{"id":87932,"date":"2025-09-17T00:26:57","date_gmt":"2025-09-16T22:26:57","guid":{"rendered":"https:\/\/www.infokuryr.cz\/n\/?p=87932"},"modified":"2025-09-16T17:31:17","modified_gmt":"2025-09-16T15:31:17","slug":"patrick-wood-nevlastnit-nic-velka-konvergence-islamskych-financi","status":"publish","type":"post","link":"https:\/\/www.infokuryr.cz\/n\/2025\/09\/17\/patrick-wood-nevlastnit-nic-velka-konvergence-islamskych-financi\/","title":{"rendered":"Patrick Wood: Nevlastnit nic? Velk\u00e1 konvergence isl\u00e1msk\u00fdch financ\u00ed"},"content":{"rendered":"
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Toto je prvn\u00ed \u010d\u00e1st v\u011bt\u0161\u00ed s\u00e9rie \u010dl\u00e1nk\u016f, kter\u00e9 podporuj\u00ed mou teorii, \u017ee kapitalismus zalo\u017een\u00fd na dluhu by mohl brzy ustoupit syst\u00e9mu zalo\u017een\u00e9mu na aktivech, kter\u00fd by \u0159\u00eddili technokrat\u00e9 vyzbrojen\u00ed kryptom\u011bnami zalo\u017een\u00fdmi na blockchainu a um\u011blou inteligenc\u00ed. Nejde o platebn\u00ed tokeny, ale o tokeny zalo\u017een\u00e9 na aktivech. Kdy\u017e jsou fyzick\u00e1 aktiva tokenizov\u00e1na, lze s nimi obchodovat kdekoli. Vzpome\u0148te si na v\u0161echny ty domy, kter\u00e9 byly p\u0159id\u00e1ny do velk\u00fdch portfoli\u00ed prost\u0159ednictv\u00edm program\u016f \u201ebuild-to-rent\u201c. To jsou ide\u00e1ln\u00ed kandid\u00e1ti na tokenizaci. Pak je tu ot\u00e1zka 640 milion\u016f akr\u016f p\u016fdy vlastn\u011bn\u00e9 feder\u00e1ln\u00ed vl\u00e1dou, kter\u00e1, pokud ministr obchodu Howard Lutnick prosad\u00ed svou, bude v prav\u00fd \u010das tokenizov\u00e1na. Jakmile budou tyto tokeny uvoln\u011bny k obchodov\u00e1n\u00ed, skoup\u00ed je spole\u010dnosti jako BlackRock, kter\u00e9 maj\u00ed obrovsk\u00e9 hotovostn\u00ed rezervy. Nejprve v\u0161ak uk\u00e1\u017eu, \u017ee isl\u00e1msk\u00fd sv\u011bt je ji\u017e zako\u0159en\u011bn v syst\u00e9mu zalo\u017een\u00e9m na aktivech, kter\u00fd odm\u00edt\u00e1 dluhy a lichvu jak\u00e9hokoli druhu. Krom\u011b toho jsou isl\u00e1msk\u00e9 n\u00e1rody sv\u011btov\u00fdmi l\u00eddry ve FinTech (finan\u010dn\u00edch technologi\u00edch).<\/span><\/p>\n

Kdy\u017e jsem v roce 2007 psal \u010dl\u00e1nek \u201e Glob\u00e1ln\u00ed banky\u00a0<\/span>p\u0159ij\u00edmaj\u00ed isl\u00e1m<\/span><\/em>\u00a0\u201c, jen m\u00e1lokdo mohl tu\u0161it, jak moc jsem m\u011bl pravdu, kdy\u017e jsem citoval Bibli, \u017ee \u201el\u00e1ska k pen\u011bz\u016fm je ko\u0159enem v\u0161eho zla\u201c (1. Tim. 6:10). To, co za\u010dalo jako zd\u00e1nliv\u011b oportunistick\u00e9 flirtov\u00e1n\u00ed mezi z\u00e1padn\u00edmi megabankami a isl\u00e1msk\u00fdmi finan\u010dn\u00edmi institucemi, se vyvinulo v n\u011bco mnohem v\u00fdznamn\u011bj\u0161\u00edho a zlov\u011bstn\u011bj\u0161\u00edho: z\u00e1sadn\u00ed restrukturalizaci samotn\u00fdch glob\u00e1ln\u00edch financ\u00ed.<\/span><\/p>\n

Kdy\u017e jsem v roce 2007 poprv\u00e9 pozoroval glob\u00e1ln\u00ed bankovn\u00ed giganty jako JP Morgan, Chase, Citigroup, HSBC, Deutsche Bank, Morgan Stanley a Goldman Sachs, jak se st\u0159emhlav vrhaj\u00ed do isl\u00e1msk\u00e9ho bankovnictv\u00ed, toto odv\u011btv\u00ed ovl\u00e1dalo skromn\u00fdch 700 miliard dolar\u016f v aktivech. Dnes, v roce 2025, toto \u010d\u00edslo explodovalo na v\u00edce ne\u017e 5,4 bilionu dolar\u016f s projekcemi 7,5 bilionu dolar\u016f do roku 2028. To, co bylo kdysi pova\u017eov\u00e1no za specializovan\u00fd trh pro muslimsk\u00e9 komunity, se stalo z\u00e1kladn\u00edm kamenem glob\u00e1ln\u00ed finan\u010dn\u00ed architektury.<\/span><\/p>\n

Ot\u00e1zka, kter\u00e1 m\u011b tehdy tr\u00e1pila \u2013 zda \u200b\u200bglob\u00e1ln\u00ed bank\u00e9\u0159i sv\u00e1d\u011bli isl\u00e1msk\u00e9 dikt\u00e1tory, nebo naopak \u2013 je nyn\u00ed definitivn\u011b zodpov\u011bzena. Vz\u00e1jemn\u011b se sv\u00e1d\u011bli tak d\u016fkladn\u011b, \u017ee toto rozli\u0161en\u00ed se stalo t\u00e9m\u011b\u0159 bezv\u00fdznamn\u00fdm. V\u00fdsledkem je p\u0159esn\u011b to, \u010deho jsem se ob\u00e1val: isl\u00e1msk\u00e9 bankovnictv\u00ed podle \u0161ar\u00edi nejen\u017ee dorazilo do Spojen\u00fdch st\u00e1t\u016f a dal\u0161\u00edch z\u00e1padn\u00edch zem\u00ed, ale bylo normalizov\u00e1no, legitimizov\u00e1no a integrov\u00e1no do struktury mezin\u00e1rodn\u00edch financ\u00ed.<\/span><\/p>\n

Lond\u00fdn je klenotem isl\u00e1msk\u00fdch financ\u00ed<\/span><\/strong><\/h3>\n

