation of scarce funds for development finance institutions that pursue social goals and for management that seeks improved performance outcomes.