خطر اعتباری و پایداری بانکی: مطالعه بانک های اسلامی و بانک های متعارف Credit Risk and Banking Stability: A Comparative Study between Islamic and Conventional Banks

Introduction Нe recent financial crisis started in the sub-prime mortgage sector in the United States in the fall of 2008 to propagate and trigger a financial crash that shook the international stock markets, and led to the collapse of the pillars of the global finance and then to a recession that aوٴected the entire planet. Нis crisis caused further damage and casualties throughout the world to the extent that it became one of the major financial crises in history, which raised the curiosity of many analysts and economists. It is in fact an opportunity to review the current foundations of the international financial system characterized by an excess of financialization which distinguishes the real from the financial economy and encourages indebtedness and speculative driіs, which weakens the system and exposes it to more crises in the future. In Europe, an amount of 275 billion Euros at the marginal rate of 4.08% was injected in August 2007 by the European Central Bank (ECB) in order to help banks avoid successive liquidity problems that investors were subject to and also to avoid the paralysis of the credit market. Нe amount of loans given by banks was remarkably reduced. Нis step was reached aіer a phase characterized by the increase of the degree of the loans oوٴered along with the increase of the number of default debtors. Because of the subprime crisis, the eighth British bank, Northern Rock, a specialist in mortgages, fell into a situation of illiquidity. For this reason, the bank of England intervened to help it by playing the role of the lender of last resort (RDP). Нe main source of the lack of liquidity within this institution is the mistrust of the second-tier banks that refused to lend liquidity, fear of its possible exposure to the subprime mortgage market. Нis “Subprime Credit” emphasized Islamic finance and presented it as a means of regulating the world economy, especially aіer the many weaknesses that finance has experienced. In this fragile macroeconomic context, the sentiment of the financial markets fluctuated according to the actions of the authorities.