Kdy\u017e Gordon Brown v roce 2007 ozn\u00e1mil, \u017ee chce z Lond\u00fdna ud\u011blat isl\u00e1msk\u00e9 finan\u010dn\u00ed centrum sv\u011bta, skeptici se ptali, zda se nejedn\u00e1 jen o politick\u00e9 p\u00f3zov\u00e1n\u00ed. O osmn\u00e1ct let pozd\u011bji je odpov\u011b\u010f jasn\u00e1: Brownova vize se naplnila nad r\u00e1mec jeho nejdivo\u010dej\u0161\u00edch sn\u016f.<\/span><\/p>\n

Lond\u00fdn z\u016fstane i v roce 2025 nesporn\u00fdm z\u00e1padn\u00edm centrem isl\u00e1msk\u00fdch financ\u00ed, a\u010dkoli jeho dominance nyn\u00ed s sebou nese v\u00fdznamn\u00e1 omezen\u00ed. Isl\u00e1msk\u00fd finan\u010dn\u00ed sektor ve m\u011bst\u011b v posledn\u00edm desetilet\u00ed s\u00edlil s pr\u016fm\u011brnou ro\u010dn\u00ed m\u00edrou r\u016fstu 10 % a\u017e 12 %. Ve Spojen\u00e9m kr\u00e1lovstv\u00ed nyn\u00ed existuje p\u011bt plnohodnotn\u00fdch isl\u00e1msk\u00fdch bank a v\u00edce ne\u017e 20 konven\u010dn\u00edch bank, kter\u00e9 nab\u00edzej\u00ed isl\u00e1msk\u00e9 finan\u010dn\u00ed produkty. Hodnota sektoru se odhaduje na v\u00edce ne\u017e 6 miliard liber (7,7 miliardy dolar\u016f) a v nadch\u00e1zej\u00edc\u00edch letech se o\u010dek\u00e1v\u00e1 zdvojn\u00e1soben\u00ed.<\/span><\/p>\n

Lond\u00fdnsk\u00e1 burza cenn\u00fdch pap\u00edr\u016f se stala preferovan\u00fdm glob\u00e1ln\u00edm obchodn\u00edm m\u00edstem pro sukuk (isl\u00e1msk\u00e9 dluhopisy) a ovl\u00e1d\u00e1 v\u00edce ne\u017e 40 % trhu se sukuky v tvrd\u00e9 m\u011bn\u011b.\u2074 V\u011bt\u0161inu mezin\u00e1rodn\u00edch transakc\u00ed se sukuky po cel\u00e9m sv\u011bt\u011b upravuje anglick\u00e9 zvykov\u00e9 pr\u00e1vo, co\u017e upev\u0148uje roli Lond\u00fdna jako pr\u00e1vn\u00edho a finan\u010dn\u00edho centra isl\u00e1msk\u00fdch financ\u00ed. Jen emitenti sukuk\u016f a dluhopis\u016f z Bl\u00edzk\u00e9ho v\u00fdchodu z\u00edskali na lond\u00fdnsk\u00e9 burze v prvn\u00edch sedmi m\u011bs\u00edc\u00edch roku 2025 65 miliard USD.\u2075<\/span><\/p>\n

Status Lond\u00fdna jako \u201ecentra\u201c je v\u0161ak t\u0159eba vn\u00edmat v perspektiv\u011b. A\u010dkoli m\u011bsto z\u016fst\u00e1v\u00e1 nejd\u016fle\u017eit\u011bj\u0161\u00edm mezin\u00e1rodn\u00edm centrem, jeho dom\u00e1c\u00ed trh s isl\u00e1msk\u00fdmi financemi bledne ve srovn\u00e1n\u00ed s trhem st\u00e1t\u016f Persk\u00e9ho z\u00e1livu. Aktiva isl\u00e1msk\u00e9ho bankovnictv\u00ed ve Spojen\u00e9m kr\u00e1lovstv\u00ed v hodnot\u011b 7,7 miliardy dolar\u016f p\u0159edstavuj\u00ed pouh\u00fdch 0,3 % celosv\u011btov\u00e9 sumy, co\u017e je zast\u00edn\u011bno v\u00edce ne\u017e 700 miliardami dolar\u016f soust\u0159ed\u011bn\u00fdmi v zem\u00edch Rady pro spolupr\u00e1ci v Persk\u00e9m z\u00e1livu.\u2076 Lond\u00fdn slou\u017e\u00ed jako z\u00e1padn\u00ed br\u00e1na a prost\u0159edn\u00edk, ale skute\u010dn\u00e1 moc \u2013 a skute\u010dn\u00e9 pen\u00edze \u2013 z\u016fst\u00e1vaj\u00ed v Rij\u00e1du, Dubaji, Dauh\u00e1 a Kuvajtu.<\/span><\/p>\n

Z\u00e1padn\u00ed pronik\u00e1n\u00ed \u0161ar\u00eda bankovnictv\u00ed<\/span><\/strong><\/h3>\n

Na ot\u00e1zku, zda \u0161ar\u00eda bankovnictv\u00ed dos\u00e1hlo v z\u00e1padn\u00edm sv\u011bt\u011b v\u00fdznamn\u00e9ho pokroku, lze odpov\u011bd\u011bt jednozna\u010dn\u00fdm ano. Co za\u010dalo s hrstkou specializovan\u00fdch produkt\u016f, se vyvinulo v komplexn\u00ed ekosyst\u00e9m zahrnuj\u00edc\u00ed retailov\u00e9 bankovnictv\u00ed, spr\u00e1vu majetku, poji\u0161t\u011bn\u00ed (Takaful) a kapit\u00e1lov\u00e9 trhy.<\/span><\/p>\n

Ve Spojen\u00fdch st\u00e1tech nyn\u00ed p\u0159ibli\u017en\u011b 43 instituc\u00ed nab\u00edz\u00ed finan\u010dn\u00ed produkty a slu\u017eby v souladu se \u0161ar\u00edou.\u2077 Od Devon Bank v Chicagu po University Bank v Michiganu, americk\u00e9 finan\u010dn\u00ed instituce p\u0159ijaly principy isl\u00e1msk\u00fdch financ\u00ed se stejn\u00fdm nad\u0161en\u00edm, jak\u00e9 kdysi platilo pro hypot\u00e9ky s vysok\u00fdm rizikem. Velk\u00e9 firmy z Wall Street \u2013 JP Morgan, Goldman Sachs a dal\u0161\u00ed \u2013 si nyn\u00ed udr\u017euj\u00ed specializovan\u00e1 odd\u011blen\u00ed isl\u00e1msk\u00fdch financ\u00ed, ale kupodivu se zdr\u00e1haj\u00ed to sv\u00fdm americk\u00fdm klient\u016fm ve\u0159ejn\u011b sd\u011blit.<\/span><\/p>\n

