What is it about?
It highlights the strengths of Islamic finance in the context of the current financial and economic crisis.
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Photo by Ibrahim Rifath on Unsplash
Why is it important?
Islamic finance prohibits the creation of debt through direct lending and borrowing, thus prohibiting excessive leverage, which is a root cause of the financial crisis. With its emphasis on asset-backed transactions, Islamic finance can contribute to overcoming the challenges and difficulties created by the current credit crisis.
Perspectives
I hope this article provides an alternative approach to the problems that led to the global financial and economic crisis that would prevent the repetition of a similar crisis in the future.
Dr. Mohamed Sharif Bashir
Imam Mohammad Ibn Saud Islamic University
Read the Original
This page is a summary of: Islamic Finance and its Contribution to Solving the Current Financial Crisis, International Journal of Management Studies, February 2010, UUM Press, Universiti Utara Malaysia,
DOI: 10.32890/ijms.17.2010.10190.
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