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THE FINANCIAL CRISIS: COMMENTS FROM ISLAMIC PERSPECTIVES

International Journal of Economics, Management and Accounting

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Title THE FINANCIAL CRISIS: COMMENTS FROM ISLAMIC PERSPECTIVES
 
Creator Ebrahim, Muhammed Shahid; University of Nottingham
 
Description I plan to summarize the discussion of my three eminent colleagues along the following framework (incorporating the Islamic perspective): (i) What is the root cause of the current subprime crisis? (ii) What is the impact of the crisis on the global economy? and (iii) What lessons do we derive from the ongoing crisis to restructure the Islamic financial architecture and to improve the economic status of the underprivileged? All three colleagues discuss issues (i) and (iii). Dr. Chapra is the only exception shedding some light on issue (ii). My perspective is slightly different from all three, as I have been trained as a theorist in financial economics especially focusing on the twin issues of asset pricing and financial contracting. I will therefore emphasize on the areas of my expertise and not comment on issues relating specifically to monetary economics, where I have no exposure. Likewise, I will not comment on the issue of bayc al-dayn (sale of debt), which is highly debatable and needs to be re-analyzed in the light of the Qur’OEn, Sunnah and modern financial economics.JEL classification: Z12, G10, K00Key words: Islamic economics, Islamic banking, Maqasid al-Shariah.
 
Publisher Kulliyyah of Economics and Management Sciences
 
Contributor —
 
Date 2013-03-04
 
Type info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
—
 
Format application/pdf
 
Identifier http://journals.iium.edu.my/enmjournal/index.php/enmj/article/view/147
 
Source International Journal of Economics, Management and Accounting; Vol 16, No 2 (2008)
 
Language eng
 
Relation http://journals.iium.edu.my/enmjournal/index.php/enmj/article/view/147/116