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Dubai financial crisis: causes, bailout and after - a case study

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  • Hasan, Zubair

Abstract

This paper explains the circumstances that led Dubai to the current financial crisis that still lingers. It analyses the steps taken at various stages by the city state to ameliorate the situation including the bailout help the UAE Government eventually granted. It spotlights the role international rating agencies played in aggravating the situation and demands that their activities be brought under regulatory nets now being strengthened across the world in the context of ongoing global meltdown. Finally, it warns of challenges Dubai may be facing in years ahead and what could be done to pre-empt them. The argument is cast with a backdrop of the economic position of UAE in the Middle-East and happenings at the global level in the arena of finance – mainstream and Islamic.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 26397.

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Date of creation: Jul 2010
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Publication status: Published in Journal of Islamic Banking & Finance 3.27(2010): pp. .47-55
Handle: RePEc:pra:mprapa:26397

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Keywords: Islamic finance; Global meltdown; Dubai crisis; Rating agencies; financial architecture.;

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  1. Hasan, Zubair, 2010. "Islamic Finance:Sructure-objective mismatch and its consequences," MPRA Paper 21536, University Library of Munich, Germany.
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