Financial crisis : risks and lessons for Islamic finance
Author
Source
ISRA International Journal of Islamic Finance
Issue
Vol. 1, Issue 1 (31 Dec. 2009), pp.7-32, 26 p.
Publisher
International Shari'ah Research Academy for Islamic Finance
Publication Date
2009-12-31
Country of Publication
Malaysia
No. of Pages
26
Main Subjects
Financial and Accounting Sciences
Religion
Islamic Studies
Topics
- Islamic jurisprudence
- Financial crises
- Consumers
- Financial institutions
- Management
- Markets
- Products
- Ruling in Islam
- Financing
- Loans
- Stockholders
- Islamic Banks
- Fiscal stability
- Financial risk
Abstract EN
The severity of the current financial crisis has shaken the foundations of the capitalist financial system and has led to the search for ideas and solutions.
This paper identifies the failure of risk mitigation at different levels as the main cause of the crisis.
While following the principles of Islamic finance would have prevented the occurrence of the crisis, the practice of Islamic finance of mimicking its conventional counterpart can make the industry vulnerable to similar crises.
Lessons for the Islamic financial sector are drawn by suggesting ways in which risks can be mitigated at the levels of institutions, organisations and products.
In doing so, some key risks arising in Islamic finance are identified and various ways in which the Islamic finance sector can be made stable and resilient are proposed.
American Psychological Association (APA)
Ahmad, Habib. 2009. Financial crisis : risks and lessons for Islamic finance. ISRA International Journal of Islamic Finance،Vol. 1, no. 1, pp.7-32.
https://search.emarefa.net/detail/BIM-717747
Modern Language Association (MLA)
Ahmad, Habib. Financial crisis : risks and lessons for Islamic finance. ISRA International Journal of Islamic Finance Vol. 1, no. 1 (Dec. 2009), pp.7-32.
https://search.emarefa.net/detail/BIM-717747
American Medical Association (AMA)
Ahmad, Habib. Financial crisis : risks and lessons for Islamic finance. ISRA International Journal of Islamic Finance. 2009. Vol. 1, no. 1, pp.7-32.
https://search.emarefa.net/detail/BIM-717747
Data Type
Journal Articles
Language
English
Notes
Includes bibliographical references : p. 30-32
Record ID
BIM-717747