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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]

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  • DIAW, Abdou
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    Abstract

    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.

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    File URL: http://mpra.ub.uni-muenchen.de/32754/
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    Bibliographic Info

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

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    Date of creation: 2011
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    Handle: RePEc:pra:mprapa:32754

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

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    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.
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