La réussite de l'intégration de la finance participative dans le système de finance classique

RésuméLa réussite de l'intégration de la finance participative dans le système de finance classiqueLes actifs financiers islamiques mondiaux ont atteint 1,8 billion de dollars en 2015 contre 150 milliards de dollars dans les années 90. Ils devraient dépasser 6,5 billions de dollars américains d'ici à 2020, après un taux de croissance des actifs islamiques de 30 % sur la période 2002-2007. Les analystes estiment que l’industrie devrait atteindre une valeur de 3 000 milliards de dollars dans le courant de la prochaine décennie.Malgré que le système institutionnel et constitutionnel marocain repose depuis toujours sur la centralité de la « Commanderie des croyants » (imarat al-mu’minin) dans un ordre qui fait de l’islam la « religion de l’État », paradoxalement la place de la charia dans le système financier marocain était absente, c’est ainsi que vient l’intégration en 2007 des trois techniques de financement dites produits alternatifs « Ijara, Mourabaha et Moucharaka » dans les banques classiques, qui se heurtait à diverses contraintes (notamment la sur taxation et la non-conformité aux  préceptes de la Charia). Sept ans après, le Maroc adoptera une seule loi bancaire, incluant un chapitre sur les banques « participatives » et les premiers agréments ont été octroyés fin 2016.Dans cette communication nous essayerons de se rapprocher des points de ressemblance et différences majeurs entre les banques islamiques et celles conventionnelles (ou classiques), puis faire un panorama des expériences réussites d’intégration des banques islamiques dans un environnement financier classique avant de se projeter sur l’expérience marocaine et ses perspectives de réussite. Mots-clés : Finance islamique, finance classique, Sukuk, Murabaha, GhararClassification JEL : G1, G2 …AbstractSuccessful integration of participatory finance into the classical finance system The Global Islamic financial assets reached $1.8 trillion in 2015 versus$ 150 billion in the 1990s. They are expected to exceed $6.5 trillion by 2020, after a growth rate of Islamic assets of 30$ 3 trillion in the next decade.Despite the fact that the Moroccan institutional and constitutional system has always been based on the centrality of the "Commandery of believers" (imarat al-mu'minin) in an order that makes Islam the "religion of the state", paradoxically the place sharia in the Moroccan financial system was absent, this is how the integration in 2007 of the three financing techniques called alternative products "Ijara, Murabaha and Moucharaka" in the conventional banks, which was faced with various constraints (including over taxation and non-compliance with Shari'a precepts). Seven years later, Morocco will adopt a single banking law, including a chapter on "participatory" banks and the first approvals were granted at the end of 2016.In this paper we will try to get closer to the points of resemblance and major differences between Islamic banks and those conventional (or classical), then make a panorama of successful experiences of integration of Islamic banks in a conventional financial environment before projecting on the Moroccan experience and its prospects for success. Keywords: Islamic Finance, Classic Finance, Sukuk, Murabaha, GhararJEL classification: G1, G2 … الملخصالإدماج الناجح للتمويل التشاركي في نظام التمويل الكلاسيكيفي عام 2015 بلغت الأصول المالية الإسلامية العالمية 1.8 تريليون دولار، مقارنة ب 150 مليار دولار في التسعينات، ومن المتوقع أن تتجاوز 6.5 تريليون دولار بحلول عام 2020، بعد معدل نمو الأصول الإسلامية في التسعينات. 30٪ خلال الفترة 2002-2007. ويقدر المحللون أن من المتوقع أن تصل الصناعة إلى 3 تريليون دولار في العقد المقبل.على الرغم من أن النظام المؤسسي والدستوري المغربي كان قائما دائما على مبدأ " إمارة المؤمنين" مما يجعل الإسلام "دين الدولة"، فإنه و من المفارقات أن مكانة الشريعة في النظام المالي المغربي ظلت غائبة، انطلاقا من هذا المعطى تم إدماج تقنيات التمويل البديلة الثلاثة في عام 2007 في البنوك الكلاسيكية التي واجهت معوقات مختلفة )بما في ذلك فرض ضرائب وعدم امتثال لمبادئ الشريعة الإسلامية .(وبعد سبع سنوات، سيعتمد المغرب قانونا مصرفيا واحدا، يتضمن فصلا عن المصارف " التشاركية"، وتم منح الموافقات الأولى في نهاية عام 2016.في هذه الورقة سنحاول الاقتراب من نقاط التشابه والاختلافات الرئيسية بين البنوك الإسلامية وبين تلك التقليدية (أو الكلاسيكية)ثم سنعرض بعض التجارب الناجحة لدمج البنوك الإسلامية في بيئة مالية تقليدية قبل مقاربة التجربة المغربية و آفاق النجاح. الكلمات المفتاحية: التمويل الإسلامي، التمويل الكلاسيكي، الصكوك، المرابحة، غر

