AL MAALI IF CONSULTING CONSULTING
Islamic Finance Consulting & Training services
Groupe Institut Supérieur de Commerce Et d’Administration des Entreprises Centre de Casablanca
Mémoire de fin d’étude Option : Finance des Entreprises
Les Sukuk, La titrisation selon la finance islamique
Rédigé par : Jihad LAASSILIA
Encadrant académique : M. Adil BAMI Encadrant professionnel : M. Sami Assoulaimani 1
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R e m e r c i e m e n t s
J’aimerais adresser des remerciements particuliers à toutes les personnes qui ont contriu! de pr"s ou de loin l oin à la r!alisation de ce m!moire#
Mes remerciements $ont particuli"rement à %
M# Sami Assoulaimani pour son encadrement et ses conseils con seils pr!cieu& ' M# Adil (ami pour son implication et les e))orts consid!rales qu’il qu ’il a )ournis pour m’orienter lors de la r!alisation de ce tra$ail#
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Liste des figures :
FIGURE 1 : DIFFERENTS TYPES DES TITTRES EMIS SELON LA NATURE DU SOUS-JACENT FIGURE 2: SUBORDINATION DES CREANCES TOTRISEES FIGURE 3 : REPARTITION DE LA FINANCE ISLAMIQUE DANS LE MONDE FIGURE 4 : MECANISME GLOBAL DU PROCESSUS DES SUKUK FIGURE 5: EMISSIONS EMISSIONS GLOBALES DE SUKUKS SUKUKS (IIFM (IIFM SUKUK ZAWYA)
ISSUANCE DATABASE,
FIGURE 6: PARTS ACTIFS ISLAMIQUES EN 2010 - REGION MENA FIGURE 7 : ACTIFS ISLAMIQUES EN 2015 -REGION MENA FIGURE 8 : TOTAL DES EMISSIONS GLOBALES DES SUKUKS TOUTES DEVISES (SUKUK DOMESTIQUES) - REPARTITION SELON LE STATUT DE L'EMETTEUR DE JANVIER 2001 A DECEMBRE 2011 (SOURCE : IIFM SUKUK ISSUANCE DATABASE) FIGURE 9: TOTAL DES EMISSIONS GLOBALES DES SUKUKS TOUTES DEVISES (SUKUK INTERNATIONAUX)- REPARTITION SELON LE STATUT DE L'EMETTEUR DE JANVIER 2001 A DECEMBRE 2011 (SOURCE : IIFM SUKUK ISSUANCE DATABASE) FIGURE 10 : SOURCE - IIFM SUKUK ISSUANCE DATABASE FIGURE 11 : SOURCE - IIFM SUKUK ISSUANCE DATABASE FIGURE 12 : SOURCE – ZAWYA FIGURE 13 : SOURCE - IIFM SUKUK ISSUANCE DATABASE FIGURE 14 : SOURCE - IIFM SUKUK ISSUANCE DATABASE (JANVIER 2001 A Q1 2012) FIGURE 15 : NOMBRE ET TAILLE DE SUKUKS COTES FIGURE 16 : COTATION GLOBALE VS COTATION SUR LES MARCHES DOMESTIQUES. FIGURE 17 : PLACE DE MARCHE PAR NOMBRE ET TAILLE DE SUKUKS COTES FIGURE 18 : VOLUME TRANSACTIONS SUKUKS - BURSA MALAYSIA FIGURE 19 : VOLUME ET NOMBRE DE SUKUKS - MARCHE SAOUDIEN FIGURE 20: CARTE D’IRRADIATION DU MAROC AVEC LA PRESENTATION DES 2 SITES Figure 21 : STRUCTURATION D’UN SUKUK ISTISNA POUR LE FINANCEMENT DU PROJET
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Table des matières
Introduction Première grande partie : La titrisation titri sation ........................................... .................................................................. ............................................. ...................... 7 I.
Définition et évolution historique .............................................. ..................................................................... ..................................... .............. 7 1. Présentation et définition ............................................ ................................................................... .............................................. .......................... ... 7 2. Histoire et évolution : ............................................. .................................................................... .............................................. .............................. ....... 7 3. Les conditions d’apparition de la titrisation aux Etats Unis : ...................................... ...................................... 8
II. Fonctionnement d’une opération de titrisation .............................................. ................................................................ .................. 9 1. Les intervenants dans une opération de titrisation ............................................. ....................................................... .......... 9 2. La Special Purpose Vehicule .............................................. ..................................................................... ....................................... ................ 10 III.
Rôle de la notation et du rehaussement de crédit lors d’une opération de titrisation 14
1. Qu’est ce que le rehaussement de crédit ? ............................................. ................................................................. .................... 14 2. Les instruments de rehaussement de crédit : ............................................. ............................................................. ................ 15 IV.
Avantages et limites de la titrisation : ........................................... .................................................................. ............................ ..... 16
1. Avantages et motivations de la titrisation : ........................................... ............................................................... .................... 16 2. Les risques et limites liés à la titrisation :.............................................. .................................................................. .................... 18 Deuxième grande partie pa rtie : La finance islamique ........................................... .................................................................. ............................ ..... 19 I.
Présentation de la finance islamique et ses fondements :............................................. ............................................... 19 1. Les cinq piliers de l’Islam .............................................. ..................................................................... ........................................... .................... 19 2. La loi islamique : ............................................. .................................................................... .............................................. ................................... ............ 19 3. L’économie islamique : .............................................. ..................................................................... .............................................. ......................... 20 4. Pourquoi se conformer à la Sharia ? .............................................. ..................................................................... ............................ ..... 20 5. Principes fondamentaux de la Finance Finance Islamique : .............................................. ................................................... ..... 20
II. Définition de l’Institution de Financement Islamique et présentation de ses rôles :..... 22 1. Genèse et développement développemen t des banques islamiques : ............................................ ................................................. ..... 22 2. Présentation de la banque islamique: ............................................. .................................................................... ............................ ..... 23 4. Fonctionnement des Institutions de Financement Islamiques ................................... ................................... 24 III.
