Will the Islamic financial system fall into the financial crisis trap? some lessons to be learnt

Mohd Thas Thaker, Mohamed Asmy and Azam, S. M. Ferdous (2014) Will the Islamic financial system fall into the financial crisis trap? some lessons to be learnt. In: International Conference on Moral Values and Financial Markets: Resilience of Islamic Finance Against Financial Crisis, 18th-19th Nov. 2009, Milan, Italy. (Unpublished)

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Abstract

The current global financial crisis revealed the end of the financial system which is basically derived from the capitalist system. Now the period of recession has taken place particularly among the developed countries wherein the real economic activities are severely affected due to this crisis. An alternative suggestion emerges in order to construct a new financial architecture to replace the existing financial system. In this context, the Islamic financial system can be reckoned as an effective solution for current financial crisis and alternative financial system. However, the sustainability of this system is still questionable and it will be examined critically in this study especially in terms of its possibility to fall into the financial crisis trap. This study found that the Islamic financial system might fall into the financial crisis due to its mechanism which operates within the conventional structure instead of its own structure.

Item Type:	Conference or Workshop Item (Full Paper)
Additional Information:	7210/39839
Uncontrolled Keywords:	financial crisis, financial system, Islamic financial system
Subjects:	H Social Sciences > HG Finance
Kulliyyahs/Centres/Divisions/Institutes (Can select more than one option. Press CONTROL button):	Kulliyyah of Economics and Management Sciences > Department of Economics
Depositing User:	Dr Mohamed Asmy Bin Mohd Thas Thaker
Date Deposited:	14 Jan 2015 17:00
Last Modified:	14 Jan 2015 17:00
URI:	http://irep.iium.edu.my/id/eprint/39839

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