Evropa se uk\u00e1zala b\u00fdt je\u0161t\u011b otev\u0159en\u011bj\u0161\u00ed. Krom\u011b vedouc\u00ed role Spojen\u00e9ho kr\u00e1lovstv\u00ed i zem\u011b jako Lucembursko, Francie a N\u011bmecko st\u00e1le \u010dast\u011bji p\u0159ij\u00edmaj\u00ed pr\u00e1vn\u00ed r\u00e1mce v souladu se \u0161ar\u00edou. Evropsk\u00e1 investi\u010dn\u00ed banka vydala Sukuk a velk\u00e9 evropsk\u00e9 poji\u0161\u0165ovny nyn\u00ed nab\u00edzej\u00ed produkty Takaful. Co bylo kdysi nemysliteln\u00e9 \u2013 \u017ee by evropsk\u00e9 finan\u010dn\u00ed instituce zakl\u00e1daly sv\u00e9 obchodn\u00ed praktiky na st\u0159edov\u011bk\u00e9m isl\u00e1msk\u00e9m pr\u00e1vu \u2013 se nyn\u00ed stalo rutinou.<\/span><\/p>\n

Proces normalizace pokro\u010dil do bodu, kdy isl\u00e1msk\u00e9 finance ji\u017e nejsou vn\u00edm\u00e1ny jako ciz\u00ed nebo exotick\u00e9. Byly p\u0159ejmenov\u00e1ny na \u201eetick\u00e9 finance\u201c, \u201einvestov\u00e1n\u00ed ESG\u201c a \u201eudr\u017eiteln\u00e9 bankovnictv\u00ed\u201c. T\u00edm, \u017ee z\u00e1padn\u00ed instituce formulovaly dodr\u017eov\u00e1n\u00ed \u0161ar\u00edi jako environment\u00e1ln\u00ed a soci\u00e1ln\u00ed odpov\u011bdnost, u\u010dinily isl\u00e1msk\u00e9 finance p\u0159ijateln\u00fdmi pro nemuslimsk\u00e9 klienty, kte\u0159\u00ed by jinak mohli m\u00edt n\u00e1mitky proti finan\u010dn\u00edm struktur\u00e1m zalo\u017een\u00fdm na n\u00e1bo\u017eensk\u00e9m pr\u00e1vu.<\/span><\/p>\n

Stezka Zakat: Sledov\u00e1n\u00ed pen\u011bz<\/span><\/strong><\/h3>\n

Jedn\u00edm z nejv\u00edce znepokojiv\u00fdch v\u00fdvoj\u016f od roku 2007 je institucionalizace zakatu \u2013 isl\u00e1msk\u00e9ho po\u017eadavku, aby 2,5 % majetku osoby, na kter\u00fd m\u00e1 b\u00fdt vyplaceno, bylo ka\u017edoro\u010dn\u011b darov\u00e1no isl\u00e1msk\u00fdm charitativn\u00edm organizac\u00edm. Ve sv\u00e9 p\u016fvodn\u00ed anal\u00fdze jsem varoval, \u017ee dodr\u017eov\u00e1n\u00ed pravidel zakatu z\u00e1padn\u00edmi bankami by umo\u017enilo, aby \u201eohromuj\u00edc\u00ed\u201c \u010d\u00e1stky proudily do isl\u00e1msk\u00fdch projekt\u016f s jistotou, \u017ee \u201e\u010d\u00e1st t\u011bchto pen\u011bz skon\u010d\u00ed v rukou radik\u00e1ln\u00edch muslim\u016f\u201c.<\/span><\/p>\n

Sledov\u00e1n\u00ed tok\u016f zakatu se uk\u00e1zalo b\u00fdt je\u0161t\u011b obt\u00ed\u017en\u011bj\u0161\u00ed, ne\u017e se o\u010dek\u00e1valo, a to p\u0159edev\u0161\u00edm proto, \u017ee syst\u00e9m je tak sofistikovan\u00fd a roz\u0161\u00ed\u0159en\u00fd. Glob\u00e1ln\u00ed generov\u00e1n\u00ed zakatu se v sou\u010dasnosti odhaduje na t\u00e9m\u011b\u0159 2 biliony dolar\u016f ro\u010dn\u011b, a\u010dkoli p\u0159esn\u00e9 \u00fadaje je st\u00e1le obt\u00ed\u017en\u00e9 ur\u010dit kv\u016fli prol\u00edn\u00e1n\u00ed form\u00e1ln\u00edch a neform\u00e1ln\u00edch kan\u00e1l\u016f.\u2078 P\u0159\u00edsp\u011bvek z\u00e1padn\u00edch bank k t\u00e9to \u010d\u00e1stce, i kdy\u017e rychle roste, pravd\u011bpodobn\u011b dos\u00e1hne des\u00edtek miliard dolar\u016f ro\u010dn\u011b \u2013 finan\u010dn\u00ed prost\u0159edky plynouc\u00ed z Lond\u00fdna, New Yorku a Frankfurtu do isl\u00e1msk\u00fdch charitativn\u00edch s\u00edt\u00ed po cel\u00e9m sv\u011bt\u011b.<\/span><\/p>\n

Syst\u00e9m zakatu byl digitalizov\u00e1n a automatizov\u00e1n pomoc\u00ed technologie blockchain, co\u017e ho \u010din\u00ed efektivn\u011bj\u0161\u00edm a m\u00e9n\u011b transparentn\u00edm. Z\u00e1padn\u00ed banky nyn\u00ed nab\u00edzej\u00ed slu\u017eby v\u00fdpo\u010dtu zakatu, automatizovan\u00e9 dary a dokonce i investi\u010dn\u00ed produkty kompatibiln\u00ed se zakatem. Co bylo kdysi jednoduch\u00fdm n\u00e1bo\u017eensk\u00fdm z\u00e1vazkem, se vyvinulo v sofistikovan\u00fd finan\u010dn\u00ed produkt s da\u0148ov\u00fdmi v\u00fdhodami a schv\u00e1len\u00edm regula\u010dn\u00edmi org\u00e1ny.<\/span><\/p>\n

Kolik zak\u00e1tu jde na terorismus nebo jin\u00e9 protiz\u00e1padn\u00ed aktivity? Toto je p\u0159\u00edsn\u011b st\u0159e\u017een\u00e9 tajemstv\u00ed, ale ka\u017ed\u00fd odborn\u00edk v tomto oboru v\u00ed, \u017ee se to d\u011bje.<\/span><\/p>\n