Les produits bancaires islamiques : ............................................ ................................................................... ............................... ........ 25
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Troisième grande partie : les Sukuk .............................................. ..................................................................... ........................................... .................... 34 I.
Présentation et définition :.............................................. ..................................................................... .............................................. ......................... 34 1. Présentation : ........................................... .................................................................. .............................................. ........................................... .................... 34 2. Définitions : .................................. ......................................................... .............................................. .............................................. ................................... ............ 34
II. Mécanisme général et typologie ............................................. .................................................................... ....................................... ................ 35 1. Structuration générale ............................................. .................................................................... ............................................... ............................ .... 35 2. Typologie ............................................. .................................................................... .............................................. .............................................. ......................... 35 3. Distribution des émissions globales des Sukuk ............................................. ......................................................... ............ 42 III.
Emergence et évolution historique : .............................................. ..................................................................... ............................ ..... 47
VI.
Marché des Sukuk ........................................... .................................................................. .............................................. ................................... ............ 53
1. Marché internationale des Sukuk ........................................... .................................................................. ................................... ............ 53 2. Marché des Sukuk domestique ........................................... .................................................................. ....................................... ................ 53 3. Marché des Sukuk à court terme ............................................ ................................................................... ................................... ............ 54 4. Marché secondaire des Sukuk ............................................ ................................................................... ....................................... ................ 54 5. Vers le développement du marché secondaire : ............................................ ........................................................ ............ 58 IV.
Cas du Maroc : ............................................. .................................................................... .............................................. ....................................... ................ 58
1. Les Sukuk une opportunité de financement au Maroc : ........................................... ............................................. 58 Qui utilisera les Sukuk ? ................................................ ....................................................................... .............................................. ............................ ..... 59 2. Cadre réglementaire au Maroc : ............................................. .................................................................... ................................... ............ 59 3. La loi sur la titrisation au Maroc : ............................................. .................................................................... ................................ ......... 60 4. Quel Sukuk, pour quel projet au Maroc ? .............................................. .................................................................. .................... 60 Conclusion Générale : ....................................................... .............................................................................. .............................................. ................................ ......... 62 Bibliographie : .................................................... ........................................................................... .............................................. .............................................. ......................... 64 .................................................................... .............................................. ................................ ......... 65 Glossaire des termes utilisés .............................................
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Introduction : Tout le monde le reconnait, l’industrie de la finance islamique est encore jeune d’à peu près seulement une trentaine d’années. Cependant, celle-ci a beaucoup évolué lors des dernières années malgré un contexte mondial agité : les crises financières, le printemps arabe, les événements du 11 Septembre qui ont causé la stigmatisation de la finance islamique. En effet, les actifs islamiques (ou gérés de manière manière Sharia Compliant) ont dépassé les 1000 Milliards de dollars, et progressent d’une moyenne annuelle à deux chiffres, toutefois ils ne représentant que 3% de l’économie mondiale. La finance islamique prend de plus en plus de l’ampleur dans le monde entier, plusieurs indicateurs le montrent : •
• •
L’intérêt porté à la finance islamique se manifestant par l’organisation d’une multitude d’événements concernant la finance islamique ; Les réformes de réglementation amorcées dans une dizaine de pays; L’augmentation des demandes d’agréments par les banques classiques pour se transformer en banques islamiques. Comme plusieurs pays, le Maroc souhaite se lancer dans la finance islamique afin de diversifier ses sources de financement en attirant les richesses et les liquidités provenant des pays du Golfe d’une part, et améliorer son taux de bancarisation qui est actuellement de 45%. Afin de valider les objectifs cités plus haut, il est fondamental pour les acteurs du système bancaire Marocain de voir comment les différents compartiments de la finance islamique fonctionnent, d’en comprendre les dynamiques et d’appréhender les aspects techniques de chacune d’elles avant de l’implémenter au système financier Marocain. A l’occasion de ce mémoire, nous nous sommes intéressés à un instrument particulier de la finance islamique : Les sukuk, instruments devenus populaires dans le domaine de la finance finance islamique en particulier particulier et dans le système financier international. En effet, nous allons essayé de comprendre l’utilité et le mécanisme des sukuk en exposant les différents aspects de ces instruments. Faisant partie d’une part, de la famille famille des produits structurés, et en particulier la famille de produits de la titrisation, titrisation, et d’autre part des instruments de la finance islamique, nous avons jugé utile d’introduire et d’expliquer d’expliquer chacune de ces deux familles de techniques et d’instruments, avant de passer à l’étude des Sukuk. Ce mémoire répond à la problématique suivante : « Les Sukuk sont elles une nouvelle alternative de financement pour le Maroc ? Comment ? et quels Sukuk sont les plus adaptés au contexte marocain ? est ce que l’arsenal juridique et financier marocain est prêt pour adopter et garantir la réussite de ce nouveau mode de financement ? » Afin de répondre à cette problématique, ce mémoire se structure en 3 chapitres: le premier expose les principes et fondements de la titrisation ainsi que les principaux instruments et techniques de celle-ci ; le deuxième explique le concept de la finance islamique, son mécanisme et son utilité; le dernier chapitre présente en détail la notion des Sukuk avec un focus sur le Maroc, en explique la technique de structuration, ses principales structures et en identifie
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Première grande partie : La titrisation I.
