Causes And Remedies Of The Recent Financial Crisis From An Islamic Perspective

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Causes and Remedies of the Recent Financial Crisis from an Islamic Perspective

Author : Mufti Muhammad Taqi Usmani
Publisher : Turath Publishing
ISBN 13 : 1906949565
Total Pages : 50 pages
Book Rating : 4.9/5 (69 download)

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Book Synopsis Causes and Remedies of the Recent Financial Crisis from an Islamic Perspective by : Mufti Muhammad Taqi Usmani

Download or read book Causes and Remedies of the Recent Financial Crisis from an Islamic Perspective written by Mufti Muhammad Taqi Usmani and published by Turath Publishing. This book was released on 2014-01-01 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: Causes and Remedies of the Recent Financial Crisis From an Islamic Perspective As the leading authority on modern Islamic finance in the world today, no one was better qualified to speak for Islam at the annual World Economic Forum following the global financial crisis in 2010. In his address, Mufti Taqi Usmani pointed out that the so-called crisis only came about when it knocked at the doors of the wealthy.’ Otherwise, as Mufti Usmani astutely points out, the true crisis is ongoing and unless fundamental changes are made to the worlds economic system, that crisis will continue. In the pages of this slim volume, the reader will find a concise study of the fundamental flaws in the global economic system, and the eternal principles articulated by the Shariah of Islam that point to a solution. – Yusuf Talal DeLorenzo, Shariah Consultant to Global Financial Institutions Mufti Taqi's paper, written in the context of global financial crisis, calls for universal change in our attitude toward the treatment of money and the role of financial system in our lives. His is a timely call for overhauling the economic system based on values and principles. A must read for all who are concerned about the current affairs of our financial system. – Nazim Ali, Director, Islamic Finance Project, Harvard Law School Harvard University

Causes and Remedies of the Recent Financial Crisis from an Islamic Perspective

Author :
Publisher :
ISBN 13 :
Total Pages : 47 pages
Book Rating : 4.:/5 (98 download)

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Book Synopsis Causes and Remedies of the Recent Financial Crisis from an Islamic Perspective by :

Download or read book Causes and Remedies of the Recent Financial Crisis from an Islamic Perspective written by and published by . This book was released on 2014 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: As the leading authority on modern Islamic finance in the world today, no one was better qualified to speak for Islam at the annual World Economic Forum following the global financial crisis in 2010. In his address, Mufti Taqi Usmani pointed out that the so-called crisis only came about when it knocked at the doors of the wealthy.' Otherwise, as Mufti Usmani astutely points out, the true crisis is ongoing and unless fundamental changes are made to the worlds economic system, that crisis will continue. In the pages of this slim volume, the reader will find a concise study of the fundamental flaws in the global economic system, and the eternal principles articulated by the Shariah of Islam that point to a solution.--Publisher

The Global Financial Crisis and the Islamic Finance

Author : Hussein Elasrag
Publisher : Hussein Elasrag
ISBN 13 : 8827566910
Total Pages : 122 pages
Book Rating : 4.8/5 (275 download)

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Book Synopsis The Global Financial Crisis and the Islamic Finance by : Hussein Elasrag

Download or read book The Global Financial Crisis and the Islamic Finance written by Hussein Elasrag and published by Hussein Elasrag. This book was released on 2018-02-08 with total page 122 pages. Available in PDF, EPUB and Kindle. Book excerpt: The world economy is still suffering the crisis, considered the most severe since the Great Depression, where economic downturn at historic magnitude and many countries across the globe, irrespective of their development level, are still under strain dealing with this crisis.This book tries to note the main causes and the impacts of the current financial and economic crisis. In addition to discuss the belief that the Islamic Finance and its prospective is a viable alternative to the ailing global financial system

Global Financial Crisis

Author : Naveed Ahmad
Publisher :
ISBN 13 :
Total Pages : 8 pages
Book Rating : 4.:/5 (13 download)

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Book Synopsis Global Financial Crisis by : Naveed Ahmad

Download or read book Global Financial Crisis written by Naveed Ahmad and published by . This book was released on 2016 with total page 8 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper we seek to assess the stance of Islamic perspective with respect to global financial crises. The paper examines the adopted remedies and actions that deal with the current global financial crisis and evaluates them from the perspective of Islamic finance. The significance of tackling with this issue at this particular time is that there is general agreement among the economists, financial scholars and financial experts about the causes and consequences of global financial crises. However the search for the solution thus has proved to be mission impossible and remains the subject of an international debate. So in this paper efforts have been made to prove that Islamic finance is well endowed to deliver noteworthy contributions towards a more healthy and stable international economy. The paper has argued that an honest implementation of Islamic theory of finance is potentially capable of solving, and in all probability averting, such crises from happening -- simply because most, if not all, of the factors that have caused or contributed to the development and the spread of the crisis are not allowed under the rules and guidance of Shariah.

