Abstract
This chapter scrutinizes the causes of the contemporary financial crisis and assesses the notions that drive to the very core of capitalism that may have the potential to cause such crisis. It assesses several issues that have also backed to the economic disaster. The Islamic interpretation of such factors is offered to show how an Islamic economic and banking system might help to carry the stability that the world desires seriously.
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Notes
- 1.
Bank of England Financial Stability Report, April 2007, p. 7.
- 2.
Please see the key Address by Jean-Claude Trichet at the Session of the European Parliament on January 23, 2008 in Brussels which has been Published by the European Central Bank Under the Title “Enhancing the EU Arrangement for Financial Stability,” Published in 2008.
- 3.
BBC TV Documentary Series Titled: “Million Dollar Traders: Financial Crisis .” Produced by E. Davis and S. Byers Which Were Screened Between November 16 and December 20, 2008.
- 4.
Not only Northern Rock collapsed but also verge collapsed of Royal Bank of Scotland (RSB), HBOS and some others banks in UK along with the bankruptcies of nearly all of the subprime provides in USA. Please see Bank of England Statistical Release, December 2008.
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Hassan, A., Mollah, S. (2018). Unprecedented Opportunity: The Global Credit Crisis and Islamic Banking. In: Islamic Finance. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-319-91295-0_6
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