Définition et évolution historique 1. Présentation et définition La titrisation est une technique financière qui consiste pour une entité appelée « le cédant » ou « l’initiateur » de réorganiser son actif financier en transformant les créances qu’elle détient sur autrui en titres négociables sur le marché financier. Pour Pour le cédant, l’intérêt est de transférer transférer aux acheteurs de ces titres le risque de crédit afférent à ces créances en contrepartie d’un taux d’intérêt selon le niveau du risque pris par les investisseurs. La titrisation fait de plus en plus partie de la famille des financements structurés désignant l’ensemble des activités et produits visant à apporter de nouvelles méthodes de financement « sur mesure » plus adaptées aux besoins des investisseurs tout en réduisant le risque. La titrisation est alors définie comme « un montage financier permettant de créer des instruments financiers qui aboutissent à des solutions de financements sur mesure destinées aux investisseurs. C’est en effet une transaction qui donne la possibilité à une entreprise ou une institution financière de transférer le risque et/ou se financer en sortant de son bilan des actifs et en les vendant sous forme de valeurs mobilières »1. Selon le Dictionary of Banking and Finance, la titrisation désigne « le processus de transformer des crédits ou des prêts immobiliers en titres négociable par l’émission de titres tels que lettre de change ou tout autre papier négociable à sa place »2. La titrisation est alors « un montage financier qui permet à une société d'améliorer la liquidité de son bilan. Techniquement, des actifs sélectionnés en fonction de la qualité de leurs garanties sont regroupés dans une société ad hoc qui en fait l'acquisition en se finançant par l'émission de titres souscrits par des investisseurs. L'entité ainsi créée perçoit les flux d'intérêts et de remboursement sur les créances qu'elle a achetées aux banques et les reverse aux investisseurs via le paiement d'intérêts et le remboursement de leurs titres. Initialement cette technique a été utilisée par les établissements de crédit dans le but de refinancer une partie de leurs encours c'est-à-dire transformé en titres négociables des prêts à la clientèle. Actuellement, les spécialistes proposent à certains grands groupes industriels de titriser des créances commerciales de façon récurrente, de titriser des immeubles d'exploitation, stocks... en bref de rendre liquide presque tout le bilan »3.
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En 1985, le marché de la titrisation s’est développé par l’ajout d’améliorations successives comme l’utilisation de Special Purpose Vehicule ce qui a permis la titrisation d’un portefeuille de crédits immobiliers s’élevant à un montant de 60 million de dollars effectué par la Marine Midland Bank. La titrisation d’un portefeuille de crédits de cartes bancaires a eu lieu en 1986 pour un montant de 50 million de dollars. Au Maroc, la titrisation a eu son départ en août 1999, date de la promulgation de la loi 10-98 dont l’objet était l’amélioration et la dynamisation du secteur de l’habitat. Cependant, la mise en application date du mois de Janvier 2002 dans un cadre juridique simple pareil à son homologue français (la loi 88 relative à la titrisation des créances en France) avec un champ d’application limité aux créances hypothécaires de 1 er rang possédées par les établissements de crédit. L’évolution était timide avec deux opérations entre 2002 et 2003 d’une valeur de1.5 Md MAD suivies par une période de stagnation de 4 ans due principalement à un excès de liquidité au niveau des banques. La titrisation a regagné de plus en plus de l’intérêt au Maroc, avec une opération en Décembre 2008 pour un montant de 1.5 Md MAD et plusieurs réformes juridiques encourageant ce type d’opérations financières qu’on verra en détail dans la quatrième partie de ce mémoire. 3. Les conditions d’apparition de la titrisation aux Etats Unis : Quatre facteurs principaux ont contribué à l’émergence et le développement de la titrisation aux Etats Unis : a. Le besoin de solutions de financement : Le catalyseur de la pratique de la titrisation aux Etats Unis était le problème de financement inadéquat du du marché hypothécaire. Après la grande dépression en 1929 aux Etats Unis, Les autorités américaines ont entamé plusieurs actions afin de relancer et restructurer l’économie américaine. Dès lors, trois organismes de financement immobilier ont été mis en place. La Federal Home Loan Bank (FHLB) créée en 1932 avait pour but de faciliter le refinancement des prêts immobiliers par le biais de la création d’un marché secondaire des hypothèques détenues par les Savings and Loan. Cette agence a été restructurée en 1968. La Federal Housing Authority mise en place en 1934 proposa une standardisation des modalités de prêts dans le secteur immobilier et offrit une forme de garantie contre le risque de non paiement sur le marché hypothécaire. En 1938, allant un pas plus avant, l’administration Roosevelt créa la Federal National Mortgage Association (FNMA). Il s’agissait d’une agence gouvernementale offrant des prêts hypothécaires. Dès son apparition elle fut connue sous le nom de Fannie Mae. L’activité financière de ces institutions leur permettait de drainer des volumes considérables de fonds vers le marché obligataire. Ils ont pensé à l’utilisation de leurs créances pour réduire leurs coûts de financement ce qui a déclenché le mécanisme de la titrisation.
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d. Un contexte général d’innovation financière : L’innovation et l’ingénierie financière pour optimiser les bilans des établissements de crédit et le développement de produits financiers mieux adaptés aux besoins des émetteurs et des investisseurs ont constitué le cadre de développement la pratique de la titrisation. II.
