The Global financial Crisis: Is Islamic System a Potential Solution?
|Author(s)||by Abdul Aziz Farid Saymeh, Harbi M. Orieqat|
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The world today is in need for a good and rational financial system aftermath the last tragic global crisis through applying Islamic financial system which discards the arrogance, injustice and greed of capitalist system as well as other contemporary economic systems. The biggest mistake of Western capitalism is to bet on interest rates as a tool for financing and the intended negligence of warnings of senior western economists, from the seriousness of the divesting effects of this capitalistic system. This study recommends the solution to this crisis is by applying the main stream system of self-financing model, which implies the participation between the surplusing and needy groups which creates the mutual benefit for the two groups; this model is being used by Islamic Banks, and also to concentrate investments in productive projects, not on investing on money and unreal securities and derivatives such as futures and other nonproductive tools. The prime objectives of this study concentrate on the global financial systems and policies which caused the Global Financial Crisis in addition to their implications upon the economies of many countries. Then research will focus on the role and importance of Islamic Economic System to avoid this crisis in the future as well as other financial and economical problems.
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