Isl\u00e1msk\u00e1 fintech revoluce<\/span><\/strong><\/h3>\n

Snad nejdramati\u010dt\u011bj\u0161\u00edm v\u00fdvojem od roku 2007 je n\u00e1stup isl\u00e1msk\u00fdch financ\u00ed jako hnac\u00ed s\u00edly glob\u00e1ln\u00edch FinTech inovac\u00ed. \u010c\u00edsla mluv\u00ed sama za sebe: objem transakc\u00ed isl\u00e1msk\u00fdch FinTech dos\u00e1hl v roce 2024 161 miliard dolar\u016f a o\u010dek\u00e1v\u00e1 se, \u017ee se do roku 2028 t\u00e9m\u011b\u0159 zdvojn\u00e1sob\u00ed\u2079. O\u010dek\u00e1v\u00e1 se, \u017ee sektor vzroste ze 138 miliard dolar\u016f v letech 2022\u20132023 na 306 miliard dolar\u016f v roce 2027, co\u017e p\u0159edstavuje slo\u017eenou ro\u010dn\u00ed m\u00edru r\u016fstu 17,3 %\u00b9\u2070.<\/span><\/p>\n

Zem\u011b jako Sa\u00fadsk\u00e1 Ar\u00e1bie, Spojen\u00e9 arabsk\u00e9 emir\u00e1ty, Indon\u00e9sie a Malajsie se staly l\u00edhn\u011bmi finan\u010dn\u00edch inovac\u00ed a \u010dasto p\u0159edb\u011bhly zastaralou z\u00e1padn\u00ed infrastrukturu. Vytvo\u0159en\u00ed specializovan\u00fdch isl\u00e1msk\u00fdch z\u00f3n bez FinTech technologi\u00ed \u2013 jako je dubajsk\u00fd DIFC, ab\u00fazab\u00edsk\u00fd ADGM a bahrajnsk\u00fd FinTech Bay \u2013 vytvo\u0159ilo regula\u010dn\u00ed \u201ep\u00edskovi\u0161t\u011b\u201c, kde lze testovat a \u0161k\u00e1lovat finan\u010dn\u00ed inovace v souladu se \u0161ar\u00edou.<\/span><\/p>\n

Ironie je z\u0159ejm\u00e1: tent\u00fd\u017e isl\u00e1msk\u00fd sv\u011bt, kter\u00fd kdysi z n\u00e1bo\u017eensk\u00fdch d\u016fvod\u016f odm\u00edtal z\u00e1padn\u00ed finan\u010dn\u00ed koncepty, nyn\u00ed vede digitalizaci financ\u00ed. Na Bl\u00edzk\u00e9m v\u00fdchod\u011b a v jihov\u00fdchodn\u00ed Asii se objevuj\u00ed isl\u00e1msk\u00e9 banky zam\u011b\u0159en\u00e9 p\u0159edev\u0161\u00edm na mobiln\u00ed za\u0159\u00edzen\u00ed, syst\u00e9my pro dodr\u017eov\u00e1n\u00ed \u0161ar\u00edi poh\u00e1n\u011bn\u00e9 um\u011blou inteligenc\u00ed a sukuk zalo\u017een\u00fd na blockchainu, zat\u00edmco tradi\u010dn\u00ed z\u00e1padn\u00ed finan\u010dn\u00ed centra se s t\u00edmto trendem pot\u00fdkaj\u00ed jen s obt\u00ed\u017eemi.<\/span><\/p>\n

Toto technologick\u00e9 veden\u00ed m\u00e1 hlubok\u00e9 geopolitick\u00e9 d\u016fsledky. Kdy\u017e isl\u00e1msk\u00e9 n\u00e1rody ovl\u00e1daj\u00ed infrastrukturu a protokoly digit\u00e1ln\u00edch financ\u00ed, efektivn\u011b tak\u00e9 ovl\u00e1daj\u00ed podm\u00ednky, za kter\u00fdch m\u016f\u017ee zbytek sv\u011bta k t\u011bmto syst\u00e9m\u016fm p\u0159istupovat. Dychtiv\u00e9 p\u0159ijet\u00ed isl\u00e1msk\u00fdch FinTech \u0159e\u0161en\u00ed Z\u00e1padem p\u0159edstavuje strategickou zranitelnost, kterou je jen m\u00e1lokdo ochoten uznat.<\/span><\/p>\n

Isl\u00e1msk\u00e9 finance zalo\u017een\u00e9 na aktivech se prol\u00ednaj\u00ed se z\u00e1padn\u00edmi FinTech technologiemi<\/span><\/strong><\/h3>\n

Nejv\u00fdznamn\u011bj\u0161\u00edm v\u00fdvojem posledn\u00edch osmn\u00e1cti let byla postupn\u00e1 konvergence isl\u00e1msk\u00fdch princip\u016f financov\u00e1n\u00ed zalo\u017een\u00e9ho na aktivech s inovacemi z\u00e1padn\u00edho FinTech. Tato konvergence je technologick\u00e9 i filozofick\u00e9 povahy a p\u0159edstavuje z\u00e1sadn\u00ed posun ve zp\u016fsobu fungov\u00e1n\u00ed finan\u010dn\u00edch syst\u00e9m\u016f.<\/span><\/p>\n

Technologicky je konvergence t\u00e9m\u011b\u0159 dokon\u010dena. Hlavn\u00ed isl\u00e1msk\u00e9 tokeny aktiv pou\u017e\u00edvaj\u00ed stejnou blockchainovou infrastrukturu jako jejich z\u00e1padn\u00ed prot\u011bj\u0161ky \u2013 Ethereum, Polygon, Cosmos a nov\u011bj\u0161\u00ed, \u00fa\u010delov\u011b vytvo\u0159en\u00e9 \u201ehalal\u201c s\u00edt\u011b jako HAQQ.11 Isl\u00e1msk\u00e9 tokeny nemovitost\u00ed, deriv\u00e1ty Sukuk a investi\u010dn\u00ed n\u00e1stroje kompatibiln\u00ed se \u0161ar\u00edou lze kupovat, prod\u00e1vat a dr\u017eet spole\u010dn\u011b s jejich z\u00e1padn\u00edmi prot\u011bj\u0161ky, za p\u0159edpokladu, \u017ee je provedeno odpov\u00eddaj\u00edc\u00ed n\u00e1bo\u017eensk\u00e9 ov\u011b\u0159en\u00ed.<\/span><\/p>\n