Fonctionnement d’une opération de titrisation
1. Les intervenants dans une opération de titrisation Plusieurs acteurs entrent dans le montage d’une opération de titrisation :
Le cédant :
l’initiateur ou encore l’émetteur, c’est la partie désirant combler son besoin de financement hors-bilan en cédant un ensemble de créances dans leur totalité ou en partie dans le cadre d’une opération de titrisation. Les opérations de titrisation sont très réglementées par les autorités de tutelle qui désignent les établissements autorisés à effectuer ce type d’opération. L’arrangeur : un organisme spécialisé de la titrisation qui s’occupe de la collecte des créances à titriser, la syndication et le placement des titres émis. C’est typiquement une banque d’affaires qui sollicite sollicite les cédants potentiels, et s’occupe du montage de l’opération de titrisation afin d’atteindre la satisfaction du cédant et de l’investisseur l ’investisseur acheteurs de parts. Le Fond Commun de Créances : ou Special Purpose Vehicule est une copropriété qui généralement n’a pas de personnalité morale et dont l’objectif est l’acquisition des créances des initiateurs, le financement de cette acquisition se fait à travers l’émission au public des titres sollicités. L’établissement dépositaire : il est chargé de préserver les actifs des fonds de titrisation, du bordereau de cession et de tout document assurant la validité des actifs. L’établissement gestionnaire : personne morale s’occupant de la gestion du Fond Commun de Créances, elle joue le rôle d’administrateur et de gestionnaire du FCC, représente les intérêts des investisseurs, vérifie que les titres cédés sont suffisants dans le cas de structure rechargeable (5). Elle veille à la bonne application des procédures pour l’obtention de la notation et elle fournit les informations requises par les autorités de surveillance. L’agence de notation : elle a un rôle important dans l’appréciation des parts mises en circulation et le risque du montage élaboré par le SPV ainsi que le risque inhérent au portefeuille des créances émis. Il est important de noter que la notation dans le cadre de la titrisation concerne le fond et non l’émetteur. Noter un fonds revient à déterminer le niveau de risque final des parts émises par ce fonds et à apprécier si les méthodes de rehaussement de crédit utilisées sont suffisantes pour respecter ses engagements de paiements en fonction de son calendrier contractuel et de réduire son risque final. Il s’agit donc au regard du risque de
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L’agent payeur :
son rôle est de rembourser de s’assurer que les détenteurs de parts s’acquittent de leur
L’autorité de marché
paiement. : son rôle consiste à autoriser et surveiller les opérations de titrisation, et son domaine d’intervention varie selon les pays. Le schéma ci-dessous représente le mécanisme de la titrisation :
2. La Special Purpose Vehicule a. Définition : Une SPV, de l’anglais Special Purpose Vehicle, est une entité juridique créée pour réaliser un objectif
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b. La SPV au Maroc : Au Maroc, pour bien accomplir les opérations de titrisation une structure dénommée Fonds de Placements Collectifs en Titrisation (FPCT) joue le rôle de la SPV. Il s’agit en fait d’un véhicule ad hoc ayant pour objet l’acquisition de créances hypothécaires, détenues par des établissements de crédit pour les émettre émett re sur le marché financier. c. Mécanisme de la titrisation : Le processus de titrisation peut être résumé en neuf étapes essentielles :
-
-
L’initiateur après sélection du portefeuille de créances qu’il souhaite titriser pour disposer de refinancement ou autres (réaménager son bilan, améliorer ses ratios prudentiels, mieux gérer ses risques, etc..) mandate l’arrangeur pour procéder à une opération de titrisation. L’arrangeur imagine le montage le plus adéquat pour valider les objectifs du cédant et obtenir une bonne fin de l’opération. Il propose une structuration des titres à émettre. Ces derniers sont en général structuré à l’aide de techniques de rehaussement de crédit tels que le surdimensionnement surdimensionnement la, utilisation de garanties ou de dépôt de garanties. L’initiateur crée un véhicule ad-hoc (SPV) spécialement pour l’opération, (une (une sorte de coquille vide) celui-ci doit être «bankruptcy-remote «bankruptcy-remote » ou isolé de la possible faillite de l’initiateur. L’initiateur cède en général des créances de haute qualité au (SPV) (SPV) moyennant un prix d'achat payable à la vente. Les créances cédées au SPV sont structurées en parts selon le modèle agréé auparavant par les parties prenantes et sont mises sous plusieurs catégories (en général par qualité des parts). L’agence de notation procède à la notation des différentes catégories de titres émis. L’autorité de marché donne son visa final pour l’émission des titres dans le marché Le SPV émet les titres et les placent placent auprès des investisseurs investisseurs (en général à l’aide de l’arrangeur) l’arrangeur) et finance ainsi le prix d'achat des créances. Le SPV mandate l'initiateur comme agent agent payeur (moyennant des frais) frais) pour recouvrer les créances pour son compte et utilisent ces derniers pour payer le principal et les intérêts sur le prêt de financement. Le cas échéant où il resterait un surplus des revenus provenant des créances après avoir payé les investisseurs, le SPV paie cet excédent au profit de l’initiateur sous forme de frais de gestion ou sous une autre forme.
d. Typologie des opérations de titrisation : •
Selon les flux générés :
Dette collatéralisée (Collateralised debt) :
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peut réorganiser les cash-flows sans aucun frottement fiscal de telle sorte à ce que ces derniers soient mieux adaptés aux besoins des investisseurs.
Titrisation Pass-through : Selon la titrisation Pass-through, l’investisseur acquiert une participation directe dans le portefeuille d’actifs titrisés et sont rémunérés régulièrement des flux générés par le portefeuille. L’initiateur a un simple rôle d’intermédiaire. Dans cette structure. Le cédant ne peut pas réorganiser les cash-flows d’une autre manière que celle que ces cash-flows sont générés par les actifs. Dans la structure de Pass-through Pass-through il n’est pas possible de requalifier le principal des prêts et les intérêts intérêts imputés ou perçus à cause d’un discount ou d’une prime. En effet, les intérêts peuvent servir à payer à titre d’exemple l’agent qui distribue, les investisseurs, les garanties faites pour rehausser le crédit, et le principal sert à rembourser les investisseurs. Donc dans la structure de Pass-through les flux économiques des titres suivent les mêmes flux que les titres sous-jacents.
