الوساطة المالية في الاقتصاد الإسلامي

الملخص EN

This paper examines the nature of bank financial intermediation in an Islamic economy.

It concludes that for such intermediation to be optimal, is should be based on bank's agency relationship (e.g.

wakalah, mudarabah, musharakab) with both sides: savers (surplus units) and businessmen (deficit units).

In theory, such model of banking achieves an optimal level of efficiency and profitability.

In comparison, traditional model of banking (based on debt on both sides) is more vulnerable to disturbances, and attains a lower level of profitability.

The common model of existing Islamic banks (based on murabaha on the asset side) on the other hand, is less efficient than the proposed model.

The paper also compares Islamic intermediation with the ordinary trading, and outlines the differences between them.