Z\u00e1padn\u00ed banky obecn\u011b neza\u0159azuj\u00ed isl\u00e1msk\u00e9 u\u010dence do sv\u00fdch b\u011b\u017en\u00fdch korpor\u00e1tn\u00edch spr\u00e1vn\u00edch rad, jak tomu bylo v roce 2007, ale nyn\u00ed obvykle z\u0159izuj\u00ed nez\u00e1visl\u00e9 poradn\u00ed v\u00fdbory pro \u0161ar\u00edu s u\u010denci na \u00farovni produkt\u016f nebo dce\u0159in\u00fdch spole\u010dnost\u00ed, aby sledovali dodr\u017eov\u00e1n\u00ed isl\u00e1msk\u00fdch pravidel.<\/span><\/p>\n

Filozofick\u00e1 konvergence je jemn\u011bj\u0161\u00ed, ale potenci\u00e1ln\u011b v\u00fdznamn\u011bj\u0161\u00ed. Z\u00e1padn\u00ed finance st\u00e1le v\u00edce p\u0159ij\u00edmaj\u00ed koncepty, kter\u00e9 se shoduj\u00ed s principy isl\u00e1msk\u00e9ho bankovnictv\u00ed: p\u016fj\u010dky zaji\u0161t\u011bn\u00e9 aktivy m\u00edsto \u010dist\u00e9ho p\u016fj\u010dov\u00e1n\u00ed, sd\u00edlen\u00ed zisku m\u00edsto pevn\u00fdch \u00farokov\u00fdch sazeb, transparentnost m\u00edsto nepr\u016fhlednosti a etick\u00e1 kontrola m\u00edsto amor\u00e1ln\u00ed maximalizace zisku.<\/span><\/p>\n

P\u016fj\u010dky zalo\u017een\u00e9 na aktivech na z\u00e1padn\u00edch trz\u00edch explodovaly a sektor soukrom\u00fdch \u00fav\u011br\u016f se st\u00e1le v\u00edce zam\u011b\u0159uje na hmotn\u00e9 zaji\u0161t\u011bn\u00ed sp\u00ed\u0161e ne\u017e na abstraktn\u00ed pen\u011b\u017en\u00ed toky.\u00b9\u00b2 Investov\u00e1n\u00ed do ESG (environment\u00e1ln\u00ed, soci\u00e1ln\u00ed a spr\u00e1vn\u00ed) \u2013 nyn\u00ed glob\u00e1ln\u00ed trh v hodnot\u011b p\u0159es 30 bilion\u016f dolar\u016f \u2013 vykazuje n\u00e1padn\u00e9 podobnosti s etick\u00fdmi po\u017eadavky isl\u00e1msk\u00fdch financ\u00ed. Vzestup \u201ekapitalismu zainteresovan\u00fdch stran\u201c a \u201e\u00fa\u010delov\u011b orientovan\u00e9ho financov\u00e1n\u00ed\u201c p\u0159edstavuje z\u00e1padn\u00ed p\u0159ijet\u00ed z\u00e1kladn\u00edch filozofick\u00fdch princip\u016f isl\u00e1msk\u00fdch financ\u00ed.<\/span><\/p>\n

Tato konvergence vedla k bezprecedentn\u00ed interoperabilit\u011b mezi isl\u00e1msk\u00fdmi a z\u00e1padn\u00edmi finan\u010dn\u00edmi syst\u00e9my. Megainvestor, kter\u00fd by vlastnil jak z\u00e1padn\u00ed tokeny zalo\u017een\u00e9 na aktivech, tak i jejich isl\u00e1msk\u00e9 ekvivalenty, by zjistil, \u017ee jsou technicky kompatibiln\u00ed na \u00farovni blockchainu, obchodovateln\u00e9 na stejn\u00fdch platform\u00e1ch a ve sv\u00fdch z\u00e1kladn\u00edch struktur\u00e1ch prakticky nerozeznateln\u00e9. Zb\u00fdvaj\u00edc\u00ed p\u0159ek\u00e1\u017eky jsou prim\u00e1rn\u011b regula\u010dn\u00ed a n\u00e1bo\u017eensk\u00e9 povahy, nikoli technologick\u00e9.<\/span><\/p>\n

Spolu\u00fa\u010dast MMF, Sv\u011btov\u00e9 banky a BIS<\/span><\/strong><\/h3>\n

MMF, Sv\u011btov\u00e1 banka a BIS hraj\u00ed aktivn\u00ed roli v podpo\u0159e a integraci isl\u00e1msk\u00e9ho bankovnictv\u00ed do glob\u00e1ln\u00edho finan\u010dn\u00edho syst\u00e9mu prost\u0159ednictv\u00edm standard\u016f, dohledu, v\u00fdvoje produkt\u016f a technick\u00e9 pomoci ve v\u00edce ne\u017e 60 zem\u00edch.<\/span><\/p>\n

Mezin\u00e1rodn\u00ed m\u011bnov\u00fd fond (MMF) implementuje z\u00e1kladn\u00ed principy regulace isl\u00e1msk\u00fdch financ\u00ed a spolupracuje s glob\u00e1ln\u00edmi normaliza\u010dn\u00edmi org\u00e1ny, jako je Isl\u00e1msk\u00e1 rada pro finan\u010dn\u00ed slu\u017eby (IFSB) a Basilejsk\u00fd v\u00fdbor.<\/span><\/p>\n

Sv\u011btov\u00e1 banka m\u00e1 specializovan\u00e9 programy, jako je Glob\u00e1ln\u00ed centrum pro rozvoj isl\u00e1msk\u00fdch financ\u00ed, kter\u00e9 podporuje v\u00fdzkum, budov\u00e1n\u00ed kapacit a rozvoj pr\u00e1vn\u00edch r\u00e1mc\u016f pro isl\u00e1msk\u00e9 finance po cel\u00e9m sv\u011bt\u011b. M\u00e1 specializovan\u00e9 programy, jako je Glob\u00e1ln\u00ed centrum pro rozvoj isl\u00e1msk\u00fdch financ\u00ed, kter\u00e9 podporuje v\u00fdzkum, budov\u00e1n\u00ed kapacit a rozvoj pr\u00e1vn\u00edch r\u00e1mc\u016f pro isl\u00e1msk\u00e9 finance po cel\u00e9m sv\u011bt\u011b.<\/span><\/p>\n

BIS spolupracuje s centr\u00e1ln\u00edmi bankami na integraci isl\u00e1msk\u00fdch financ\u00ed do r\u00e1mc\u016f regula\u010dn\u00edho v\u00fdkaznictv\u00ed a glob\u00e1ln\u00edch standard\u016f, zejm\u00e9na prost\u0159ednictv\u00edm spolupr\u00e1ce s IFSB a dal\u0161\u00edmi normaliza\u010dn\u00edmi org\u00e1ny.<\/span><\/p>\n