ADMINISTRATION COUNCIL’S IMPACT ON THE PUBLIC ENTERPRISE: THE CASE OF MOROCCO

The public (or state) enterprise manages a large part of the collective heritage in most countries, so it is incumbent on it to comply with strict and rigorous governance criteria. In Morocco, the governance of public enterprises occupies more and more an important place in the main strategic orientations of the government. This importance is also present in Moroccan public opinion, especially with the various events that have marked the MENA region (the Arab Spring for example).However, given this interest in the public enterprise, the inventory of the empirical literature does not provide a clear picture of the impact of governance on this structure.On the other hand, examining the theoretical field into which the developments that deal more or less directly with the governance of companies, and more particularly the public company, gives rise to a double feeling: On the one hand, with regard to our research objective, we remain dissatisfied with the explanations provided by a good number of analyses which hardly provide answers to questions about the specificity of the public enterprise in general, and in terms of governance, in particular.On the other hand, we are struck by the diversity of approaches that attempt to partially answer these questions without providing a comprehensive and multidimensional approach.In addition, most of the analyses encountered ignore aspects of public enterprises operating in developing countries. Empirically, however, the results of the many studies carried out so far are, on the whole, ambiguous and therefore do not support the unequivocal conclusion that there is a relationship between the form of ownership and performance.In addition, the governance of a company, whether private or public, involves several mechanisms (social networks, mutual control of managers, control by shareholders, etc.), nevertheless the administration’s council remains the most evoked tool, since it constitutes a means of direct control of shareholders.However, given the ambiguity presented by the impact of the administration’s council on the performance, of the public company in particular, with all the points of difference or resemblance that it presents compared to a private firm, from this research, we will aim to propose a new research model. The objective is to obtain more relevant answers concerning the effects of the administration’s council on the creation of values. To this end, we will build, on the basis of the synthetic theory of corporate governance, a model combining the arguments of disciplinary and cognitive approaches.To obtain satisfactory answers concerning the impact of the administration’s council on the creation of values of the public enterprise, we will operationalize the performance both by a measure of the return on assets as by a criterion of return on equity. To examine the validity of the many research hypotheses, we will begin regression analyzes in the form of panel data. The advantage of this method consists of the fact that it allows to take into account the transverse dimensions (instantaneous cuts) and longitudinal (temporal dimension). The analysis ends with a synthesis of the main results and their interpretation.This research work therefore aims to apply the synthetic approach of the government of the public enterprise in the Moroccan case in order to provide more satisfactory answers to the following question: "What are the impacts of a governance mechanism such as the administration council on the performance of the public company?

Flaws linked to lime in pottery of Marrakech (Morocco)

The studied clayey materials come from soil of Marrakech Haouz Plain. We discussed the influence of grain size, mineralogical and chemical composition of these raw materials on the lime behaviour in pottery shards. In this paper we propose some recommendations to inhibit lime blowing and the efflorescences responsible for flaws. The application of such recommendations will improve the quality of produced pottery and the income of potters in the region.Peer reviewe

INFORMATION POUR LA PRISE DE DÉCISION DANS LES STRUCTURES CERTIFIÉES ISO 9001 VERSION 2008: PERCEPTION DE L’INFORMATION FORMELLE ET INFORMELLE PAR LES GESTIONNAIRES (ÉTUDE DE CAS)

In the field of Managerial Work Job and Behaviors (MWJB), many research studies have focused on managerial behavior in the workplace. Several models have thus been developed. They all described a particular way of manager’s real work. With the quality movement, many managers adopt the quality management approach. They aim to improve organizational image, management, communication… But also find themselves having to follow a certain style of management. The question that arises is: will these managers really adopt the quality management style? In this paper, we present an empirical study which aims to answer this question. The field of this research was limited to « management of information for decision making ». And we choose Mintzberg’s model as reference of MWJB. By using a case study of two Moroccan public institutions certified ISO 9001 version 2008, we examined the manager's perception towards formal and Informal information. The main result found that information coming from the quality Management System ISO 9001 (QMS) is very much appreciated by managers. We also found that the QMS had to a certain extent modified manager's perception towards formal and informal information. However, regarding different kinds of formal and informal information, the general order of manager’s information preferences is dictated by other factors, notably the synthetic and the opposable character of information. Also, it was found that certain managerial preferences, such as e-mail, could be used more to maximize the returns of the QMS

