1、 外文翻译 原文 A Framework for Regulating Pawn shops: Why Do， What Area and Syariah View Material Source:： Authors： Abdul Ghafarb.ismail 1. Introduction The importance of pawnshop as a credit resource in Malaysia financial market is difficult to estimate because of Bank Negara Malaysia does not take into
2、 consideration the credit given by the pawnshop in the domestic statistic on the credit. However, based on the data given by pawnshops, the total of credit has been estimated about RM130 million at the end of year 2000 (at least RM70 million) was a new credit. Total domestic credit at the end of yea
3、r 2000 is around RM454.2 billion from the total, there was RM182.1 billion and RM64.7 billion given by commercial bank and financial companies. Based on this measurable, pawnshop can be called as a small bank that provided around 0.03 percent of credit resource in Malaysia financial market. Besides
4、that, there are 334 pawnshops at the end of year 2000 or one pawnshop for every five subsidiaries of commercial bank. Furthermore, on that year, the amount of customers was estimated around 1,015,200 (with an average 300 customers per month). Loan average only RM803, so the pawnshop credit as a perc
5、entage to the total credit is not significant compared to the average of population size who are get the benefit (in year 2000, population size in Malaysia was estimated around 23 million). Outside the measurable, pawnshop also very important to Malaysian people, especially for a group with a low in
6、come and a lower education (at primary school level). They have more risk on credit and this situation can make them out of the formal financial market. The study by Rugayah (1986) shows that loan process can be classified to three groups. There are household, private workers and government workers.
7、 These customers turn to pawnshop to get the credit because of they are not allowed to get loan from formal financial market. While the study by Abdul Ghafar and Nur Zakiah (1997) shows that customer used pawnshop based on their own satisfaction likes for household expenditure and emergency case. Th
8、e amount of the credit can be drawn as soon as possible by answering some simple questions. Based on the measurable, it cannot be denied that pawnshop institution in Malaysia have a big potential in society development that if pawnshop activities can be exploited completely and the effectiveness on
9、that activity can be improved. For that purpose, the planning of development in the pawnshop credit should be implemented with consideration on current regulatory environment. The aims are to promote stability and a sound pawnshop institution and also to encourage and promote a vibrant and healthy c
10、redit market. Furthermore, credit as an important variable and can be translated as capital for microenterprise. Therefore, the pawnshop plays an important role to the economic growth. Therefore, the main objective of this paper is to provide a framework for addressing regulatory issues which impact
11、 pawnshop operations and institutional development in Malaysia. The paper could be useful in developing guidelines to establish a regulatory environment that permits pawnshops to progressively evolve into institutions capable of wider outreach and achieving critical mass in operations. The rest of t
12、he paper is organized in the following way: the next section explains the need to regulate the pawnshop; the area of regulations will be outlined in section 3. The regulatory issues of Islamic pawnshop will be examined in section 4. Section 5 summarizes the conclusions. 2. Why Do We Need To Regulate
13、 the Pawnshop? The basic idea in regulatory dialectic principle is aimed to solve the conflicting objectives of different agents. The safety and stability on one hand and efficient pawnshop structure on the other hand. We think of safety in terms of protecting customers. Stability is protecting the
14、economy from the vibrations of the credit market or ensuring safe and secure pawnshop institutions. In contrast, structure focuses on promoting competition (protecting pawnshop customer from the monopoly power of pawnshop) and achieving efficiency. a. Consumer protection. To protect borrowers agains
