The global financial crisis: Some suggestions for reform of the global financial architecture in the light of Islamic finance

2011 ◽  
Vol 53 (5) ◽  
pp. 565-579 ◽  
Author(s):  
M. Umer Chapra
Keyword(s):  
Financial Crisis ◽  
Global Financial Crisis ◽  
Islamic Finance ◽  
Financial Architecture ◽  
The Global Financial Crisis

Global Finance after the Crisis: Reform Imperatives and Vested Interests

2011 ◽  
Vol 11 (2) ◽  
pp. 1850228
Author(s):  
Wim Naude
Keyword(s):  
Financial Crisis ◽  
Global Financial Crisis ◽  
Global Level ◽  
Reform Initiatives ◽  
Global Finance ◽  
Financial Architecture ◽  
Vested Interests ◽  
Recent Reform ◽  
The Global Financial Crisis ◽  
Made In

The global financial crisis of 2008-09 has stimulated a number of re-assessments of global development. But after two years, not much progress has been made in dealing with the deep causes of the crisis. While it is better understood now why the crisis occurred, more progress is needed in terms of financial reform on the global level in order to prevent future financial crises. A remaining challenge is to strengthen the global financial architecture (GFA). This paper focuses on the GFA and its relationship to the global financial crisis. Recent reform initiatives are discussed. Strong resistance against re-regulation of the financial sector is noted, reflecting the general opposition of vested interests to GFA reform.

Globalism Ascendant, Regionalism Stagnant: Japan’s Response to the Global Financial Crisis

2011 ◽  
Vol 6 (1-2) ◽  
pp. 37-61 ◽  
Author(s):  
Mireya Solís
Keyword(s):  
Financial Crisis ◽  
Regional Integration ◽  
Global Financial Crisis ◽  
Foreign Exchange Rate ◽  
Chiang Mai ◽  
Financial Architecture ◽  
Economic Diplomacy ◽  
The Global Financial Crisis ◽  
Regional Agenda ◽  
Global Initiatives

AbstractJapan’s response to the global financial crisis has emphasized global initiatives and downplayed the regional agenda, in sharp contrast with its approach to the Asian financial crisis. This rebalancing in Japan’s economic diplomacy reflects the greater political space that it has enjoyed at the global level since its long-held views on the benefits of flexible International Monetary Fund (IMF) lending practices and controls on volatile capital flows became mainstream. Meanwhile, at the regional level Japan faces stiff competition from China in shaping the regional integration agenda and unchartered territory in coleading a multilateral Chiang Mai Initiative. Despite its enhanced profile, Japan’s new globalism is uneven: it has made a very significant financial contribution to expand the IMF’s resources and to restore trade financing; but Japan has not played a major role in the debate surrounding the most pressing issues of a future financial architecture, such as tackling global imbalances and promoting foreign exchange-rate cooperation. Japan’s muted voice, despite its large financial commitments, reflects its difficult adaptation to the G20 summitry process, as well as political volatility at home, which prevents it from developing measures to deal with the global downturn.

scholarly journals EFFECTIVE CRISIS MANAGEMENT FOR ISLAMIC FINANCIAL INDUSTRY AND THE INSTITUTION OF HISBAH: LESSONS FROM GLOBAL FINANCIAL CRISIS

2016 ◽  
Vol 5 (1) ◽  
Author(s):  
Najeeb Zada ◽  
Ahcene Lahsasna ◽  
Muhammad Yusuf Saleem
Keyword(s):  
Financial Crisis ◽  
Moral Hazard ◽  
Crisis Management ◽  
Deposit Insurance ◽  
Global Financial Crisis ◽  
Financial Institution ◽  
Islamic Finance ◽  
Financial Industry ◽  
Finance Industry ◽  
The Global Financial Crisis

