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The Financial Crisis - From An Islamic Perspective

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The Financial Crisis – From An Islamic Perspective

As the leading authority on modern Islamic finance in the world today, no one was better qualified to speak for Islam at the annual World Economic Forum following the global financial crisis in 2010. In his address, Mufti Taqi Usmani pointed out that the so-called crisis only came about when it knocked at the doors of the wealthy.’ Otherwise, as Mufti Usmani astutely points out, the true crisis is ongoing and unless fundamental changes are made to the worlds economic system, that crisis will continue. In the pages of this slim volume, the reader will find a concise study of the fundamental flaws in the global economic system, and the eternal principles articulated by the Shariah of Islam that point to a solution.

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Causes and Remedies of the Recent Financial Crisis From an Islamic Perspective As the leading authority on modern Islamic finance in the world today, no one was better qualified to speak for Islam at the annual World Economic Forum following the global financial crisis in 2010. In his address, Mufti Taqi Usmani pointed out that the so-called crisis only came about when it knocked at the doors of the wealthy.’ Otherwise, as Mufti Usmani astutely points out, the true crisis is ongoing and unless fundamental changes are made to the worlds economic system, that crisis will continue. In the pages of this slim volume, the reader will find a concise study of the fundamental flaws in the global economic system, and the eternal principles articulated by the Shariah of Islam that point to a solution. – Yusuf Talal DeLorenzo, Shariah Consultant to Global Financial Institutions

Mufti Taqis paper, written in the context of global financial crisis, calls for universal change in our attitude toward the treatment of money and the role of financial system in our lives. His is a timely call for overhauling the economic system based on values and principles. A must read for all who are concerned about the current affairs of our financial system. – Nazim Ali, Director, Islamic Finance Project, Harvard Law School | Harvard University

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M
Mubashir Husain Rehmani
Excellent piece of work!

Without exaggeration, this is one of the best booklets I have ever read on the topic of the Financial Crisis from an Islamic perspective. The way the author has articulated the points about the fundamental flaws in the existing financial system with concrete evidence is highly commendable. The booklet does not stop here but it also provides alternative solutions to these problems with solid backing from Shariah. Without being biased, if the proponents of the existing financial system (i.e., those who are in favour of options, futures, swaps, derivatives, speculation etc) contemplate the reasoning provided by the author, then they will come to the conclusion that the economy should be based on real trade instead of speculative sales. A must-read booklet for everyone who wants a stable global economic system.