期刊名称：Topics in Middle Eastern and North African Economies
出版年度：2012
卷号：14
期号：1
页码：190
出版社：Loyola University Chicago
摘要：The third quarter of 2007 witnessed unpleasant surprises delivered to global financial markets originating from the American one, for which greed, financial innovation and laxity of regulation were deemed guilty. The financial crisis of 2007–2008 initially referred to in the media as a "credit crunch" or "credit crisis", began in August 2007, when a loss of confidence by investors in the value of securitized mortgages in the United States resulted in a liquidity crisis which prompted a substantial injection of capital.We think that our puzzle solving clue (hypothesis) to which we can attribute the crisis is the deviation from the basic assumption (or philosophy)driving investment as society welfare and growth tool on the long-term, to become a wild pursuit of short-term gains through orienting financial innovations and the laxity of regulations to serve such new target. Thinking out of the money box (Money received tomorrow= money + interest); an approach; to fit conventional financial tools into Islamic finance, instead of disguising it. As we believe the word Islamic as tag for any application cannot avoid its misuse rather than it can be considered as a standard or a base which must be used to judge the performance of the financial product before its introduction to the market, after usage and subsequently pinpoint adjustments or eliminations required. This should be the main role of the financial gate-keepers regardless of their ideology as the base of judgment that should be kept on sight at all times.Islamic finance recently gained huge popularity no matter the motive is. Is its construction enough to provide solutions? Is it the mitigation to the current crises? Do we need to return to asset standard? Or some more adjustments are needed to overcome the next crises.
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