Symptomy kryzysu globalnego a etyka gospodarcza religii światowych. Analiza porównawcza bankowości islamskiej i bankowości klasycznej w kontekście kryzysu finansowego
[The differences between the commercial banking system and Islamic Banking in the context of the global financial crisis]
AbstractThis article deals with the issue of Islamic Banking and its differences from the classical, anglo-saxon banking system. It investigates the availability, prices and volatility of Islamic financial instruments during the global financial crisis in comparison to the behavior of similar instruments offered by commercial banks. For this purpose 3 hypothesis, based on conclusions from the state-of-the-art research on Islamic Finance, were tested: (1) because of the prohibition of speculation, high risk aversion and a distinctive form of enterprise financing the equity prices of shariah-compliant firms were less volatile and more stable than other equity prices; (2) the asset portfolio of classical banks were much more riskier than of similar Shariah-compliant banks; (3) the higher level of trust between Islamic financial market participants induced by sharing the same religion, values and the same set of moral and formal rules has reduced in comparison to the classical banking scheme the dry-up of interbank money liquidity caused by the recent financial crisis. The results of the conducted tests indicate that there were no major differences between Shariah-compliant and commercial banks during the recent financial crisis.
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 26971.
Date of creation: Nov 2010
Date of revision:
Islamic Banking; Financial Crisis; Ethics;
Find related papers by JEL classification:
- A13 - General Economics and Teaching - - General Economics - - - Relation of Economics to Social Values
- P51 - Economic Systems - - Comparative Economic Systems - - - Comparative Analysis of Economic Systems
- E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
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