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Global Financial crisis and Islamic finance

Global Financial crisis and Islamic finance

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The world economy is currently facing a severe global crisis that has spilled from the financial sector to the real economy. The crisis can be traced back to July 2007 with the liquidity crisis due to the loss of confidence in the mortgage credit markets in the United States. The hope was that the crisis would be restricted to financial markets, with few repercussions on the real economy and the rest of the world. This hope was shattered in September 2008 as the crisis entered an acute phase, with strong downward fluctuations in the stock markets, substantially reduced rates of economic growth, and accompanied by increases in unemployment. The severity of this crisis has led to the evaluation of the foundations of the capitalist financial system and the search for ideas and solutions.Islamic economists contend that Islamic finance has an alternative that would prevent the recurrence of a similar crisis. This paper tries to note the main causes and the impacts of the financial and economic crisis.In addition to discuss the belief that the Islamic finance is a viable alternative to the ailing global financial system.