Issues in the International Financial Crisis

Author : Jāmiʻat al-Malik ʻAbd al-ʻAzīz. Markaz Abḥāth al-Iqtiṣād al-Islāmī
Publisher :
ISBN 13 : 9789960065137
Total Pages : 295 pages
Book Rating : 4.0/5 (651 download)

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Book Synopsis Issues in the International Financial Crisis by : Jāmiʻat al-Malik ʻAbd al-ʻAzīz. Markaz Abḥāth al-Iqtiṣād al-Islāmī

Download or read book Issues in the International Financial Crisis written by Jāmiʻat al-Malik ʻAbd al-ʻAzīz. Markaz Abḥāth al-Iqtiṣād al-Islāmī and published by . This book was released on 2009 with total page 295 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Islamic Finance and the New Financial System

Author : Tariq Alrifai
Publisher : John Wiley & Sons
ISBN 13 : 1118990684
Total Pages : 235 pages
Book Rating : 4.1/5 (189 download)

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Book Synopsis Islamic Finance and the New Financial System by : Tariq Alrifai

Download or read book Islamic Finance and the New Financial System written by Tariq Alrifai and published by John Wiley & Sons. This book was released on 2015-03-18 with total page 235 pages. Available in PDF, EPUB and Kindle. Book excerpt: Can Islamic finance save the global system? Islamic Finance and the New Financial System describes how the adoption of Islamic finance principles in future regulatory decisions could help prevent future shocks in the global financial system. Using illustrations and examples to highlight key points in recent history, this book discusses the causes of financial crises, why they are becoming more frequent and increasingly severe, and how the new financial system will incorporate elements of Islamic finance – whether deliberately or not. With an introspective look at the system and an examination of the misconceptions and deficiencies in theory vs. practice, readers will learn why Islamic finance has not been as influential as it should be on the larger global system. Solutions to these crises are thoroughly detailed, and the author puts forth a compelling argument about what can be expected in the future. Despite international intervention and global policy changes, the financial system remains in a fragile state. There is an argument to be made about integrating Islamic finance into the new system to facilitate stronger resilience, and this book explains the nuts and bolts of the idea while providing the reader with a general understanding of Islamic finance. Understand the key principles of Islamic finance Examine the history of the current financial system Discover how Islamic finance can help build a new debt-free economy Learn how Islamic finance theory doesn't always dictate practice Although Islamic finance is a growing market, it is still a foreign concept to many. Those within the Islamic finance circles wonder why the system has yet to gain broader appeal despite its ability to create a strong and well-balanced economy. Islamic Finance and the New Financial System provides clever analysis and historical background to put the issues into perspective.

The Stability of Islamic Finance

Author : Hossein Askari
Publisher : John Wiley & Sons
ISBN 13 : 1118178939
Total Pages : 249 pages
Book Rating : 4.1/5 (181 download)

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Book Synopsis The Stability of Islamic Finance by : Hossein Askari

Download or read book The Stability of Islamic Finance written by Hossein Askari and published by John Wiley & Sons. This book was released on 2011-11-09 with total page 249 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Stability of Islamic Finance main focus is on the question of the sources of financial instability which seems inherent in the conventional system. As a core component of this focus, the book will consider episodes of turbulence and instability in a historical context recalling the occurrence of such events from mid-19th century to the present. It will present various theoretical explanations along with solutions and alternative financial systems that avoid instability provided by various scholars dating back to mid-19th century to present. The book then will present and discuss the architecture of an Islamic financial system and show that at its core, this system shares many characteristics of an stable financial system proposed by Western scholars throughout history to avoid the inherent instability of the present dominant system. Particular emphasis will be placed on the present financial crisis and its causes as well the financial crisis of the 1997 in Southeast Asia, Russia, and Latin America relating these episodes to the fundamental features of the dominant system. The debt crisis of the low income countries will also be part of this discussion. It will then argue that these crises could be mitigated under an Islamic system or any other system with similar architecture.