15、t abusive lending and collection practices, and providing borrowers with truth in lending accurate, comparable and transparent information about the cost of loans. b. Protection against Abusive Lending and Collection Practices To protect clients against pawnbrokers who make loans without enough exam
16、ination of the pledged assets. This is because the borrowers tend to over-indebted, resulting in higher defaults for other pawnbrokers. Some countries have faced these problems and governments have found it necessary to regulate against such behavior. In addition there is often concern about unaccep
17、table loan collection techniques. ii. Truth in Lending. The different combinations of the storage fees and interest- calculation methods are the problem for a borrower to compare charges or interest rates of pawnbrokers. In many cases, pawnbrokers are required to disclose their effective interest ra
18、tes to loans applicants, using a uniform formula mandated by government. Truth in lending requirement usually argued strongly by pawnbrokers and this will promote price competition. Moreover, mandated discipline of disclosing effective interest rates may help to focus pawnbrokers on steps they can t
19、ake to increase their efficiency and thus lower their rates. So, there ought to be a presumption in favor of giving borrowers full and usable information about interest rates even this is not always simple. In some cases, the public prejudice against seemingly exploitative interest rates is very str
20、ong. Even where high interest rates on tiny loans make moral and financial sense, it may still prove difficult to defend them when they are subjected to broad (and uninformed) public discussions, and where politicians exploit the issues for the political advantage. So, borrowers show that they are h
21、appy to have access to loans even at high rates. But if pawnshops are required to express their pricing as effective interest rates then the risk of a public and political backlash becomes greater and can threaten the ability of pawnbrokers to operation. c. Fraud and Financial Crime Prevention There
22、 are two fraud and financial crime prevention, i.e., concerns about securities fraud and abusive investment arrangements such as pyramid schemes; and money lender concerns. d. Secured Transactions Borrowers, pawnbrokers and the rational economy and all benefits, there are not only gold but also move
23、able assets can be pledged as collateral for loans. But in many developing and transitional countries, it is impossible to create and enforce a security interest in moveable collateral. Legal and judicial reform to support secured transactions can be very worthwhile, although these matters tend to a
24、ffect the middle class more than they do the poor. Such reform typically centers on the commercial and judicial laws, not the pawnshop law. e. Limitations on Ownership, Management and Capital Structure In many legal systems, citizenship currency and foreign-investment regulations create hurdles for
25、some forms of pawnshops. Common problems include prohibitions or severe limitations or the participation of foreign equity holders, borrowing from foreign sources and employment of non citizens in management or technical positions. f. Tax and Accounting Treatment of Pawnshop i. Taxation of financial
26、 transactions and activities. This is such as a value-added tax on lending or a tax on interest revenue, the issue is a level playing field among institutions types. In some countries, favorable tax treatment or transactions is available only to prudentially licensed institutions, even though this f
27、avorable tax treatment bears no substantive relationship to the objectives of prudential regulation. Besides, for some countries, financial transaction taxes affect financial cooperatives differently from banks. Other considerations, favorable transaction tax treatment should be based on the type of
28、 activity or transaction, regardless of the nature of the institution and whether it is prudentially licensed. ii. Taxation on profits. The reasons for exemption from profits tax is the principle that the non-governmental organization is rendering a recognized public benefit and does not distribute
