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How crisis-proof is Islamic finance?

Author

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  • Hasnan Baber

Abstract

Purpose - This paper aims to explore Islamic finance’s resilience in times of financial crisis and considers Islamic finance’s viability as an alternative to the current financial system. Design/methodology/approach - Established on a review of theoretical aspects underlying the notion of Islamic finance being proficient of reducing the harshness of financial crises and a latent solution to financial volatility, this paper assesses actual performance of Islamic and conventional banks during and in the repercussion of the current financial crisis. Interviews were also conducted with managers of Islamic banks. Findings - The paper concludes that performance of Islamic banks during the global financial crisis is found to be supportive of their argued resilience and consistency. However, the latest financial crisis has brought to light a number of theoretical and realistic issues that challenge Islamic finance and its absorbing capacity against financial crises. Originality/value - The paper is an original work which suggests about moderating risks and proposing various ways in which the Islamic finance can be made more stable and resilient.

Suggested Citation

  • Hasnan Baber, 2018. "How crisis-proof is Islamic finance?," Qualitative Research in Financial Markets, Emerald Group Publishing Limited, vol. 10(4), pages 415-426, October.
  • Handle: RePEc:eme:qrfmpp:qrfm-12-2017-0123
    DOI: 10.1108/QRFM-12-2017-0123
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    Citations

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    Cited by:

    1. Hasnan Baber, 2020. "FinTech, Crowdfunding and Customer Retention in Islamic Banks," Vision, , vol. 24(3), pages 260-268, September.
    2. Zamzamir, Zaminor & Haron, Razali & Baharul Ulum, Zatul Karamah Ahmad & Abdullah Othman, Anwar Hasan, 2021. "Non-linear relationship between foreign currency derivatives and firm value: evidence on Sharī‘ah compliant firms," Islamic Economic Studies, The Islamic Research and Training Institute (IRTI), vol. 28, pages 156-173.
    3. Ah Mand, Abdollah & Sifat, Imtiaz, 2021. "Static and regime-dependent herding behavior: An emerging market case study," Journal of Behavioral and Experimental Finance, Elsevier, vol. 29(C).

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