Advanced Search
MyIDEAS: Login to save this paper or follow this series

La crise financière mondiale et la finance islamique: une revue de la litérature
[The global financial crisis and Islamic finance: a review of selected literature]


Author Info

  • DIAW, Abdou
Registered author(s):


    Abstract The Global Financial Crisis (GFC) has shaken the theoretical and physical foundations of the international financial system. Notwithstanding the severity of the crisis, Islamic financial institutions have shown a relative resilience that has given more credibility to Islamic finance and drawn more attention to its core principles. This paper reviews the writings of Islamic economists on the GFC. Most of the authors reviewed acknowledged the technical mistakes put forth by many conventional analysts as causes of the crisis. However, Islamic economists established a link between those technical mistakes and the flawed system that creates a fertile ground for their occurrence. They, thus, showed how the adoption of the principles of Islamic finance would have prevented most of those mistakes. The way forward, therefore, for both Islamic and conventional finance is, inter alia, greater reliance on risk sharing to inject more discipline in the system; the establishment of a strong and comprehensive regulatory body to safeguard the resilience of the system and the integration of Zakat, Awqaf and other voluntary institutions into the financial system to cater for the financial needs of the poor.

    Download Info

    If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
    File URL:
    File Function: original version
    Download Restriction: no

    Bibliographic Info

    Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 32754.

    as in new window
    Date of creation: 2011
    Date of revision:
    Handle: RePEc:pra:mprapa:32754

    Contact details of provider:
    Postal: Schackstr. 4, D-80539 Munich, Germany
    Phone: +49-(0)89-2180-2219
    Fax: +49-(0)89-2180-3900
    Web page:
    More information through EDIRC

    Related research

    Keywords: Finance islamique; crise financière; secteur bénévole; partage des risques; réglementation;

    Find related papers by JEL classification:

    This paper has been announced in the following NEP Reports:


    References listed on IDEAS
    Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
    as in new window
    1. Thomas I. Palley, 2008. "Financialization: What it is and Why it Matters," IMK Working Paper, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute 04-2008, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
    2. Hyman P. Minsky, 1991. "Financial Crises: Systemic or Idiosyncratic," Economics Working Paper Archive, Levy Economics Institute wp_51, Levy Economics Institute.
    3. Jemma Dridi & Maher Hasan, 2010. "The Effects of the Global Crisison Islamic and Conventional Banks," IMF Working Papers, International Monetary Fund 10/201, International Monetary Fund.
    4. Christopher L. Foote & Kristopher Gerardi & Lorenz Goette & Paul S. Willen, 2008. "Subprime facts: what (we think) we know about the subprime crisis and what we don’t," Public Policy Discussion Paper, Federal Reserve Bank of Boston 08-2, Federal Reserve Bank of Boston.
    Full references (including those not matched with items on IDEAS)



    This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.


    Access and download statistics


    When requesting a correction, please mention this item's handle: RePEc:pra:mprapa:32754. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Ekkehart Schlicht).

    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 references are entirely missing, you can add them using this form.

    If the full references list an item that is present in RePEc, but the system did not link 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 profile, as there may be some citations waiting for confirmation.

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