A Treatise on Islamic Economics and Redistribution of Wealth

Author : Wazir Khan
Publisher :
ISBN 13 : 9781731151001
Total Pages : 464 pages
Book Rating : 4.1/5 (51 download)

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Book Synopsis A Treatise on Islamic Economics and Redistribution of Wealth by : Wazir Khan

Download or read book A Treatise on Islamic Economics and Redistribution of Wealth written by Wazir Khan and published by . This book was released on 2018-12-14 with total page 464 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is dedicated to Prophet Muhammad (SAW), the final Messenger of Allah [SWT] sent for blessing and mercy for Mankind. The purpose of this research study is to gain understanding of Islamic economics and redistribution of wealth in the contemporary world. This study is evidenced based from authentic sources of Quran and Sunah of the Prophet (SAW) and the work of some Muslim economists. Before embarking on the discussion of the topic of Islamic economics, I felt it necessary to give the readers the background of creation and how humanity came into being and for what purpose and to live on this earth on what constraints. I included this background in the form of the Prelude. This treatise consists of the Prelude and thirteen Chapters. Chapter 1 includes the general introduction on the topic under study. Chapter 2 gives the structure of Shariah and includes sources of Shariah; Fiqh (Islamic Jurisprudence); Administrative System of Shari'ah; Family Relations under Shari'ah; Criminal Law and Punishment under Shari'ah. Chapter 3 covers Economic System under Shari'ah and includes: Introduction; Trade and Commerce; Islamic Economics Organizational Structure in Action by Khulfa-Er-Rashidune; and Developments of Islamic Economics. Chapter 4 covers Monetary and Fiscal Framework of Islam and includes: Introduction; Background to the Monetary and Fiscal Policy of Islam; and Monetary and Fiscal Framework of Islam. Chapter 5 covers Institution of Hisbah and includes: Hibah Defined; Position of Hisbah during the time of the Prophet (SAW); Position of Hisbah after the time of the Prophet (SAW); and the Domain of the Hisbah. Chapter 6 covers the Institution of Zakah and includes: Introduction; Detail of Zakah; and Zakahable Wealth in Terms of its Amount and Ratios. Chapter 7 covers Inheritance and Disposal of Property under Shari'ah and includes: Introduction; Law of Inheritance; and Disposal of Property. Chapter 8 covers Islamic Financial Model for Equity Participation (Musharakah) and includes: Introduction; the Concept of Musharakah; the Basic Rules of Musharakah; the Nature of the Capital; Management of the Musharakah; termination Of Musharakah; termination of Musharakah without Closing the Business; Other Financial Instruments of Islamic Financing; and Islamic Banking. Chapter 9 covers Eradication of Global Poverty through Redistribution of Wealth and includes: Introduction; Role of Zakah in Poverty Alleviation supported with a case study; Role of Waqfs in the Alleviation of Poverty supported with a case study; Role of Microfinance in the Poverty Alleviation supported with a case study. Chapter 10 covers Islamic Economics towards Solution to the Global Economic Crises and includes: Introduction; Causes of the Global Economic Crisis; the G20 Summit and the Global Economic Crisis; International Banking Model; Some Merits of Shari'ah over Man-Made System; and Islamic Alternative too Debt-Based Capitalism. Chapter 11 covers Failure of Muslim World to Implement Shariah and Islamic Economics System and includes: Introduction; and Failure of Muslim World to Implement Shariah with an appeal to the Muslim World to Find a Solution to this Failure. Chapter 12 covers the Critical Review of the Modern Islamic Finance, Banking and Insurance and includes: What is Islamic Finance; the Rules Regarding Islamic Finance; Current Practice Of Islamic Finance; Islamic Banking; Absence of an Effective Supervisory Authority; What Is Islamic Banking; International Islamic Banking; Criticism Of Islamic Banking; the Deceptive Mechanism of Murabahah; and Islamic Insurance. Chapter 13 covers the Summary and Conclusion.

Islamic Finance and Global Crisis

Author : Hussein Elasrag
Publisher : Createspace Independent Publishing Platform
ISBN 13 : 9781725131927
Total Pages : 106 pages
Book Rating : 4.1/5 (319 download)

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Book Synopsis Islamic Finance and Global Crisis by : Hussein Elasrag

Download or read book Islamic Finance and Global Crisis written by Hussein Elasrag and published by Createspace Independent Publishing Platform. This book was released on 2018-08-12 with total page 106 pages. Available in PDF, EPUB and Kindle. Book excerpt: According to some, "Islamic finance" is a cure for the international financial crisis and Islamic finance can strengthen its position in the international market, as investors and companies seek alternative sources of finance. Other economists argue that Islamic finance is another way of forming financial transactions. It's not a completely different financial system. I am trying to focus on the main causes and effects of the current financial crisis and the economic crisis. In addition, the belief that Islamic finance and its future is a real alternative to the discussion of the global financial system

An Overview of Islamic Finance

Author : Mr.Mumtaz Hussain
Publisher : International Monetary Fund
ISBN 13 : 1513565621
Total Pages : 35 pages
Book Rating : 4.5/5 (135 download)