Application de la transformée en ondelettes à la détermination des caractéristiques géométriques d’une plaque par analyse du champ acoustique diffusé

Les méthodes temps-fréquence et temps-échelle ont une importance majeure dans l’analyse des signaux acoustiques notamment en contrôle non destructif par ultrasons. Nous nous intéressons dans ce papier à montrer l’apport de l’utilisation de la transformée en ondelettes dans l’analyse des signaux acoustiques diffusés par des plaques. Cette étude préliminaire concerne l’analyse des signaux acoustiques diffusés par une plaque de plexiglas dans laquelle est pratiqué un trou. La plaque est irradiée par un champ de pression ultrasonore à 10MHz. Le signal diffusé est capté grâce à un hydrophone large bande. En calculant l’inter-corrélation des transformées en ondelettes des signaux diffusés par une plaque sans trou et des signaux diffusés par une plaque perforée, nous avons pu déterminer une relation liant le coefficient de corrélation aux dimensions du trou

Effect of maturity stage on the chemical composition of argan fruit pulp

Argan tree, a species endemic to Southern Morroco, is well known for its kernel oil used in cosmetics and health-food, but the corresponding pulp attracted less interest from researchers and little is known about its chemical composition and evolution during maturation. The pulp of argan fruits monthly harvested during the ripening period based on fruit color (April to July), was analyzed. With progressing ripeness various changes were observed in the chemical composition, such as (i) a four-fold increase of total soluble sugars content (glucose, fructose and saccharose), and of Fe (75–165 ppm), but also (ii) a drop of many components, such as proteins (10.1–6.4%), and cell wall polymers, lignin (14.9–5.9%) and hemicellulose and cellulose. Hexane-soluble compounds found in substantial amount (10.7% in April) also decreased with time: the pulp oil peak (8.3%) was in April and June, and that of polyisoprene in June (3.6%). Therefore the stage of maturity (harvest date) is to be considered, without affecting the quality of the argan oil

INFORMATION POUR LA PRISE DE DÉCISION DANS LES STRUCTURES CERTIFIÉES ISO 9001 VERSION 2008: PERCEPTION DE L’INFORMATION FORMELLE ET INFORMELLE PAR LES GESTIONNAIRES (ÉTUDE DE CAS)

In the field of Managerial Work Job and Behaviors (MWJB), many research studies have focused on managerial behavior in the workplace. Several models have thus been developed. They all described a particular way of manager’s real work. With the quality movement, many managers adopt the quality management approach. They aim to improve organizational image, management, communication… But also find themselves having to follow a certain style of management. The question that arises is: will these managers really adopt the quality management style? In this paper, we present an empirical study which aims to answer this question. The field of this research was limited to « management of information for decision making ». And we choose Mintzberg’s model as reference of MWJB. By using a case study of two Moroccan public institutions certified ISO 9001 version 2008, we examined the manager's perception towards formal and Informal information. The main result found that information coming from the quality Management System ISO 9001 (QMS) is very much appreciated by managers. We also found that the QMS had to a certain extent modified manager's perception towards formal and informal information. However, regarding different kinds of formal and informal information, the general order of manager’s information preferences is dictated by other factors, notably the synthetic and the opposable character of information. Also, it was found that certain managerial preferences, such as e-mail, could be used more to maximize the returns of the QMS

Effect of maturity stage on the chemical composition of argan fruit pulp

Argan tree, a species endemic to Southern Morroco, is well known for its kernel oil used in cosmetics and health-food, but the corresponding pulp attracted less interest from researchers and little is known about its chemical composition and evolution during maturation. The pulp of argan fruits monthly harvested during the ripening period based on fruit color (April to July), was analyzed. With progressing ripeness various changes were observed in the chemical composition, such as (i) a four-fold increase of total soluble sugars content (glucose, fructose and saccharose), and of Fe (75–165 ppm), but also (ii) a drop of many components, such as proteins (10.1–6.4%), and cell wall polymers, lignin (14.9–5.9%) and hemicellulose and cellulose. Hexane-soluble compounds found in substantial amount (10.7% in April) also decreased with time: the pulp oil peak (8.3%) was in April and June, and that of polyisoprene in June (3.6%). Therefore the stage of maturity (harvest date) is to be considered, without affecting the quality of the argan oil