Unprecedented Opportunity: The Global Credit Crisis and Islamic Banking
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.
KeywordsCapitalism Financial crisis Islamic banking Debt Financial economics Boom and bust Speculation
- Adrian, T., & Shin, H. S. (2008, January/February). Liquidity, Monetary Policy, and Financial Cycles. Federal Reserve Bank of New York, Current Issues in Economics and Finance, 14(1), 2.Google Scholar
- Bagsiraj, M. I. (2009, January 4). Financial and Economic Crisis an Alternative Indian Approach. Radiance Viewsweekly, XLVI(38). http://www.radianceweekly.com/137/3039/GLOBAL-MELTDOWN-Its-Viable-Alternative/2008-12-14/Cover-Story/Story-Detail/Current-Financial-Crisis-and-Islamic-Economics.html. Downloaded on January 5, 2009.
- Bank for International Settlements. (2008, April 7). Report of the Financial Stability Forum on Enhancing Market and Institutional Resilience. http://www.fsforum.org/publications/r_0804.pdf.
- Bank of England. (2007, April). Financial Stability Report, p. 7.Google Scholar
- Bank of England. (2008, December). Statistical Release.Google Scholar
- BBC TV Documenters Titled: “Million Dollar Traders-Financial Crisis”. Produced by Evan Davis and Seven Byers, Screened November 16–December 20, 2008.Google Scholar
- Boeri, T., & Guiso, L. (2008). The Sub-Prime Crisis: Greenspan’s Legacy. In A. Felton & C. Reinhart (Eds.), The First Global Financial Crisis of the the 21st Century. www.voxeu.org/index.php?q=node/1352.
- Briys, E., & de Varenne, F. (2000). The Fisherman and the Rhinoceros: How International Finance Shapes Everyday Life. Chichcester: Wiley.Google Scholar
- Cecchetti, S. G. (2008a). Sub-Prime Series: Part 3: Why Central Banks Should Be Financial Supervisors. In A. Felton & C. Reinhart (Eds.), The First Global Financial Crisis of the 21st Century. www.voxeu.org/index.php?q=node/755.
- Cecchetti, S. G. (2008b). Sub-Prime Series: Part 4: Does Well-Designed Monetary Policy Encourage Risk-Taking? In A. Felton & C. Reinhart (Eds.), The First Global Financial Crisis of the 21st Century. www.voxeu.org/index.php?q=node/758.
- Cecchetti, S. G. (2008c). Federal Reserve Policy Responses to the Crisis of 2007–8: A Summary. In A. Felton & C. Reinhart (Eds.), The First Global Financial Crisis of the 21st Century. www.voxeu.org/index.php?q=node/1048.
- Chapra, M. U. (2000). The Future of Economics, an Islamic Perspective. Leicester: Islamic Foundation.Google Scholar
- Chapra, M. U. (2009, January–March), Global Islamic Financial Crisis, Can Islamic Finance Help? NewHorizon (170). http://www.newhorizon-islamicbanking.com/index.cfm?section=archive&action=view&id=81. Downloaded on January 2, 2009.
- European Central Bank. (2008, January 23). Enhancing the EU Arrangements for Financial Stability. Centre for Economic Policy Research, Keynote Address by Jean-Claude Trichet at the Session “European Financial Supervision, Crisis Management on Financial Markets”. Brussels: European Parliament. www.ecb.eu/press/key/date/2008/html/sp080123.en.html.
- Financial Services Authority. (2007, January). Financial Risk Outlook 2007 (p. 29). London: FSA.Google Scholar
- Galbraith, J. K. (1993). A History of Financial Euphoria. New York: VikingPr.Google Scholar
- Gorton, G. B., & Souleles, N. (2005, September). Special Purpose Vehicles and Securitization (Working Paper No. 5–21). Federal Reserve Bank of Philadelphia.Google Scholar
- Podur, J. (2008). Counter Current.Org. http://countercurrents.org/podur161008.htm. Downloaded on December 10, 2008.
- Sengupta, R., & Emmons, W. R. (2007, June). What Is Sub-Prime Lending? Federal Reserve Bank of St. Louis Monetary Trends. http://research.stlouisfed.org/publications/mt/20070601/cover.pdf.
- Siddiqi, M. N. (2009, January 4). Current Financial Crisis and Islamic Economics. Radiance Viewsweekly, XLVI(38). http://www.radianceweekly.com/137/3039/GLOBAL-MELTDOWN-Its-Viable-Alternative/2008-12-14/Cover-Story/Story-Detail/Current-Financial-Crisis-and-Islamic-Economics.html. Downloaded on January 5, 2009.