P\u0159em\u011bna dluh\u016f na aktiva<\/span><\/strong><\/h3>\n

Nejz\u00e1sadn\u011bj\u0161\u00ed ot\u00e1zka, kterou isl\u00e1msk\u00e9 finance vyvol\u00e1vaj\u00ed, se t\u00fdk\u00e1 toho, co by se stalo, kdyby byl glob\u00e1ln\u00ed finan\u010dn\u00ed syst\u00e9m zalo\u017een\u00fd na dluhu nahrazen alternativou zalo\u017eenou na aktivech. Toto ji\u017e nen\u00ed teoretick\u00e9 cvi\u010den\u00ed \u2013 d\u011bje se to v re\u00e1ln\u00e9m \u010dase a isl\u00e1msk\u00e9 finance jsou v tomto ohledu na \u0161pici.<\/span><\/p>\n

Sou\u010dasn\u00fd z\u00e1padn\u00ed finan\u010dn\u00ed syst\u00e9m je zalo\u017een na vytv\u00e1\u0159en\u00ed dluh\u016f, expanzi \u00fav\u011br\u016f a nekone\u010dn\u00e9m rehypotekov\u00e1n\u00ed z\u00e1stavy. Pen\u00edze se vytv\u00e1\u0159ej\u00ed p\u016fj\u010dkami, bohatstv\u00ed se generuje pomoc\u00ed p\u00e1kov\u00e9ho efektu a ekonomick\u00fd r\u016fst z\u00e1vis\u00ed na neust\u00e1le rostouc\u00ed \u00farovni dluhu. Tento syst\u00e9m vedl k neb\u00fdval\u00e9 prosperit\u011b, ale tak\u00e9 k neb\u00fdval\u00e9 nestabilit\u011b, nerovnosti a syst\u00e9mov\u00e9mu riziku.<\/span><\/p>\n

Isl\u00e1msk\u00e9 finance nab\u00edzej\u00ed z\u00e1sadn\u011b odli\u0161n\u00fd model: transakce zaji\u0161t\u011bn\u00e9 aktivy, sd\u00edlen\u00ed zisku a ztr\u00e1ty, z\u00e1kaz \u00farok\u016f a p\u0159\u00edm\u00e9 propojen\u00ed mezi finan\u010dn\u00edmi aktivitami a skute\u010dnou ekonomickou hodnotou. V syst\u00e9mu zalo\u017een\u00e9m na aktivech pen\u00edze p\u0159edstavuj\u00ed skute\u010dn\u00e9 bohatstv\u00ed, nikoli p\u0159\u00edslib budouc\u00edch plateb. V\u00fdnosy z investic poch\u00e1zej\u00ed z produktivn\u00ed ekonomick\u00e9 \u010dinnosti, nikoli z finan\u010dn\u00edho in\u017een\u00fdrstv\u00ed.<\/span><\/p>\n

Dopad glob\u00e1ln\u00edho p\u0159echodu k financov\u00e1n\u00ed zalo\u017een\u00e9mu na aktivech by byl obrovsk\u00fd:<\/span><\/p>\n

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  • Ekonomick\u00e1 stabilita<\/span><\/strong>\u00a0: Syst\u00e9mov\u00e1 zadlu\u017een\u00ed by se dramaticky sn\u00ed\u017eilo, \u010d\u00edm\u017e by se sn\u00ed\u017eilo riziko finan\u010dn\u00edch kriz\u00ed. Hospod\u00e1\u0159sk\u00e9 cykly by byly \u0159\u00edzeny re\u00e1lnou produkc\u00ed sp\u00ed\u0161e ne\u017e \u00fav\u011brov\u00fdmi cykly. Finan\u010dn\u00ed instituce by byly ze sv\u00e9 podstaty stabiln\u011bj\u0161\u00ed, proto\u017ee jejich aktiva by byla hmatateln\u00e1 a jejich z\u00e1vazky transparentn\u00ed.<\/span><\/li>\n
  • Rozd\u011blen\u00ed bohatstv\u00ed:<\/span><\/strong>\u00a0Koncentrace bohatstv\u00ed prost\u0159ednictv\u00edm \u00farok\u016f z dluh\u016f by byla omezen\u00e1. V\u00fdnosy by plynuly k t\u011bm, kte\u0159\u00ed kapit\u00e1l skute\u010dn\u011b poskytuj\u00ed, nikoli k t\u011bm, kte\u0159\u00ed manipuluj\u00ed s \u00fav\u011bry. Mal\u00e9 podniky a podnikatel\u00e9 by m\u011bli\u00a0<\/span>lep\u0161\u00ed p\u0159\u00edstup ke kapit\u00e1lu, proto\u017ee \u00fav\u011bry by byly zalo\u017eeny na hodnot\u011b aktiv, nikoli na \u00fav\u011bruschopnosti.<\/span><\/strong><\/li>\n
  • Glob\u00e1ln\u00ed moc:<\/span><\/strong>\u00a0N\u00e1rody, kter\u00e9 ovl\u00e1daj\u00ed nejcenn\u011bj\u0161\u00ed re\u00e1ln\u00e1 aktiva \u2013 energii, nerosty, zem\u011bd\u011blskou p\u016fdu, infrastrukturu \u2013 by z\u00edskaly moc na \u00fakor t\u011bch, jejich\u017e bohatstv\u00ed je prim\u00e1rn\u011b finan\u010dn\u00ed. To by p\u0159edstavovalo masivn\u00ed geopolitick\u00e9 p\u0159eskupen\u00ed, kter\u00e9 by zv\u00fdhod\u0148ovalo isl\u00e1msk\u00e9 n\u00e1rody bohat\u00e9 na zdroje p\u0159ed z\u00e1padn\u00edmi ekonomikami z\u00e1visl\u00fdmi na dluz\u00edch.<\/span><\/li>\n
  • Inovace a r\u016fst<\/span><\/strong>\u00a0: Zat\u00edmco spekulativn\u00ed bubliny by byly omezeny, investice do produktivn\u00edch aktiv by byly podporov\u00e1ny. Dlouhodob\u00fd a udr\u017eiteln\u00fd rozvoj by byl up\u0159ednost\u0148ov\u00e1n p\u0159ed kr\u00e1tkodob\u00fdmi finan\u010dn\u00edmi zisky. Ekonomika by byla v\u00edce propojena s fyzickou realitou a m\u00e9n\u011b z\u00e1visl\u00e1 na abstraktn\u00edch finan\u010dn\u00edch n\u00e1stroj\u00edch.<\/span><\/li>\n<\/ul>\n

