The role of Islamic rating agencies: Between alternative and competitor

Transcription

1 Conference paper (excluding author names and affliations) (ICIEF) The role of Islamic rating agencies: Between alternative and competitor PREPRINT: PLEASE DO NOT QUOTE OR DISTRIBUTE Abstract: This study aims to identify the extent of the contribution of the rating agencies Islamic as an alternative legitimate or competitor to the traditional rating agencies to curb financial crises So we have tried to address the issue by using the descriptive approach, which protrudes through the general framework to clarify the nature of the credit rating and to identify the months and its agencies, and the role it has played in a financial crisis, and thus reform to finding an alternative legitimate 1

2 and contender for the advancement of Islamic classification requirements To cover the deficiencies of traditional classification agencies which contributed to the financial crises industry Which calls for the reduction of these crises with the support and development of the legitimate classification that seeks to achieve the Islamic identity of the institutions and products, all complying with the principles and provisions of the law transactions, not to mention the credit side Key words: credit rating agencies, financial crises, the legitimate classification, Islamic identity 002 2

3 I ) Investor Bulletin, p 1 1 3

4 Joyce Michel 2006, P17 ) Mounayar, Investment Grade BBB A AA AAA Baa A Aa Aaa : Speculative Grade ) C CC CCC B BB ( )C Ca Caa B Ba ( Aa 4

5 0 0 Caa B AA «-» «+» Financial, 000, P 5 ) وFitch Moody s S& P ) Crisis Inquiry Commission وFitch Moody s S& P ) 11 Fitch S& P Moody s AAA AAA Aaa AA -AA +AA Aa3 Aa1 A -A +A A3 A1 BBB -BBB +BBB Baa3 Baa1 BB -BB +BB Ba3 Ba1 B -B +B B3 B1 CCC -CCC +CCC Caa3 Caa1 C,CC C,CC Ca D D, SD C ( -1 II ) World Economic Forum, 200, P ( 5

6 «D» «D» ) Fitch Ratings, 007, P 2 ( -2-1 Moody s Investors Service, 200, P ) Fitch Ratings, 2014, P 56 ( Confirmed 0 Affirmed Downgrade 6

7 Paid In Full 4 Rating Watch On 5 Revision Outlook 1 Upgrade 7 Withdrawn 2 WR Published 9 NR III %20 50 % Standard Moody s Investors Service Fitch Rating & Poor s

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9 074 IV )Ashok Vir Bhatia 2002, P: 40( Moody s و S& P ) 12 ( Standard & Poor s 4- BBB- A 7-00 B- 00 BBB 0- B+ 4 AA BBB- A BBB- 02 B B- 0 BB- - 0 B- 9 BB B BB B BBB- 00 Moody s 9

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23 ) Ashok Vir Bhatia, (2002), Sovereign Credit Ratings Methodology: an Evaluation, IMF, WP/02170/, Washington, DC 2- Financial Crisis Inquiry Commission, (2010) Credit Ratings and the Financial Crisis, Financial Crisis Inquiry Commission, Washington, DC June 2 3- Fitch Ratings, The Sovereign Rating Service, Fitch Ratings, NY, 4- Fitch Ratings,( 2007), Sovereign Rating Methodology, Fitch Ratings, NY, 5- Fitch Ratings, (2014), Definitions of Ratings and Other Forms of Opinion, Dec 6- Investor BulletIn,( 2014), The ABCs of Credit ratings, Investor Assistance, SEC Pub No Joyce Michel Mounayar,( 2006), Credit Risk: The Major Determinations of Credit Risk Ratings, American University of Beirut, Beirut, - Moody s Investors Service, (200), Moody s Rating Symbols & Definitions, Moody s Investors Service, New York 9- Mounayar Joyce Michel, (2006), Country Risk: the Major Determinations of Credit Risk Ratings, American University of Beirut, Beirut 10- RAQABA Islamic Finance Consultation Company [Online] (cited 15 Décembre 2014) Siegfried Utzig, (2010 ), The Financial Crisis and the Regulation of Credit Rating Agencies: A European Banking Perspective, WP No 1, Asian Development Bank Institute, Tokyo 12- World Economic Forum,( 200), The Financial Development Report 200, World Economic Forum, Geneva, wwwfitchratingscom 3- wwwmoodyscom 4- wwwstandardandpoorscom 23