VOA慢速英语2009年-Economics Report - How Islamic Finance

This is the VOA Special English Economics Report.

Dubai's recent debt problems have brought attention to the growth of Islamic finance. A government-owned group of companies, Dubai World, has been seeking to restructure twenty-six billion dollars of debt. About six billion of it is in Islamic bonds, including a three and a half billion dollar bond set for repayment¹ on Monday.

The biggest difference between Western and Islamic finance involves beliefs about charging interest on borrowed money. In Islam, the basic idea is that you should not make money from money itself.

Instead of interest, lenders charge fees. Ghiyath Nakshbendi at American University in Washington is an expert on Islamic financing.

GHIYATH NAKSHBENDI: "The bank will estimate its costs based on its fixed² costs, variable costs, the cost of their employees, the rent and so on and so forth³. And from that they estimate how much they are going to charge."

But he points out that this system can make Islamic financing costly⁴. The costs of the system are shared by the borrowers. The fewer the borrowers, the more each has to pay.

In many cases, Islamic financing requires the lender and borrower to share profits and losses. Ghiyath Nakshbendi explains what that means with Islamic bonds, called sukuk.

GHIYATH NAKSHBENDI: "When we talk about sukuk, we don't guarantee a certain return."

He says the bondholders are buying a share of a business or property. If business is good, then they could get back more than they expected. But if it fails, then there is no guarantee of repayment. Islamic bonds can be structured in different ways, but a major idea is shared profit and loss.

Professor Nakshbendi says Islamic lending practices are also supposed to be socially responsible.

In world banking⁵, the total share of Islamic finance is less than one percent. But it is growing at a rate of fifteen to twenty percent a year. There is growing interest in Islamic banking in the West. London is becoming a center of Islamic finance. And France recently proposed changes in finance laws to protect Islamic bondholders.

Estimates differ, but as much as one and a half trillion dollars may be managed under Islamic rules.

Last year, the International Monetary⁶ Fund studied the financial security of Islamic banks. It found that their lack of complex products like futures⁷ and derivatives⁸ limits the ability to spread risk.

Professor Nakshbendi notes that Islamic finance does not appeal only to Muslims.

GHIYATH NAKSHENDI: "In Malaysia, the majority of customers in Islamic banks are non-Muslims."

And that's the VOA Special English Economics Report, written by Mario Ritter. Our reports are online at voaspecialenglish.com. I'm Steve Ember.
 

1 repayment   

n.偿还，偿还款；报酬

参考例句：

• I am entitled to a repayment for the damaged goods.我有权利索取货物损坏赔偿金。
• The tax authorities have been harrying her for repayment.税务局一直在催她补交税款。

2 fixed   

adj.固定的，不变的，准备好的；(计算机)固定的

参考例句：

• Have you two fixed on a date for the wedding yet?你们俩选定婚期了吗？
• Once the aim is fixed,we should not change it arbitrarily.目标一旦确定，我们就不应该随意改变。

3 forth   

adv.向前；向外，往外

参考例句：

• The wind moved the trees gently back and forth.风吹得树轻轻地来回摇晃。
• He gave forth a series of works in rapid succession.他很快连续发表了一系列的作品。

4 costly   

adj.昂贵的，价值高的，豪华的

参考例句：

• It must be very costly to keep up a house like this.维修这么一幢房子一定很昂贵。
• This dictionary is very useful,only it is a bit costly.这本词典很有用，左不过贵了些。

5 banking   

n.银行业，银行学，金融业

参考例句：

• John is launching his son on a career in banking.约翰打算让儿子在银行界谋一个新职位。
• He possesses an extensive knowledge of banking.他具有广博的银行业务知识。

6 monetary   

adj.货币的，钱的；通货的；金融的；财政的

参考例句：

• The monetary system of some countries used to be based on gold.过去有些国家的货币制度是金本位制的。
• Education in the wilderness is not a matter of monetary means.荒凉地区的教育不是钱财问题。

7 futures   

n.期货，期货交易

参考例句：

• He continued his operations in cotton futures.他继续进行棉花期货交易。
• Cotton futures are selling at high prices.棉花期货交易的卖价是很高的。

8 derivatives   

n.衍生性金融商品；派生物，引出物( derivative的名词复数 )；导数

参考例句：

• Many English words are derivatives of Latin words. 许多英语词来自拉丁语。 来自《简明英汉词典》
• These compounds are nitrosohydroxylamine derivatives. 这类合成物是亚硝基羟胺衍生物。 来自辞典例句