    P\u0159echod ji\u017e prob\u00edh\u00e1. Soukrom\u00e9 \u00fav\u011bry zalo\u017een\u00e9 na aktivech se staly na z\u00e1padn\u00edch trz\u00edch mainstreamem.\u00b9\u00b3 Nemovitosti, za\u0159\u00edzen\u00ed, du\u0161evn\u00ed vlastnictv\u00ed a infrastruktura jsou b\u011b\u017en\u011b tokenizov\u00e1ny a obchodov\u00e1ny prost\u0159ednictv\u00edm pool\u016f aktiv a DeFi kontrakt\u016f. Isl\u00e1msk\u00e9 finance jako pr\u016fkopn\u00edk v tomto sm\u011bru ovlivnily z\u00e1padn\u00ed p\u0159ijet\u00ed cenn\u00fdch pap\u00edr\u016f kryt\u00fdch aktivy integrovan\u00fdch s technologi\u00ed blockchain a \u0159\u00edzen\u00edm rizik.<\/span><\/p>\n

    Centr\u00e1ln\u00ed banky experimentuj\u00ed s digit\u00e1ln\u00edmi m\u011bnami kryt\u00fdmi aktivy. Vl\u00e1dy vyd\u00e1vaj\u00ed dluhopisy zaji\u0161t\u011bn\u00e9 aktivy. Dokonce i tradi\u010dn\u00ed z\u00e1padn\u00ed banky restrukturalizuj\u00ed sv\u00e9 operace a zam\u011b\u0159uj\u00ed se v\u00edce na fyzick\u00fd kolater\u00e1l ne\u017e na \u010dist\u00e9 \u00fav\u011brov\u00e1n\u00ed.<\/span><\/p>\n

    Bezbo\u017en\u00e1 aliance, kter\u00e1 se naplnila v nov\u00e9m sv\u011btov\u00e9m \u0159\u00e1du<\/span><\/strong><\/h3>\n

    Kdy\u017e jsem v roce 2007 psal o \u201ebezbo\u017en\u00e9 alianci mezi isl\u00e1mem a glob\u00e1ln\u00edm bankovnictv\u00edm\u201c, mnoz\u00ed to odm\u00edtli jako alarmistickou spekulaci. Dnes tato aliance dos\u00e1hla v\u0161eho, \u010deho jsem se ob\u00e1val, a je\u0161t\u011b v\u00edc. Isl\u00e1msk\u00e9 finance nebyly jen p\u0159ijaty z\u00e1padn\u00edmi bankami \u2013\u00a0<\/span>byly absorbov\u00e1ny, normalizov\u00e1ny a pov\u00fd\u0161eny do bodu, kdy nyn\u00ed ovliv\u0148uj\u00ed strukturu cel\u00e9ho glob\u00e1ln\u00edho finan\u010dn\u00edho syst\u00e9mu.<\/span><\/strong><\/p>\n

    Ml\u010den\u00ed glob\u00e1ln\u00ed elity, kdy\u017e isl\u00e1msk\u00e9 davy skanduj\u00ed \u201eSmrt Americe\u201c, u\u017e nen\u00ed p\u0159ekvapiv\u00e9 \u2013 jejich c\u00edle jsou skute\u010dn\u011b propojen\u00e9. Z\u00e1padn\u00ed finan\u010dn\u00ed instituce nyn\u00ed investovaly miliardy dolar\u016f do isl\u00e1msk\u00e9 finan\u010dn\u00ed infrastruktury. Jejich zisky z\u00e1vis\u00ed na \u00fasp\u011bchu trh\u016f v souladu se \u0161ar\u00edou. Jejich strategie budouc\u00edho r\u016fstu jsou zalo\u017eeny na isl\u00e1msk\u00fdch demografick\u00fdch trendech a kapit\u00e1lov\u00fdch toc\u00edch z Bl\u00edzk\u00e9ho v\u00fdchodu.<\/span><\/p>\n

    Transformace je tak \u00fapln\u00e1, \u017ee odpor ji\u017e nen\u00ed mo\u017en\u00fd bez spu\u0161t\u011bn\u00ed finan\u010dn\u00ed katastrofy. Z\u00e1padn\u00ed ekonomiky se staly z\u00e1visl\u00fdmi na isl\u00e1msk\u00fdch financ\u00edch, pokud jde o likviditu, r\u016fst a stabilitu. Jak\u00fdkoli pokus o zvr\u00e1cen\u00ed t\u00e9to trajektorie by vy\u017eadoval rozbit\u00ed finan\u010dn\u00edch vazeb v hodnot\u011b bilion\u016f dolar\u016f a odcizen\u00ed nejrychleji rostouc\u00ed demografick\u00e9 skupiny sv\u011bta.<\/span><\/p>\n

    Tato z\u00e1vislost vytv\u00e1\u0159\u00ed strategickou zranitelnost, kter\u00e1 sah\u00e1 daleko za hranice finan\u010dn\u00ed sf\u00e9ry. Kdy\u017e z\u00e1padn\u00ed instituce vy\u017eaduj\u00ed souhlas isl\u00e1msk\u00e9ho sv\u011bta pro sv\u00e9 nejz\u00e1kladn\u011bj\u0161\u00ed obchodn\u00ed aktivity, kdy\u017e se z\u00e1padn\u00ed vl\u00e1dy spol\u00e9haj\u00ed na isl\u00e1msk\u00fd kapit\u00e1l pro sv\u00e9 finan\u010dn\u00ed operace a kdy\u017e z\u00e1padn\u00ed technologick\u00e9 inovace z\u00e1vis\u00ed na p\u0159\u00edstupu na isl\u00e1msk\u00fd trh, tradi\u010dn\u00ed rovnov\u00e1ha sil se z\u00e1sadn\u011b posunula.<\/span><\/p>\n

    Z\u00e1v\u011br: Posledn\u00ed f\u00e1ze glob\u00e1ln\u00ed dominance<\/span><\/strong><\/h3>\n

    P\u0159ed osmn\u00e1cti lety jsem varoval, \u017ee spojenectv\u00ed mezi isl\u00e1mem a glob\u00e1ln\u00edm bankovnictv\u00edm by mohlo p\u0159edstavovat \u201ez\u00e1v\u011bre\u010dnou f\u00e1zi stalet\u00e9ho \u00fasil\u00ed o glob\u00e1ln\u00ed hegemonii\u201c. Dnes se zd\u00e1, \u017ee toto \u00fasil\u00ed je \u00fasp\u011b\u0161n\u011bj\u0161\u00ed, ne\u017e si jeho tv\u016frci kdy p\u0159edstavovali.<\/span><\/p>\n