•
Selon l’actif sous-jacent : Le sous-jacent représente la base du montage titrisation, les flux de trésorerie qu’ils pourraient générer déterminent la performance des titres ainsi que la structure de l’opération de titrisation. Selon l’actif sous jacent, on distingue entre plusieurs types montages montages de titrisation :
Asset Backed Securities : Les ABS sont des titres adossés à des actifs financiers hors prêts hypothécaires. (Prêts à la consommation, encours de carte de crédit, etc) 4.
Mortgage Backed Securities :
Les MBS sont des ABS avec un sous-jacent sous forme de prêt hypothécaire. On distingue entre :
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Le schéma suivant récapitule les types de titrisation selon la nature du sous-jacent :
FIGURE 1 : DIFFERENTS TYPES DE TITRES EMIS SELON LA NATURE DU SOUS-JACENT •
Selon la procédure :
La titrisation classique ou hors-bilan : C’est la titrisation classique qui est d’ailleurs la plus commune dans laquelle le principe de base est de faire sortir du bilan de l’initiateur les actifs générant des cash-flows actuels ou futurs vers un véhicule ad-hoc (SPV) en vue de les placer auprès des investisseurs. Le (SPV) fait en sorte sorte soit de passer les cash-flows cash-flows directement vers les investisseurs (pass-through) (pass-through) ou bien réorganise les cash-flows cash-flows avant de les leur transmettre (pay-through). Dans ce cas de figure le SPV est crée pour isoler les actifs et leur performances financière de celle du cédant afin que ceux-ci ne soient pas exigibles pour faire face aux engagements du cédant en cas de faillite ou de saisie sur ce dernier.
La titrisation synthétique (on balance-sheet) : Dans une titrisation synthétique le cédant (ou le « Protection Buyer ») ne cède pas un portefeuille d’actifs
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III. Rôle Rôle de la nota notati tion on et du reha rehaus usse sem m nt de crédit lors d’une opération de titrisation 1. Qu’est ce que le rehaussement de cr dit ? Le rehaussement de crédit est une opération opération financière financière par par laquelle laquelle un établissem établissemeent financier spécialisé, appe appelé lé reha rehaus usse seur ur de cré crédi ditt (mon (monol oline) ine) apporte apporte sa garan garantie tie à un organ organism ismee (publ (public ou privé) qui émet 6 des emprunts sur les marchés financ iers . Pendant Pendant le montage montage d’une d’une opératio opératio de ti titr tris isat atio ion, n, il est est néc néces essa sair iree d’u d’uti tili lise serr la la tec techhnique de rehaussement de créd crédit, it, elle elle cons consis iste te en la répa répart rtit ition des des titre titress émis émis en des des tranch tranches es rass rassemb emblant lant des titres homogènes en term ermes de de car caraactér ctéris isti tiqques et et de de ri risques. L’objectif étant de d’arriver à concevoir au moins une tranche d’une qualité qualité importante importante qui assurer assurera le succès de l’opération. Avant de procéder au rehaussement de crédit, il faut passer par la subordination des ranches de titres émis, une dette est dite subordonnée lo lors ue le créa créanc ncie ierr n'a n'a pas pas le le prem premier ier rang rang dans dans l'o l'o dre de satisfaction des créanci créanciers ers.. En cas cas de de forte fortess diffi difficul culttés du débiteur, ce créancier ne sera réglé qu'en ernier : après ceux qui détiennent une dette senior . Une Une aut autre re caté catégo gori riee de de tit titre ress est est la dette Mezzanine qui est une tranche intermédiaire placée entre la tranche senior et la tranche tra nche subordonnée. Arrivant à la notation, une tranche enior enior ser seraa mieux mieux noté notéee qu’un qu’unee tranc tranche he Mez Mezza zani nine, celle-ci sera mieux notée que la tranche qui lui est subordonnée. Après le montage de l’opération de titrisation, titrisation, les créances créances titrisée titriséess disparaiss disparaissent ent a profit des titres cotés sur sur les les marc marché hés. s. Le rend rendem emen entt des des titres est assuré assuré par par les flux de rembou remboursemen rsementt de crédits. Si les flux collectés ne sont pas su fisants pour couvrir les paiements d'intérêts de ous les titres émis, on applique applique les priorités priorités ci-dessus ci-dessus : les inté intérrêts êts de de la la tr tranche nche senio eniorr so sont versé erséss en en pr premier, ensuite vient la tranc tranche he mez mezza zanin ninee et enfi enfin, n, la la tran trancc e subordonnée. Le shéma ci-dessous représente le mécanisme et le rôle de la subordination des créances titrisées;
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les titres vont se vendre cher, ce qui dépend bien entendu de la cotation de ces titres sur les marchés. D’où l’importance du rehaussement du crédit, quels sont les instruments de rehaussement de crédit ?
2. Les instruments de rehaussement de crédit :
Instruments internes de rehaussement de crédit :
•
Excès de spread (Excès de Spread) : L’excès de Spread est la difference entre le taux de rendement du portefeuille sous-jacent et les intérêts à payer auxporteurs des tranches notées. Cet excédant est payé aux détenteurs des tranches les plussubordonnées en rémunération de leur prise du risque. En cas de défaillance du sous jacent, l’excès de Spread est utilisé pour rembourser les porteurs des tranches les mieux notés. Pour certains cas, l’excès de spread sert à l’alimentation d’un compte qui sert à rembourser les porteurs des titres.
