Islamic Finance and the New Financial System
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Alrifai Tariq. Islamic Finance and the New Financial System
About the Author
Acknowledgments
Introduction
Part I. