دور وكالات التصنيف الإئتماني في صناعة الأزمات في الأسواق المالية و متطلبات إصلاحها

الملخص EN

The opening of financial markets and the exaggeration in the issuance of financial products contributed in the acceleration of the emergence of financial crises and their correlation, and the propagation of its contaminating effects throughout these markets as well as the other sectors of the economy.

It also increases the number of agents responsible for these crises to such an extent that the profound effects of the global financial crisis become clear on both the developed and emerging economies.

Thus the Parties that have caused this crisis must bear all responsibilities concerning these effects.

Among the parties that contributed in shaping and lifting the efficiency of the infrastructure of the financial markets we find the international credit rating agencies which have been accused of helplessness on granting parties the receivable rating or exaggeration in granting these rating before and during the happening of the global financial crisis 2008, and crises of nineties of the 20` century.

In order to find a solution to the global financial crisis and the future financial crises, there is an extensive review process for the range of supervision and control on these agencies in order to reform it.

However, the Islamic rating agencies began to emerge as an alternative competitor to cover the deficiencies and what the traditional rating agencies forgotten, but they need support and development.