    Isl\u00e1msk\u00e9 finance dos\u00e1hly n\u011b\u010deho, \u010deho se vojensk\u00fdm v\u00fdboj\u016fm nikdy nepoda\u0159ilo: dobrovoln\u00e9ho pod\u0159\u00edzen\u00ed z\u00e1padn\u00edch finan\u010dn\u00edch instituc\u00ed isl\u00e1msk\u00e9mu pr\u00e1vu. Dodr\u017eov\u00e1n\u00ed pr\u00e1va \u0161ar\u00eda se stalo konkuren\u010dn\u00ed v\u00fdhodou, nikoli pouze regula\u010dn\u00ed z\u00e1t\u011b\u017e\u00ed. Z\u00e1padn\u00ed banky nyn\u00ed soupe\u0159\u00ed o to, aby prok\u00e1zaly sv\u00e9 isl\u00e1msk\u00e9 kvalifikace a p\u0159il\u00e1kaly do sv\u00fdch spr\u00e1vn\u00edch rad nejuzn\u00e1van\u011bj\u0161\u00ed odborn\u00edky na pr\u00e1vo \u0161ar\u00eda.<\/span><\/strong><\/p>\n

    \u010c\u00edsla mluv\u00ed sama za sebe: isl\u00e1msk\u00e1 finan\u010dn\u00ed aktiva v hodnot\u011b 5,4 bilionu dolar\u016f a jejich po\u010det st\u00e1le roste; v\u00edce ne\u017e 80 nadn\u00e1rodn\u00edch z\u00e1padn\u00edch instituc\u00ed nab\u00edz\u00ed produkty v souladu se \u0161ar\u00edou; velk\u00e9 z\u00e1padn\u00ed burzy cenn\u00fdch pap\u00edr\u016f sout\u011b\u017e\u00edc\u00ed o kotaci isl\u00e1msk\u00fdch dluhopis\u016f; z\u00e1padn\u00ed vl\u00e1dy vyd\u00e1vaj\u00edc\u00ed sukuk; z\u00e1padn\u00ed centr\u00e1ln\u00ed banky nab\u00edzej\u00edc\u00ed isl\u00e1msk\u00e9 likviditn\u00ed facility; a z\u00e1padn\u00ed fintech spole\u010dnosti buduj\u00edc\u00ed sv\u00e9 platformy na principech isl\u00e1msk\u00fdch financ\u00ed.<\/span><\/p>\n

    Je\u0161t\u011b z\u00e1sadn\u011bj\u0161\u00ed je, \u017ee filozofick\u00e9 z\u00e1klady z\u00e1padn\u00edch financ\u00ed jsou st\u00e1le v\u00edce nahrazov\u00e1ny isl\u00e1msk\u00fdmi alternativami: kolater\u00e1lizace aktiv m\u00edsto tvorby \u00fav\u011br\u016f. Sd\u00edlen\u00ed zisku m\u00edsto \u00farok\u016f. Etick\u00e1 kontrola m\u00edsto amor\u00e1ln\u00ed optimalizace. Transparentnost m\u00edsto nepr\u016fhlednosti. Re\u00e1ln\u00e1 hodnota m\u00edsto finan\u010dn\u00ed abstrakce.<\/span><\/p>\n

    Nejde jen o p\u0159ijet\u00ed zahrani\u010dn\u00edch finan\u010dn\u00edch technik \u2013 jde o transformaci vztahu z\u00e1padn\u00ed civilizace k pen\u011bz\u016fm, bohatstv\u00ed a ekonomick\u00e9 organizaci. D\u016fsledky sahaj\u00ed daleko za hranice bankovnictv\u00ed, ale zahrnuj\u00ed i \u200b\u200bpr\u00e1vo, spr\u00e1vu v\u011bc\u00ed ve\u0159ejn\u00fdch, soci\u00e1ln\u00ed organizaci a individu\u00e1ln\u00ed chov\u00e1n\u00ed.<\/span><\/p>\n

    Odv\u011bk\u00e9 \u00fasil\u00ed o glob\u00e1ln\u00ed dominanci nebylo dosa\u017eeno vojenskou silou ani politick\u00fdm dob\u00fdv\u00e1n\u00edm. Bylo dosa\u017eeno tichou, trp\u011blivou a systematickou transformac\u00ed glob\u00e1ln\u00edho finan\u010dn\u00edho syst\u00e9mu. A tato transformace je nevratn\u00e1.<\/span><\/p>\n

    S v\u00fdhledem do roku 2030 je cesta jasn\u00e1: isl\u00e1msk\u00e9 finance budou i nad\u00e1le r\u016fst, z\u00e1vislost na Z\u00e1pad\u011b se prohloub\u00ed a konvergence se zrychl\u00ed. Ot\u00e1zkou u\u017e nen\u00ed, zda bude tato transformace \u00fasp\u011b\u0161n\u00e1 \u2013 ta se ji\u017e stala. Ot\u00e1zkou je, v jak\u00e9m sv\u011bt\u011b budeme \u017e\u00edt, a\u017e bude tento proces dokon\u010den.<\/span><\/p>\n

    L\u00e1ska k pen\u011bz\u016fm m\u016f\u017ee b\u00fdt skute\u010dn\u011b ko\u0159enem v\u0161eho zla. Ale v roce 2025 tato l\u00e1ska na\u0161la sv\u00e9 dokonal\u00e9 vyj\u00e1d\u0159en\u00ed ve spojen\u00ed z\u00e1padn\u00ed finan\u010dn\u00ed moci a isl\u00e1msk\u00e9 pr\u00e1vn\u00ed autority. A jako v\u0161echna \u00fasp\u011b\u0161n\u00e1 man\u017eelstv\u00ed, i toto zrodilo potomky, kte\u0159\u00ed se podobaj\u00ed ob\u011bma rodi\u010d\u016fm a z\u00e1rove\u0148 p\u0159ekra\u010duj\u00ed omezen\u00ed obou.<\/span><\/p>\n

    Budoucnost pat\u0159\u00ed t\u011bm, kte\u0159\u00ed ovl\u00e1daj\u00ed majetek. A st\u00e1le \u010dast\u011bji ti, kdo majetek ovl\u00e1daj\u00ed, jednaj\u00ed podle pr\u00e1va \u0161ar\u00eda.<\/span><\/p>\n<\/div>\n<\/div>\n

    \n
    \n

    Zdroj<\/span><\/a><\/span><\/h3>\n

    \"\"<\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

    Toto je prvn\u00ed \u010d\u00e1st v\u011bt\u0161\u00ed s\u00e9rie \u010dl\u00e1nk\u016f, kter\u00e9 podporuj\u00ed mou teorii, \u017ee kapitalismus zalo\u017een\u00fd na…<\/p>\n","protected":false},"author":2,"featured_media":87933,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[7],"tags":[1042,9773,45,91,5166],"_links":{"self":[{"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/posts\/87932"}],"collection":[{"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/comments?post=87932"}],"version-history":[{"count":0,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/posts\/87932\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/media\/87933"}],"wp:attachment":[{"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/media?parent=87932"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/categories?post=87932"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/tags?post=87932"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}