Morocco Experience in Islamic Finance between the Failure of the Past and the Promising Future
Opening of Islamic banks have been increasing considerably in recent years in many countries. Morocco is among these countries and will get the agreements to open in early 2016. This following work is done in the preparation phase of the launch and its importance lies in the fact that it comes after a first failure experienced in 2007 and that Morocco is among the last Muslim countries that will integrate this type of finance into their financial system. This article will focus on the first introduction by highlighting the various obstacles that were the reason for its failure, and will underline what the new banking law has done to overcome the problems encountered before. In the end, we will address two major issues, why the system failed in 2007 and why it is more likely to succeed in 2016.
Financement bancaire islamique : une solution éthique à la crise financière
Les banques islamiques ont montre leur resistance face a la crise des Subprimes qui a touche la finance conventionnelle. Notre article s’interroge sur les facteurs explicatifs de la vulnerabilite du systeme financier conventionnel et ceux relatifs a la resistance des banques islamiques. D’une part, le referant ethico-religieux de ces banques semble contribuer a leur solidite financiere a travers l’interdiction du taux d’interet, de la speculation, de la titrisation des dettes et la prise de risque excessive dans les operations de couverture. D’autre part, le paradigme de partage des profits et des pertes entre la banque islamique, ses deposants et ses partenaires en matiere de financement et d’investissement peut contribuer a une meilleure repartition des risques, au renforcement des operations de financement par les fonds propres et la reduction de l’ecart entre la sphere financiere et la sphere reelle. Compte tenu de sa dimension ethique et cooperative, les institutions financieres conventionnelles ont interet a amener une reflexion sur les principes directeurs de la finance islamique, non seulement pour leur propre benefice mais aussi pour l’ensemble de leurs partenaires. Mots-cles : finance islamique, principes ethiques, partage de pertes et profits.
The Open Mobile Alliance: Delivering Service Enablers for Next-Generation Applications
Apractical overview of OMA specifications and how they enable mobile multimedia services & much more ! The Open Mobile Alliance (OMA) is an industry forum, which develops open specifications to help in the creation of applications and services to be deployed over converged networks. The alliance is the leading industry forum for generating market-driven specifications for interoperable mobile service enablers that facilitate global user adoptions of mobile multimedia services. Members include traditional wireless industry segments, such as mobile operators mobile operators (e.g. AT&T, China Mobile, Orange, Sprint Nextel, T-Mobile, Telefonica, Vodafone), equipment and mobile systems manufacturers (e.g. Alcatel-Lucent, Ericsson, Motorola, Nokia, Philips, Samsung, Siemens, Sony-Ericsson), and Information Technology vendors (e.g. BEA Systems, IBM, Microsoft, Oracle Corporation, Sun Microsystems and NEC). Since its formation in 2002, the OMA has made significant progress in areas such as push-to-talk over cellular, device management, presence and group management, and messaging. The Open Mobile Alliance: Provides a comprehensive overview of the service enablers published by the OMA, tying together all the different piece parts developed by the individual working groups Offers a thorough introduction to the OMA Service Environments (OSE) and the specification process for enabling technologies. Discusses enablers for services such as gaming, IMS, Parlay, mobile broadcast and web services. Contains contributions from all stakeholders in the mobile application value chain. The Open Mobile Alliance Alliance is an invaluable resource for OMA members, product managers, network architects and planners, standards managers, standards engineers and IT professionals. Advanced Students and lecturers on mobile application development and standardization courses will also find this book of interest."The success of OMA is due to its individual members' contributions, and this book is testament to their hard work. The individual members' efforts and the authors of this book are to be congratulated on their magnificent achievements." Mark Cataldo, Senior Advisor, Orange SA, OMA Technical Plenary Chairman