Islamic finance - Sharing losses and profits

Sharing losses and profits
This new financial system was based on two principles of associative finance - mudaraba (LP) and musharaka (association). Other instruments 'neutral' as Murabaha (where the bank acts as an intermediary in trade, buying goods needed for its customers and selling them for a profit) should play a transitional role: allowing banks to generate revenue until the widespread use of financial participation. As for the remuneration of deposits, it was also based on the principle of sharing profits and losses: saving accounts were paid (or not) with the profits of the establishment of "investment accounts" for finance specific investments were paid according to the results generated by these investments.
But finance partnership proved disappointing: neither the infrastructure nor the financial mentalities were favorable. Fired up by these failures, many schools moved away from initial ambitions. Lack of profitable investment in their countries of origin, they placed a significant portion of their funds in the West. Their predilection for "real property" (real estate, commodities market) exhibited a significant number of banks to huge losses. Instruments "neutral" which should play a role transition is perpetuated.
In many ways, Islamic banks do not differ more than their conventional counterparts by a language designed to disguise the existence of the interest. Their image also suffered from the collapse of Islamic investment companies in Egypt in 1988 (6) and a number of scandals. Some considered it as Islamic finance was ultimately a fleeting episode associated with the oil boom.
In fact, it was then on the verge of a very strong growth. Because of great changes had meanwhile changed the world of international finance and that of Islam: technological change and deregulation on the one hand (globalization of finance, new financial products, etc.). Political, economic, demographic and other social (impact of the Iranian revolution, the Gulf War, collapse of the Soviet Union and emergence of new Islamic states, fluctuations in the oil market, the rise of "Asian tigers", emergence of a pious bourgeoisie Muslim, etc.)..
But at the price of an update of the principles and practices of Islamic finance could know his real boom. While the first ijtihad (effort of interpretation) was characterized by legalism and scholasticism aspect, the second attached to recapture the spirit or the "moral economy" of Islam, taking into account the principles had long allowed Islam to adapt to the most diverse cultures' urf (acceptance of local customs), darura (need) and maslaha (general interest).