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Book Synopsis An Overview of Islamic Finance by : Mr.Mumtaz Hussain

Download or read book An Overview of Islamic Finance written by Mr.Mumtaz Hussain and published by International Monetary Fund. This book was released on 2015-06-02 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: Islamic finance has started to grow in international finance across the globe, with some concentration in few countries. Nearly 20 percent annual growth of Islamic finance in recent years seems to point to its resilience and broad appeal, partly owing to principles that govern Islamic financial activities, including equity, participation, and ownership. In theory, Islamic finance is resilient to shocks because of its emphasis on risk sharing, limits on excessive risk taking, and strong link to real activities. Empirical evidence on the stability of Islamic banks, however, is so far mixed. While these banks face similar risks as conventional banks do, they are also exposed to idiosyncratic risks, necessitating a tailoring of current risk management practices. The macroeconomic policy implications of the rapid expansion of Islamic finance are far reaching and need careful considerations.

Financial Crises Explanations, Types, and Implications

Author : Mr.Stijn Claessens
Publisher : International Monetary Fund
ISBN 13 : 1475561008
Total Pages : 66 pages
Book Rating : 4.4/5 (755 download)

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Book Synopsis Financial Crises Explanations, Types, and Implications by : Mr.Stijn Claessens

Download or read book Financial Crises Explanations, Types, and Implications written by Mr.Stijn Claessens and published by International Monetary Fund. This book was released on 2013-01-30 with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper reviews the literature on financial crises focusing on three specific aspects. First, what are the main factors explaining financial crises? Since many theories on the sources of financial crises highlight the importance of sharp fluctuations in asset and credit markets, the paper briefly reviews theoretical and empirical studies on developments in these markets around financial crises. Second, what are the major types of financial crises? The paper focuses on the main theoretical and empirical explanations of four types of financial crises—currency crises, sudden stops, debt crises, and banking crises—and presents a survey of the literature that attempts to identify these episodes. Third, what are the real and financial sector implications of crises? The paper briefly reviews the short- and medium-run implications of crises for the real economy and financial sector. It concludes with a summary of the main lessons from the literature and future research directions.

Fall of Capitalism and Rise of Islam

Author : Mohammad Malkawi
Publisher : Xlibris Corporation
ISBN 13 : 1450074871
Total Pages : 290 pages
Book Rating : 4.4/5 (5 download)

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Book Synopsis Fall of Capitalism and Rise of Islam by : Mohammad Malkawi

Download or read book Fall of Capitalism and Rise of Islam written by Mohammad Malkawi and published by Xlibris Corporation. This book was released on 2010-04-22 with total page 290 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Fall of Capitalism and the Rise of Islam provides a critical analysis of the current financial crisis in the US and the world at large. It concludes that the current crisis could very well be a sign of failure of the underlying system of capitalism. The book shows that the system of capitalism contains serious faults and defects at the core theory level. Economic and financial crisis periodically occur whenever these defects are triggered by various conditions and political decisions during the life of capitalism. The collapse of financial institutions, the crash of the housing market, the evaporation of trillions of dollars, the creation of virtual unreal wealth, and the decline of productivity are symptoms of the potential failure of the ideology of capitalism. This failure has serious impact on the life quality of billions of people around the world who suffer from poverty, hunger, health insecurity, lack of education, and serious inhuman conditions. The world order under capitalism witnessed multiple world wars, political and economic instability, colonialism, absence of peace, deprivation of justice and polarization of wealth and power. This book predicts a potential crash and collapse of the world order under the pressure of a failing capitalism. Concurrent to the decline and potential collapse of capitalism, the book makes an account of another global phenomenon, namely the second rise of Islam. The rise of Islam, similar to the first one that lasted for thirteen hundred years, is a comprehensive rise that brings up the economic system together with the political system, and the moral system together with the legal system. It is much needed and sought to introduce to the world a system full of justice, fairness, and geared toward productivity and human righteousness. The new rise of Islam is argued to be in the best interest of the human societies around the world, and that the propagated fear of this rise is unfounded. The book provides a detailed description of the economic system and the political economy of Islam. It provides compelling evidence that the Islamic political economy characterized by sustained productivity and wealth distribution guarantees the satisfaction of the basic needs of a human. The Islamic political economy integrates several mechanisms for natural distribution of wealth, while it maintains a high level of productivity through the inhibition of usury, hoarding, and exploitation. The Fall of Capitalism and the Rise of Islam makes extensive references to a score of historians, scholars, and scientists who provide a fair testimony of the Islamic civilization and the ideology of Islam.

