Purpose

There is a growing debate as to how Islamic financial institutions can increase the expansion of profit and loss sharing (PLS) finance instead of widely practiced markup finance. This paper aims to seek to argue that protecting lenders right is to be ensured if we expect to see the rise of PLS finance of Islamic banks.

Design/methodology/approach

The paper draws upon the theorical contribution of Toshihiko Izutsu, who shows the derivation of the modern term Islam from its pre-Islamic root of hilm. Izutsu argues that a halim (Muslim or mu’min) possesses power and becomes altruist for fellow Muslim. This research takes this view to illustrate that Islamic lenders should be bestowed with economic and financial power for the expansion of PLS finance.

Findings

The authors show that Islamic financial system does not furnish required institutions conducive for expansion of PLS finance. The authors further argue that the practice of PLS should be based on an effective power retained by the lender to discipline the borrower, which is currently lacking in a typical PLS contract.

Practical implications

The retention of the power by the lender does not necessarily breach maqasid al-shari’ah, so far as the power is managed upon the concept of hilm. This philosophical speculation, in the authors’ view, would contribute to bridge a gap between Islamic pragmatists and perfectionists’ view toward expansion of PLS finance.

Originality/value

Although Izutsu’s explanation provides an important tool to argue that the altruistic behaver of halim can encourage the supply of participatory finance, this provision has not been adequately argued in the literature.

中文翻译：

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贷方在伊斯兰金融盈亏共担中的地位：Izutsu关于“伊斯兰”和“伊斯兰教”的假设的分析视角

目的

关于伊斯兰金融机构如何扩大损益共享 (PLS) 融资而不是广泛实施的加价融资的争论越来越多。本文旨在论证如果我们期望看到伊斯兰银行 PLS 金融的兴起，保护贷款人的权利是必须得到保证的。

设计/方法/途径

本文借鉴了 Toshihiko Izutsu 的理论贡献，他展示了现代术语 Islam 是从其前伊斯兰根源 hilm 派生而来的。Izutsu 认为 halim（穆斯林或 mu'min）拥有权力并成为穆斯林同胞的利他主义者。本研究采用这种观点来说明伊斯兰贷方应被赋予经济和金融权力以扩展 PLS 金融。

发现

作者表明，伊斯兰金融体系没有提供有利于 PLS 金融扩张的必要制度。作者进一步争辩说，PLS 的实践应该基于贷款人保留的有效权力来约束借款人，这是目前典型的 PLS 合同所缺乏的。

实际影响

只要权力是根据 hilm 的概念管理的，贷方保留权力并不一定违反 maqasid al-shari'ah。在作者看来，这种哲学推测将有助于弥合伊斯兰实用主义者和完美主义者对 PLS 金融扩张的看法之间的差距。

原创性/价值

尽管 Izutsu 的解释提供了一个重要的工具来论证 halim 的利他行为可以鼓励参与性金融的供应，但这一规定在文献中并未得到充分论证。