Islamic economy as an alternative solution to managing economic crisis: Some fashionable case studies of Iran, Malaysia Saudi Arabia
Journal Title: Financial Markets, Institutions and Risks - Year 2018, Vol 2, Issue 3
Abstract
This review paper examined some economies derives from Islamic value premise in nations such as Iran, Malaysia, and Saudi Arabia as alternative solutions to economic crisis emanating from conventional economies. In today’s world of investment and finance, many proponents of Islamic finance (a related branch of Islamic Economics) believe that Islamic finance is a more stable institution as it was virtually unaffected by the financial crisis of 2008 and to some extend enjoys a recent success in the financial market that has awakened the interest of investors both inside and outside of the Islamic community. Nowadays, the global economies take into cognizance the relevance of Islamic finance, in this manner the Islamic banking exists beyond the Muslim world and has recently gained traction in the Western market i.e. France and the United Kingdom have contributed heavily to the global assets in Islamic finance as has the United States. In 2013, the British government established the Islamic Finance Task Force with the goal of making London a base for Islamic finance outside of the Muslim world. Thus this paper believe that the Islamic economics provide the need of the hour to unite the various segments of society in the conviction that Islamic finance is an alternative sustainable solution to the economic crisis as of 2008 caused by reckless economic strategies that lose sight of the human aspect amid the expansion process. The overall recommendation of this paper is that, once Islamic finance as an ethical finance is properly put into practice in our economies, more people would apply for it, whereat such economies might stand to take advantage of the beneficial social goals of Islamic economics in line with the trends, people’s needs and aspirations as well as the development imperatives to define the modern economic and social sciences.
Authors and Affiliations
Hashim Sabo Bello, Nura Ahmad, Ibrahim Suleiman Galadima
Keywords
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- EP ID EP523499
- DOI 10.21272/fmir.2(3).43-51.2018
- Views 76
- Downloads 0
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