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Islamic articles Chose View All Article Pdf

islamic finance

Subject :

FINANCIAL CRISIS, RISKS AND LESSONS FOR ISLAMIC FINANCE

keyword :

financial crisis, global economy, risk management, risk assessment, investors

Description :

The current financial crisis described by Alan Greenspan as a ‘once in a century credit tsunami’
has shaken the very foundations of the capitalist financial system. While Brooks (2009) views the crisis as ‘a flaw in the classical economic model and its belief in efficient markets’, Greenspan (2008) points out that ‘some of the critical pillars of underlying market competition arguably have failed’. An unregulated legal/regulatory environment in the United States initiated innovations that resulted in fundamental shifts in the financial sector. Driven by excessive profit motives at organisational levels, new financing structures and instruments evolved. There was a failure to assess and manage risks at various levels that ultimately caused the crisis.
 

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