29、its net surplus into the pockets of private shareholders or other insiders, but they will reinvest any surplus to finance more socially beneficial work. There are always ways to evade the spirit of this non-distribution principle, such as excessive compensation and below market loans to insiders. Ru
30、le for tax deductibility of expenses should apply consistently to all types of institutions, regardless of whether they are prudentially licensed. For licensed institutions, prudential regulation will normally dictate the amount of loan loss provisioning. In the case of unlicensed leading only insti
31、tutions, the tax authorities may need to regulate allowable amounts of provisioning in order to prevent abuse. 3. Current Regulatory Framework The Pawnbrokers Act 1972 (Amendment 2003) was gazette on the 1st January 2004. This act is introduced to regulate and control the pawn broking business, to p
32、rotect the fawner and pledged assets, and matters connected with it. The act defines the pawnbrokers as the person who receives, purchases or takes in articles and then lends any sum of money that is not exceeding RM10,000 under an agreement of the dealing reasonably inferred that those articles may
33、 be redeemed. Fawner means a person delivering an article for pawn to a pawnbroker. Pawnbroker must responsible for all the agent and worker action during the dealt with customer such as misplaced, careless and defiance. Therefore, in this section, we will identify the provision in the act that gove
34、rn the three different agents, i.e., pawnbroker, fawner and the regulators. 译文 A Framework for Regulating Pawn shops: Why Do， What Area and Syariah View 资料来源： 作者： Abdul Ghafarb.ismail 把典当行作为解决金融市场信贷资源的重要性在马来西亚还是很难的，因为马来西亚国家银行估计没有考虑通过在信贷上给予 国内典当行信贷帮助。不过，根据典当行提供的数据为基础，信贷总额已约 RM130 亿美元，估计截止于 2000 年（至少
35、有 RM70 亿美元）新的信贷规模。总计在 2000 年底国内信贷从各地规模达到 RM454.2 亿美元，其中有 RM182.1 亿元源自商业银行，有RM64.7 亿美元源自金融公司。 在此衡量的基础上，典当行可以称为一个提供了信贷约占 0.03%马来西亚金融市场资源的一个小银行。除此之外，还有 334 家当铺截止 2000 年年底和每一个国有商业银行拥有五个子公司当铺。此外，在这一年里，客户的金额估计约 101.52 万（平均每月 300 客户）。可贷款平均却只有 RM803，因此作为典当行的信贷总额中的比例并不足够和信贷规模相匹配的受益人口规模（在 2000年，马来西亚的人口规模估计约为
36、2300 万）。 除去可衡量的标准，典当行对马来西亚人民也是很重要的，尤其是对低收入群体（少于 500 令吉）和受教育程度较低者（在小学阶段）来说。因为他们有更多的信用风险，这种情况可以利用正规金融市场体现出来。由 Rugayah（ 1986年）研究显示，贷款过程可分为三组：家庭，私人工人和政府工作人员。这些客户转向典当行获得贷款，因为他们不能从 正规金融市场获得贷款。同时阿卜杜勒和努尔（ 1997）研究表明，客户利用典当行是基于客户在紧急情况下使用自己的家庭开支。信用证的金额可以通过回答一些简单的问题尽快得出。 在衡量的基础上，不能否认，典当行机构在马来西亚社会的发展有一个很大的潜力，如果典
37、当行活动可以完全被利用将使这一活动的有效性得以提高。基础此目的，在制定典当行信贷发展规划时应当考虑目前的监管环境来实施。宗旨是促进稳定和健全的典当行机构，并鼓励和促进有活力、健康的信贷市场。此外，由于信贷的一个重要变量，可以被翻译为微型企业的资本。因此， 典当行起到了对经济增长的重要作用。 因此，本文的主要目的是为解决影响典当行经营和监管体制发展中的马来西亚问题的框架。该文件可能是在制定指导方针，建立一个监管环境，允许典当行逐步演变成在经营能力，实现临界质量等方面更有用、更广泛的推广机构。 本文其余部分组织将以下列方式：下节说明需要规范典当行；规定典当行面积将在第 3 节讲述；伊斯兰典当行的监
38、管问题将审查在第 4 节；第 5 节是总结的结论。 1、为什么我们需要规范典当行？ 监管原则的基本思想是辩证地解决因不同目标而冲突的代理商的安全与稳定 。我们认为在保护消费者安全方面，稳定是防止信贷市场经济振动或确保安全可靠的典当行机构。与此相反，结构侧重于促进竞争（保护典当行客户的垄断权），实现效率。 a：消费者保护。 为了保护真实的贷款，反对滥用贷款和收集方式为目的的借款人，并提供借款人准确，具有可比性和相关透明度的贷款成本信息。 一、针对保护恶劣贷款及征收行为 为了防止当铺向没有做出足够的抵押资产审查的客户贷款。这是因为借款人倾向于过度负债，结果是造成对其他典当更高的违约。一些国家已经面
39、临的这些问题，政府认为有必 要对这种行为进行规范。此外，不可接受的贷款往往是收集技术的关注对象。 二、贷款的真相。 储存费用和利息计算方法的不同组合问题是对借款人进行比较收费或当铺利率计算的前提。在许多情况下，典当行必须公开其实际利率的贷款申请，使用一个由政府授权统一的公式。真理通常被认为是贷款需求强烈，这将促进当铺的价格竞争。此外，公开纪律规定的实际利率可能有助于集中他们可以采取的步骤，以提高他们的效率，从而降低其当铺利率。所以，我们也应该有一个借款人给予充分和有用的信息，有利于对利率的假设，即使这并不总是简单的。在某些 情况下，利率对看似剥削公众的偏见是很强烈的。即使以小额贷款高利率做出道
40、义，从财政意义上讲，它仍然可能难以防守，因为受到广泛的公众讨论，和政客利用政治优势等问题。因此，借款人表明，他们甚至很高兴在高利率时获得贷款。但是，如果需要当铺表示为实际利率，则公众和政治反弹风险定价变得更大，可能威胁到当铺的经营能力。 a：欺诈和金融犯罪的预防 有两种诈骗和金融犯罪的预防，即关于证券欺诈和滥用投资安排的问题，如传销及放债人的关注。 b：担保交易 借款人、典当行、经济合理的所有福利，不仅有黄金，可动资产也可以用作贷款抵押。但在许多发展中国家和转型期国家，就不可能建立和执行一个可移动的抵押担保利益。法律和司法改革，支持担保交易是非常值得的，尽管这些问题往往会影响中产阶层更甚于贫困
41、阶级。通常这种改革是针对商业和司法法律，而不是典当法律 c：所有制的限制，管理和资本结构 在许多法律体系中，公民的货币和外商投资法规是典当行改变某种形式的障碍。常见问题包括禁止或严格限制对国外股权持有人参与，以及向国外在管理或技术岗位的非公民提供就业借款。 d：当铺的税务及会计处理 一、税务和金融交易活动。 由于对贷款增值税或收入的利 息税等，这个问题是一个公平的竞争机构之间的类型字段。在一些国家，优惠的税收待遇或交易只适用于持牌机构，即使这个有利的税收待遇不承担任何实质性的关系，仅仅审慎监管的目标。此外，对于一些国家，金融交易税对金融合作社的影响不同于银行。其他考虑交易税优惠的治疗应根据活动
42、或交易类型，而不管该机构的性质和是否已经被许可。 二、课税利润。 来自利得税豁免的原因是一个原则，就是非政府组织是一个公认的公共利益渲染，不分发到私人股东或其他人士的口袋。但他们将多余的净盈余资金再投资到社会以开展任何更多有益的工作。总是 有办法规避这种非分配的原则精神，如过度的补偿和贷款。费用扣除的税务规则应该始终如一地适用所有类型的机构，无论他们是否已经获得许可。对于持牌机构的审慎监管通常决定了贷款拨备的损失额。而对于无牌持有机构，税务机关可能需要调整准备金允许量，以防止滥用。 3、目前的监管框架。 1972 年当押商条例（修订 2003 年）在宪报刊登在 04 年 1 月 1 日。这一行 为被引入典当业规范和控制业务，并承诺保护资产 以及 与它相连的问题。该法界定的人谁接收，购买或接受的典当物品，然后借给处理下一个合理的推断，这些条款可兑换协议的任何一笔款 项，即不超过 10000 令吉。当户是指一个人提供一 项 当铺典当物品。当押商必须 对 所有与客户，如错误的 、 不小心处理 的 和蔑视 的 工人 行为负责。 因此，在本节中，我们将确定该法的规定，管理三个不同的代理，即当铺老板，当户和监管。
