IDEAS home Printed from https://ideas.repec.org/h/abd/ieibch/754.html
   My bibliography  Save this book chapter

Are Moral Islamic Economics an Answer to the Global Financial Crisis? البعد الأخلاقي للاقتصاد الإسلامي

In: Lectures in Islamic Economics and Finance, Selected From Wednesday Seminars-08 محاضرات في الاقتصاد والتمويل الإسلامي ، مختارة من حوارات الأربعاء - 08

Author

Listed:
  • Jean-Yves Moisseron

    (Senior Researcher at the French Institute for Developing Countries Chief Editor of the review Maghreb-Machrek)

  • Frederic Teulon

    (Professor and Director of Research at IPAG Business school)

Abstract

Islamic economics is based on a corpus of principles that were established and fixed in a period of time anterior to the development of capitalism. That is why many characteristics of Islamic Finance focused mainly on commercial and trade activities instead of production activities. After the 18th century, Islamic thoughts including economy had to face the harsh intrusion of the western civilization. The main question was double: How to resist or compete with the West by renovating Islam? That is why for example, Islamic finance has invented new financing instruments. The second question was: How to live inside an invading Capitalist World and at the same time keep alive and respect Islamic obligations for individuals that were continuously connected with globalized market? This second question: How to be Muslim in a capitalist World became more and more important with the huge revenues provided by gas and oil discovered in the Arab World in the 20th century. أكد الباحث إيمانه بأن الاقتصاد الإسلامي يرتكز على مجموعة من المبادئ التي تم تأسيسها وبنائها في فترة تاريخية زمنية سابقة لتطور الرأسمالية. هذا هو سبب تركز العديد من محاور التمويل الإسلامي أساسًا على الأنشطة المالية والتجارية بدلاً من أنشطة الإنتاج. وقال إنه يعتقد أن على الاقتصاد الإسلامي أن يكون نـِدًا ومواجهًا لتطور الرأسمالية. يرى الباحث أن الاقتصاد الإسلامي الأخلاقي يمكن أن يساهم بحلول قِـيَمـِية و"أخلاقية" للأزمة الرأسمالية، وبالتالي فإنه سيكون من الضروري وجود نقد إسلامي مستقل للرأسمالية، مستقلا عن النقد الاشتراكي للرأسمالية ومستقلاً عن النقد العالمي للغرب ويتحقق ذلك من خلال إعادة تفسير المبادئ وأصول الاقتصاد الإسلامي. عندها يمكن أن تصبح الأفكار الإسلامية كأطر وقواعد حكيمة مفيدة للمسلين وللبشرية كلها، وبعد ذلك، يمكن أن يكون الاقتصاد الإسلامي لاعباً أكثر نشاطا في المناقشات حول "الأخلاق المالية".

Suggested Citation

  • Jean-Yves Moisseron & Frederic Teulon, 2012. "Are Moral Islamic Economics an Answer to the Global Financial Crisis? البعد الأخلاقي للاقتصاد الإسلامي," Chapters of books published by the Islamic Economics Institute, KAAU or its faculty members., in: Islamic Economics Institute (ed.),Lectures in Islamic Economics and Finance, Selected From Wednesday Seminars-08 محاضرات في الاقتصاد والتمويل الإسلامي ، مختارة من حوارات الأربعاء - 08, edition 0, chapter 11, pages 3-18, King Abdulaziz University, Islamic Economics Institute..
  • Handle: RePEc:abd:ieibch:754
    as