•
Reserve Account (Compte de réserve) : Le compte de réserve est crée afin de rembourser les pertes éventuelles supportés par les porteurs des titres, pour cette fin le comptede réserve doit être en augmentation tout au long de la vie de la titrisation,
•
Senior Subordinated Structure (Subordination): Typiquement utilisé dans une structure de pay-through, la technique du tranching consiste à structurer les titres émis en plusieurs classes généralement trois, de la plus haute à la plus faible qualité. Les Les cash-flows du total des créances sujet de la titrisation serviront d’abord à payer la classe de plus haute qualité, puis celles qui les succèdent selon leur ordre hiérarchique. Si un
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puis dépose cet argent à court terme sous forme de titres ayant la qualité de crédit la plus élevée disponible. •
Wrapped securities (obligations rehaussées) : Les Wrapped securities sont assurées par une tierce partie qui s’engage à rembourser un montant spécifié des pertes prévues.
•
Surety bonds (cautionnements) : Les cautionnements sont des moyens d’assurance qui remboursent les émetteurs des titres en cas de perte.
IV. Avantages et limites de la titrisation : 1.
Avantages et motivations de la titrisation :
Motivations pour le cédant :
•
Le recours par une institution à la technique de titrisation peut être dû à plusieurs motifs : Refinancement moins cher : Une institution ayant son ratio « dettes sur fonds propres » élevé pourra se refinancer moins cher et sans impacter négativement ses ratios. Bien sûr, c’est la comparaison entre le coût de refinancement en faisant appel à la titrisation (commissions, frais de restructuration…) et le recours au financement bancaire tout en ayant un ratio d’endettement élevé qui détermine quel
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être utilisés pour contracter de nouveaux crédits. D’où la titrisation permet à la banque d’améliorer le rendement de ses fonds propres en réduisant son besoin en fonds propres8. •
Gestion du bilan : La gestion du bilan ou la gestion des actifs est parmi les bienfaits de la titrisation qui permet d’avoir un bilan bien présenté respectant les règles prudentielles imposées par la loi et reflétant une meilleur image de marque. Ceci-permet aux initiateurs d’élargir leurs activités tout en remplaçant les actifs cédées par de la liquidité dont la pondération est nulle selon les normes prudentielles, et d’améliorer leurs ratios de solvabilité et de liquidité9.
•
Gestion des risques : Grâce à la technique de titrisation, le cédant transfère la propriété de ses actifs et réussit alors à transférer le risque de ses actifs au marché. La titrisation est un moyen de gestion des risques à travers l’isolation de ceux-ci.
•
Arbitrage : L’Institution en question dans ce cas spécifique acquiert un portefeuille d’obligations et le
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2.
Les risques et limites liés à la titrisation :
•
Remboursement anticipé : Tout créancier est affronté au risque d’un remboursement anticipé. Lors Lors d’une opération de titrisation ce risque est d’autant plus important en raison de la hausse du coût d’opportunité pour les emprunteurs à taux fixe.
•
Le risque de non remboursement : L’acheteur des titres émis lors de la titrisation est confronté au risque de défaillance du débiteur puisque le sous-jacent est une créance.
•
Le risque de valorisation : Avec l’innovation dans le domaine de la finance structurée les montages s’avèrent de plus en plus complexes et leur évaluation est de plus en plus difficile. Conclusion :
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Deuxième grande partie : La finance islamique I.Présentation I.Présentation de la finance islamique et ses fondements : 1. Les cinq piliers de l’Islam L’Islam est une religion monothéiste basée sur la conviction qu’il n’y a qu’un seul Dieu et que Mohamed est son prophète. Les pratiques islamiques les plus importantes tournent autour de cinq piliers qui constituent les obligations à satisfaire par chaque musulman afin de vivre une vie bonne, responsable et conforme aux préceptes de l’Islam, ces pratiques sont appelées les Cinq Piliers de l’Islam et qui sont : Shahadah :
déclaration de croyance qui stipule qu’il n y pas de dieu qu’Allah et que Mohamed et son prophète.
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La loi de la Sharia concerne toutes les affaires quotidiennes des musulmans ; politique, économie, banque, affaires, contrats, code de la famille, etc. Se mêler dans son business et tenir fermement aux valeurs de la sincérité, l’honnêteté et la loyauté c’est ça la direction Shariah. La finance est aussi régie par ce code global et universel d’où la Finance Islamique. 3. L’économie islamique : Les concepts sous-jacents au business islamique sont assez simples et visent à atteindre le Falah par l’organisation des ressources en instaurant les valeurs de coopération et de participation. Le mot Falah veut dire s’enrichir, être heureux et réussir. Selon l’Islam, pour atteindre le Falah il faut accomplie ce qui suit : Infaq : dépenser de l’argent au profit d’autrui et satisfaire les besoins de la société. Prohibition du Riba : l’intérêt sur le capital est considéré une exploitation et une inégalité.
Réalisation des contrats et engagements. L a justice : protection des richesses légales pour éviter les inégalités et la déperdition sociale. L’entreprise : l’activité économique écon omique productive productiv e contribue à la l a réalisation de d e la société et des individus.
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banque et l’entrepreneur qui apportent le capital. Pour les deux cas de figure, les profits et les pertes sont partagés selon un ratio préétabli.
Adossement de toute opération financière à un actif tangible : Selon ce principe, chaque opération financière doit être adossée à un actif tangible et réel afin d’établir l’équilibre entre la sphère réelle et la sphère financière pour garantir la stabilité de l’économie et prévenir les crises financières et économiques.