Charity In Islam

Author : Omer Senturk
Publisher : Tughra Books
ISBN 13 : 1597846074
Total Pages : 189 pages
Book Rating : 4.5/5 (978 download)

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Book Synopsis Charity In Islam by : Omer Senturk

Download or read book Charity In Islam written by Omer Senturk and published by Tughra Books. This book was released on 2008-01-01 with total page 189 pages. Available in PDF, EPUB and Kindle. Book excerpt: Exploring one of the five essential pillars of Islam, this guide to zakat explains how this Muslim practice plays a key role in preserving a peaceful economic balance within a Muslim society and how it encourages individuals to share with the less fortunate. This book is a must for Muslims who seek to observe this obligation fully and can also serve as a resource for non-Muslims as a comprehensive manual for one of its cornerstone features.

The Economic Impact of Conflicts and the Refugee Crisis in the Middle East and North Africa

Author : Mr.Bjoern Rother
Publisher : International Monetary Fund
ISBN 13 : 1475535783
Total Pages : 43 pages
Book Rating : 4.4/5 (755 download)

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Book Synopsis The Economic Impact of Conflicts and the Refugee Crisis in the Middle East and North Africa by : Mr.Bjoern Rother

Download or read book The Economic Impact of Conflicts and the Refugee Crisis in the Middle East and North Africa written by Mr.Bjoern Rother and published by International Monetary Fund. This book was released on 2016-09-16 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: In recent decades, the Middle East and North Africa region (MENA) has experienced more frequent and severe conflicts than in any other region of the world, exacting a devastating human toll. The region now faces unprecedented challenges, including the emergence of violent non-state actors, significant destruction, and a refugee crisis bigger than any since World War II. This paper raises awareness of the economic costs of conflicts on the countries directly involved and on their neighbors. It argues that appropriate macroeconomic policies can help mitigate the impact of conflicts in the short term, and that fostering higher and more inclusive growth can help address some of the root causes of conflicts over the long term. The paper also highlights the crucial role of external partners, including the IMF, in helping MENA countries tackle these challenges.

Islamic Banking and Financial Crisis

Author : Habib Ahmed
Publisher :
ISBN 13 : 9780748672394
Total Pages : 244 pages
Book Rating : 4.6/5 (723 download)

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Book Synopsis Islamic Banking and Financial Crisis by : Habib Ahmed

Download or read book Islamic Banking and Financial Crisis written by Habib Ahmed and published by . This book was released on 2014 with total page 244 pages. Available in PDF, EPUB and Kindle. Book excerpt: This title examines the resilience of Islamic banking during the global financial crisis and the subsequent recession.

Islamic Social Finance and Economic Recovery After a Global Health Crisis

Author : Salina H. Kassim
Publisher :
ISBN 13 : 9781799868118
Total Pages : 444 pages
Book Rating : 4.8/5 (681 download)

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Book Synopsis Islamic Social Finance and Economic Recovery After a Global Health Crisis by : Salina H. Kassim

Download or read book Islamic Social Finance and Economic Recovery After a Global Health Crisis written by Salina H. Kassim and published by . This book was released on 2021-03-09 with total page 444 pages. Available in PDF, EPUB and Kindle. Book excerpt: "This book provides ideas to its readers about the approaches pertaining to Islamic social finance tools such as "zakat, sadaqah, waqf, Qardh al-hasan, green Sukuk, Financial literacy, kafala and Takaful", practical implementations, challenges and issues", change management and other related aspects required for community development and poverty alleviation"--

Hysteresis and Business Cycles

Author : Ms.Valerie Cerra
Publisher : International Monetary Fund
ISBN 13 : 1513536990
Total Pages : 50 pages
Book Rating : 4.5/5 (135 download)

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Book Synopsis Hysteresis and Business Cycles by : Ms.Valerie Cerra

Download or read book Hysteresis and Business Cycles written by Ms.Valerie Cerra and published by International Monetary Fund. This book was released on 2020-05-29 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: Traditionally, economic growth and business cycles have been treated independently. However, the dependence of GDP levels on its history of shocks, what economists refer to as “hysteresis,” argues for unifying the analysis of growth and cycles. In this paper, we review the recent empirical and theoretical literature that motivate this paradigm shift. The renewed interest in hysteresis has been sparked by the persistence of the Global Financial Crisis and fears of a slow recovery from the Covid-19 crisis. The findings of the recent literature have far-reaching conceptual and policy implications. In recessions, monetary and fiscal policies need to be more active to avoid the permanent scars of a downturn. And in good times, running a high-pressure economy could have permanent positive effects.