    Download full text from publisher

    File URL: https://iei.kau.edu.sa/Files/121/Files/159007_EHBook8F.pdf#page=6
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Black, Fischer, 1976. "The pricing of commodity contracts," Journal of Financial Economics, Elsevier, vol. 3(1-2), pages 167-179.
    2. Mr. Juan Sole & Andreas Jobst, 2012. "Operative Principles of Islamic Derivatives: Towards a Coherent Theory," IMF Working Papers 2012/063, International Monetary Fund.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Abderrazak Belabes, 2013. "Ethics, Norms and Finance: What Are We Talking About? الأخلاق والمعايير والمالية: ما الذي نتحدث عنه؟," Chapters of books published by the Islamic Economics Institute, KAAU or its faculty members., in: Islamic Economics Institute (ed.),Lectures in Islamic Economics and Finance, Selected From Wednesday Seminars-08 محاضرات في الاقتصاد والتمويل الإسلامي ، مختارة من حوارات الأربعاء - 08, edition 1, chapter 16, pages 101-130, King Abdulaziz University, Islamic Economics Institute..
    2. Abdulazim Islahi, 2012. "Nineteenth Century Muslim Scholars on Banking and Interest آراء العلماء المسلمين في المصارف والفائدة خلال القرن التاسع عشر," Chapters of books published by the Islamic Economics Institute, KAAU or its faculty members., in: Islamic Economics Institute (ed.),Lectures in Islamic Economics and Finance, Selected From Wednesday Seminars-08 محاضرات في الاقتصاد والتمويل الإسلامي ، مختارة من حوارات الأربعاء - 08, edition 0, chapter 12, pages 19-28, King Abdulaziz University, Islamic Economics Institute..
    3. Munawar Iqbal, 2012. "Eurozone Crisis Viewed from Islamic Finance Perspective أزمة منطقة اليورو من منظور التمويل الإسلامي," Chapters of books published by the Islamic Economics Institute, KAAU or its faculty members., in: Islamic Economics Institute (ed.),Lectures in Islamic Economics and Finance, Selected From Wednesday Seminars-08 محاضرات في الاقتصاد والتمويل الإسلامي ، مختارة من حوارات الأربعاء - 08, edition 0, chapter 13, pages 29-38, King Abdulaziz University, Islamic Economics Institute..
    4. Christian Walter, 2013. "Ethics and Finance: A Shift to Performation الأخلاقيات والمالية: التحول إلى التصور," Chapters of books published by the Islamic Economics Institute, KAAU or its faculty members., in: Islamic Economics Institute (ed.),Lectures in Islamic Economics and Finance, Selected From Wednesday Seminars-08 محاضرات في الاقتصاد والتمويل الإسلامي ، مختارة من حوارات الأربعاء - 08, edition 1, chapter 15, pages 83-99, King Abdulaziz University, Islamic Economics Institute..
    5. Necati Aydin, 2013. "Neuroeconomics: Promises and Pitfalls for Islamic Economics الاقتصاد العصبي: وعود وعثرات للاقتصاد الإسلامي," Chapters of books published by the Islamic Economics Institute, KAAU or its faculty members., in: Islamic Economics Institute (ed.),Lectures in Islamic Economics and Finance, Selected From Wednesday Seminars-08 محاضرات في الاقتصاد والتمويل الإسلامي ، مختارة من حوارات الأربعاء - 08, edition 0, chapter 19, pages 187-222, King Abdulaziz University, Islamic Economics Institute..
    6. Ivanova, Vesela & Puigvert Gutiérrez, Josep Maria, 2014. "Interest rate forecasts, state price densities and risk premium from Euribor options," Journal of Banking & Finance, Elsevier, vol. 48(C), pages 210-223.
    7. Andriosopoulos, Kostas & Nomikos, Nikos, 2014. "Performance replication of the Spot Energy Index with optimal equity portfolio selection: Evidence from the UK, US and Brazilian markets," European Journal of Operational Research, Elsevier, vol. 234(2), pages 571-582.
    8. Unterschultz, James R., 2000. "New Instruments For Co-Ordination And Risk Sharing Within The Canadian Beef Industry," Project Report Series 24046, University of Alberta, Department of Resource Economics and Environmental Sociology.
    9. Hjalmarsson, Erik, 2003. "Does the Black-Scholes formula work for electricity markets? A nonparametric approach," Working Papers in Economics 101, University of Gothenburg, Department of Economics.
    10. Chiarella, Carl & Kang, Boda & Nikitopoulos, Christina Sklibosios & Tô, Thuy-Duong, 2013. "Humps in the volatility structure of the crude oil futures market: New evidence," Energy Economics, Elsevier, vol. 40(C), pages 989-1000.
    11. Guillermo Llorente & Jiang Wang, 2020. "Trading and information in futures markets," Journal of Futures Markets, John Wiley & Sons, Ltd., vol. 40(8), pages 1231-1263, August.
    12. Turvey, Calum G., 2001. "Random Walks And Fractal Structures In Agricultural Commodity Futures Prices," Working Papers 34151, University of Guelph, Department of Food, Agricultural and Resource Economics.
    13. Adjemian, Michael K. & Johansson, Robert & McKenzie, Andrew & Thomsen, Michael, 2016. "The Value of Government Information in an Era of Declining Budgets," 2016 Annual Meeting, July 31-August 2, Boston, Massachusetts 235811, Agricultural and Applied Economics Association.
    14. Roberto Baviera, 2017. "Back-of-the-envelope swaptions in a very parsimonious multicurve interest rate model," Papers 1712.06466, arXiv.org.
    15. Allan Jonathan da Silva & Jack Baczynskiy & José Valentim M. Vicente, 2015. "A Discrete Monitoring Method for Pricing Asian Interest Rate Options," Working Papers Series 409, Central Bank of Brazil, Research Department.
    16. Kokholm, Thomas, 2008. "Pricing of Traffic Light Options and other Correlation Derivatives," Finance Research Group Working Papers F-2008-01, University of Aarhus, Aarhus School of Business, Department of Business Studies.
    17. Ardia, David & Hoogerheide, Lennart F., 2010. "Efficient Bayesian estimation and combination of GARCH-type models," MPRA Paper 22919, University Library of Munich, Germany.
    18. Bujar Huskaj & Marcus Nossman, 2013. "A Term Structure Model for VIX Futures," Journal of Futures Markets, John Wiley & Sons, Ltd., vol. 33(5), pages 421-442, May.
    19. Bjork, Tomas, 2009. "Arbitrage Theory in Continuous Time," OUP Catalogue, Oxford University Press, edition 3, number 9780199574742.
    20. Gustavo Silva Araujo & Ricardo Alves Carmo Ribeiro, 2018. "Is Petrobras Options Market Efficient? A Study Using The Delta-Gamma Neutral Strategy," Anais do XLIV Encontro Nacional de Economia [Proceedings of the 44th Brazilian Economics Meeting] 126, ANPEC - Associação Nacional dos Centros de Pós-Graduação em Economia [Brazilian Association of Graduate Programs in Economics].

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:abd:ieibch:754. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: King Abdulaziz University, Islamic Economics Institute. (email available below). General contact details of provider: https://edirc.repec.org/data/cikausa.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.