Interdiction du Riba : La finance islamique n’est que de la finance conventionnelle à laquelle on ajoute un ensemble de contraintes éthiques. En En effet, l’Islam prohibe le Riba (l’intérêt ou l’usure) et il n’est pas le seul à le faire car depuis l’antiquité il existe des traces du mépris de toute forme de rémunération de l’argent prêté, Aristote évoque évoq ue dans ses Politiques : « Il est tout à fait normal d’haïr le métier d’usurier du fait que son patrimoine lui vient de son argent lui-même et que celui-ci n’a pas été inventé pour cela. Il a été fait pour l’échange, alors que l’intérêt ne fait que le multiplier. Et c’est de là qu’il a pris son nom : les petits, en effet, sont semblables à leurs parents, et l’intérêt est de l’argent né de l’argent. Si bien que cette façon d’acquérir est la plus contraire à la nature » L’Islam interdit l’intérêt du fait de plusieurs paramètres, parmi lesquels :
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« O vous qui croyez, l'alcool, le jeu de hasard, les pierres dressées et les flèches divinatoires ne sont qu'impureté, relevant du fait du diable. Préservez-vous Préservez-vous en, afin de réussir. Le diable ne veut, par le biais de l'alcool et du jeu de hasard, que jeter l'inimitié et la haine entre vous, et vous détourner du souvenir de Dieu et de la prière »
L’assurance ou encore la majorité des produits dérivés comportent de l’incertitude dans leur espérance de rendement et leur volatilité. Prenons l’exemple d’un individu affilié à une assurance, dans le cas où aucun sinistre n’est pas survenu l’assuré est en position de perte quant aux primes périodiques qu’il avait supportées,
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2. Présentation de la banque islamique: Les Institutions de Financement Islamiques adoptent cinq principes fondamentaux ayant pour principal objectif object if d’instaurer la responsabilité responsabi lité et la confiance co nfiance ; deux facteurs garantissant garantis sant l’épanouissement des opérations de financement. Se basant sur les principes de la Sharia, les IFI interdisent l’intérêt, la spéculation, et le financement de projets illicites. Elles adoptent le principe du Partage des Profits et Pertes, ainsi que l’adossement des liquidités circulantes sur des actifs tangibles. Encadré
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Bilan d’une banque islamique : Actif
Actif Immobilisé -Participation Musharaka -Immeubles -Musharaka Mutanakisak
Actif circulant
Passif Fonds Propres/Dettes à long terme
-Fonds islamiques -Capital action -Bénéfice -Bénéfice à purifier -Réserves Dettes à court terme
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-comptes d’investissement restreints : permettent à leur détenteurs de déterminer l’investissement à réaliser. -comptes courants non restreints : délègue l’entière gestion de ses actifs à la banque.
aucun droit de regard pour le compte nonrestreint, dans le cas de compte non restreint il a le droit de décider de l’allocation de ses ressources. -Ni le capital ni le rendement ne sont garantis. -La durée des dépôts varie entre 1mois et 5ans. Si le détenteur du compte se retire avant la fin de l’échéance il partage les pertes mais pas le profit que le compte aura pu dégager (Standard and Poors 2006 p13)
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•
Musharaka constante ou perm nente16 :
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Il est est à note noterr que le prix prix de dépa dépa t ne peut changer que ce soit en raison d’un paiement anticipé ou
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La structuration du Sukuk sera du type Al-Istisna car le sous-jacent rémunérateur (les centrales solaires), n’existe pas encore. Les fonds levés par la SPV, par la vente des titres aux investisseurs, serviront pour la location des terrains et pour le paiement du constructeur des centrales solaires sous un contrat Istisna. A terme l’OPCT vendra les centrales solaires à l’État Marocain. L’OPCT et l’état marocain définissent dans un cahier de charge les différentes caractéristiques attendues des centrales et la durée maximale de leur construction pour qu'elles soient livrées et prêtes à être exploitées. Durant la phase de construction, l’état avancera des loyers anticipés, qui serviront à rémunérer les détenteurs de Sukuk. Après la mise en service de l’actif (phase d’exploitation, i.e. production de l’énergie solaire), l’état payera des loyers actualisés, qui vont tenir compte des loyers déjà payés en avance. Ces loyers actualisés serviront à rémunérer les investisseurs jusqu’au terme du contrat Al-Istisna’a. En outre, il est à envisager dans la structuration des Sukuks un engagement de l'état à acheter tous les sites construits à l'échéance des Sukuks. Cela a pour but de faciliter la sortie des investisseurs des Sukuks sans qu'ils n'aient besoin de se diriger vers un autre acheteur pour vendre leurs actifs. En plus cela rejoint également l'objectif de l'état de devenir propriétaire des centrales électriques construites pour les exploiter directement. Comme nous l'avons expliqué dans la partie consacrée au Wa'd, cet engagement d'achat ne devrait pas se faire avec la valeur nominale des Sukuks ni avec quelconque montant déterminé à l'avance, mais avec un prix déterminé à la date d'achat, et cela en convenant à l'émission d’une méthode de valorisation des centrales solaires ou en se limitant à une négociation commerciale. Remarque :
L'ONE a déjà eu recours dans le passé à un contrat «Istisna’a». En effet, l'Office Nationale d'Électricité a contracté un financement sous cette formule auprès de la banque islamique de développement (BID), d’un montant de 100 millions d'euros (environ 1,15 milliard de DH) pour financer une partie du projet d’extension du quai à charbon et des entrepôts de stockage de ce combustible au port de Jorf Lasfar. »27
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Conclusion générale : Jusqu’à maintenant, la finance islamique a fait de grands progrès dans l’élargissement de l’offre des instruments d’épargne et d’investissement destinés aux investisseurs et aux émetteurs. La croissance de l'industrie financière islamique a été remarquable au cours des trois dernières décennies, cette réussite ne provient pas que du monde musulman, par exemple en Malaisie environ 80% des instruments financiers islamiques sont détenus par des investisseurs qui ne sont pas musulmans. Un problème principal auquel est confrontée la finance islamique est l’interprétation ambigüe de ce qu’est la conformité Sharia. A titre d’exemple, la Malaisie est laxiste par rapport à cette notion alors que les autres pays se situent dans l’autre extrême. Aussi, le manque de standardisation constitue un autre obstacle malgré les efforts fourmis par l’AAOIFI pour maintenir la cohérence de la réglementation en matière de finance islamique, la mise en application n’est toujours pas systématique. Force est de constater, le Royaume du Maroc bénéficie de toute l’infrastructure pour développer la finance islamique. L’étude de marché confirme d’une part le réel intérêt du public pour les produits financiers islamiques et démontre de manière objective le potentiel du marché à la fois pour le secteur bancaire que celui de l’assurance islamique. Sur le plan institutionnel, les investisseurs et les émetteurs sont tout à fait disposés à recourir aux instruments financiers islamiques si les conditions de marché sont favorables et si leurs clients le souhaitent. Par ailleurs, il est important de noter que les sukuk ne sont pas réservés aux seules sociétés cotées ou aux fonds souverains. Ils peuvent être d’excellents compléments aux produits bancaires et apporter des solutions de financement aux petites et moyennes entreprises non cotées sous réserve d’ajustements légaux et, bien entendu, que celles-ci disposent de l’expertise et des moyens nécessaire pour supporter leur mise en œuvre.