The recent financial crisis resulted destructive effects on finance industry. Islamic financial industry (IFI) is still naïve and largely untested in the face of a major financial turmoil. Major issues and uncertainties of the insolvency of IFI include the issue of moral hazard, government bailouts, excessive risk taking and deposit insurance. This paper addresses the issue of crisis management in IFI from the perspective of al-Siyasah al-Shar’iyyah and attempts to derive public policy guidelines that are useful in developing a timely and efficient crises management framework for Islamic finance industry. By using qualitative methods, the study found that the global financial crisis resulted in great destruction of financial institution. Although Islamic finance was quite immune to the global crisis as compared to its conventional peer, concerns still exist. It is time that Islamic finance industry learns from the financial woes of the rest of the world. =========================================== Krisis keuangan baru-baru ini mengakibatkan efek destruktif pada industri keuangan. Industri keuangan Islam (IKI) masih naif dan sebagian besar belum teruji dalam menghadapi gejolak keuangan besar. Isu utama dan ketidakpastian dari kebangkrutan IKI meliputi moral hazard, dana talangan pemerintah, pengambilan risiko yang berlebihan dan asuransi deposito. Makalah ini membahas isu manajemen krisis dalam IKI dari perspektif al-Siyasah al-Shar'iyyah dan berusaha mendapatkan pedoman kebijakan publik yang bermanfaat dalam mengembangkan kerangka kerja manajemen krisis yang tepat waktu dan efisien bagi IKI. Dengan menggunakan metode kualitatif, studi ini menemukan bahwa krisis keuangan global mengakibatkan kehancuran besar bagi industri keuangan. Meskipun keuangan Islam cukup kebal terhadap krisis global dibandingkan dengan keuangan konvensional, kekhawatiran masih ada. Sudah saatnya industri keuangan Islam belajar dari krisis keuangan dari seluruh dunia.

Toward a Pluripolar Global Financial Architecture? The Bretton Woods Institutions and the New Landscape of Developmental Finance

2018 ◽  
Vol 50 (4) ◽  
pp. 653-659 ◽  
Author(s):  
Ilene Grabel
Keyword(s):  
Financial Crisis ◽  
Regime Change ◽  
Global Financial Crisis ◽  
Financial Architecture ◽  
Bretton Woods ◽  
Financial Governance ◽  
The Global Financial Crisis ◽  
Bretton Woods Institutions ◽  
Governance Architecture

I advance three claims in the paper. First, the Asian and especially the global financial crisis occasioned discontinuities and continuities that are imparting incoherence to the global financial governance architecture and developmental finance. Second, the emergent incoherence is productive of development rather than debilitating. Third, productive incoherence can be understood most fully within a “Hirschmanian mindset,” that is, an understanding of social and regime change informed by Albert O. Hirschman’s key theoretical and epistemic commitments.

The global financial crisis and Islamic finance: a review of selected literature

2015 ◽  
Vol 6 (1) ◽  
pp. 94-106 ◽  
Author(s):  
Abdou DIAW
Keyword(s):  
Financial Crisis ◽  
Risk Sharing ◽  
Global Financial Crisis ◽  
Financial System ◽  
Lessons Learned ◽  
Islamic Finance ◽  
Regulatory Body ◽  
Content Type ◽  
The Global Financial Crisis ◽  
The Way

Purpose – This paper aims to critically analyze the opinions of Islamic economists about the global financial crisis to examine: their views on the causes of the crisis, the juristic and economic assessment they make of these causes and the lessons learned and the way forward. Design/methodology/approach – The paper critically reviews selected writings of prominent Islamic economics on the recent financial crisis. Findings – Most of the authors reviewed acknowledged the technical mistakes put forth by many conventional analysts as causes of the crisis. However, they have showed that the adoption of the principles of Islamic finance would have prevented most of those mistakes. The way forward, therefore, for both Islamic and conventional finance is, inter alia, greater reliance on risk sharing to inject more discipline in the system; the establishment of a strong and comprehensive regulatory body to safeguard the resilience of the system; and the integration of Zakat, Awqaf and other voluntary institutions into the financial system to cater for the financial needs of the poor. Practical implications – The importance of integrating the voluntary institutions into the financial system is to make it more inclusive and more equitable. Originality/value – This paper is the most comprehensive literature review on Islamic finance and the global financial crisis.

Islamic Banking and Finance in India: A Kosher or Myth

2015 ◽  
Vol 1 (1) ◽  
pp. 01
Author(s):  
Aisha Badruddin
Keyword(s):  
Financial Crisis ◽  
Global Financial Crisis ◽  
Islamic Finance ◽  
Islamic Banking ◽  
South East Asia ◽  
Conventional System ◽  
Muslim Community ◽  
Banking And Finance ◽  
The World ◽  
The Global Financial Crisis

Islamic banking seems to be an unfamiliar concept in Indian economy. Besides having a huge potential, Islamic finance is considered to be infeasible and impractical in Indian conventional system of banking. The search for alternatives to conventional banking in the aftermath of the global financial crisis trained the spotlights on Islamic banking in many parts of the world. Today that Islamic banking has unfortunately been misunderstood in India as a religious charitable venture restricted to the country’s Muslim community. Despite its striking growth in other parts of world such as the Middle East, South East Asia (which chiefly include Malaysia and Indonesia) and Europe, it is yet to be positioned as a realistic alternative financial system and not a religious one. In this paper, an attempt is made to understand the underlying concept of Islamic banking and finance and erode some of the major misconceptions in the same context.

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