The International Financial Crisis : Treatments Emulating some of the Precepts of the Islamic Shariah

د. محمد الأمين تاج الأصفياء حسن البصري

Abstract


The objective of this paper is to show that many of the treatments and instruments resorted to in the face of the international financial crisis were deeply rooted in some of the precepts of the Islamic Shariah. The importance of the study stems from its contribution in drawing attention to a possible cure to the ills of the international financial system from an alternative perspective.The problem faced by the world and tackled in this paper is the lack of an agreement on a possible way out of this crisis except for more of the same known and failed cures. The main thesis of this paper is that the Islamic Shariah provides an alternative approach to deal with the root causes of such financial crises.The paper adopts a descriptive inductive methodology to draw parallels between the theoretical and practical approaches suggested and adopted to deal with  the current international financial crisis and some of the main principles governing the Islamic financial system. The main implications to be drawn indicate a need to get rid of those financial transactions involving interest as usurious transactions, the sale of debt and speculative transactions-all shunned by Islam- as the root causes of the whims and ills of the international financial system.


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