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Bibliographie :
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Islamic Branding and Marketing, Paul Temporal. Vernimmen.net. Dictionary of Banking and Finance, A & C Black Publishers Ltd, 3. Edition, London, 2005, p. 319 Note d’études sur la titrisation par le CDVM Janvier 2011 Site web Maghreb Titrisation “Islamic Securitisation: Practical Aspects”, Mr. Suleiman ABDI DUALEH, Director Jersey ii-online.com, ltd. Geneva, Switzerland & St. Helier, Jersey, Channel Islands. “Asset-backed vs asset-based sukuk “, Abdul Karim Abdullah. http://www.iais.org.my/e/dirasat/banking-a-finance/item/105-asset-backed-vs-asset-basedsukuk.html ISLAMIC SECURITIZATION: A LEGAL APPROACH, Haluk Gurulkan, LL.M. Finance, Istanbul, October 2010 http://cektirbasari.com/Download/Islamic_Securitization.pdf “Islamic Securitisation: Practical Aspects”, Mr. Suleiman ABDI DUALEH, Director Jersey ii-online.com, ltd. Geneva, Switzerland & St. Helier, Jersey, Channel Islands. “Sukuks: An Introduction to the Underlying Principles and Structure”, Dar Al Istithmar, Juin 2006.A diagnosis of tranching in light of Sharia Principles, Shabnam Mokhtar, ISRA. Les Sukuk une nouvelle alternative de financement au Maroc, 28 Décembre 2012, Alkhawarizmi Group. Analyse des produits financiers islamiques, Cherif Karim. Sukuk, quel potentiel de développement au Maroc, Conseil Déontologique des Valeurs Mobilières.
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Glossaire des termes utilisés
Shari’a : loi islamique tirée du Coran et de la Sunna. Coran : lit. récitation, communication orale, message ; Nom du livre sacré de l'Islam. Il rassemble
sous forme de chapitres (sourates) et de versets (ayats ou "signes") les révélations faites par Dieu au prophète Mohammad par l'intermédiaire de l'ange Gabriel (Gibrîl) durant environ une vingtaine d'années (612-632 après JC). Fiqh : lit. compréhension, jurisprudence ; le corps des juristes dans la loi islamique classique. Gharar : lit. péril, danger, risque ; incertitude, hasard. Hadith (pl. ahadith) : lit. récit ; récit historique d’une parole, geste, acte, omission, approbation du
Prophète Mohammed. Haram : illicite, interdit. Ijara : crédit-bail, location. Ijara-wa-Iqtina : crédit-bail, location avec possibilité d’achat à terme. Maysir : jeu de hasard. Mudaraba :
principe ou système associant au sein d'une banque islamique le Capital et le Travail afin de partager entre l'établissement bancaire et l'entrepreneur les risques et les bénéfices de l'opération.
Mudarib : emprunteur lors d’une
transaction Mudaraba.
Murabaha : lit. prise de bénéfices ; vente adossée d’une marge. Musharaka : lit. association ou compagnie ; contrat entre plusieurs associés qui contribuent ensemble tant
au Capital qu’au Management. Rab al mal : investisseur dans un contrat Sukuk :
mudaraba.
produit obligataire islamique ayant une échéance fixée d’avance et est adossé à un actif. Le détenteur d’un Sukuk est l’usufruitier du bien proportionnellement à sa quote-part. Il reçoit une part du profit et court donc un risque de crédit. Les Sukuks peuvent prendre la forme de contrats Ijara, Mudaraba, Musharka etc.
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Abstract This Last Year Project is about Sukuk which is Securitisation in Islamic Finance. This theme is important because Sukuk are new financing opportunity especially for Morocco. Firstly, we’ve highlighted the mechanism of securitization, than we’ve explained the main principles of Islamic Islamic finance. Finally, we talked about Sukuk Sukuk as an ingenious ingenious financing structure structure for the economy, economy, with a special special focus on Morocco. Morocco.
Key words Securitization, Sukuk, islamic finance, Morocco.
Résumé L’innovation en ingénierie financière financière dévoile au fil du temps de nouveaux nouveaux produits financiers financiers au service de l’économie, parmi ces structures innovantes il y a les Sukuk qui sont venus pallier aux limites de la titrisation. A l’occasion de ce mémoire on a traité le mécanisme mécanisme de la titrisation, on a cité les fondements fondements de la finance islamique puis on a expliqué les principaux aspects relatifs aux Sukuk avec un focus sur le Maroc.
Mots-clés Titrisation, Sukuk, finance islamique,Maroc.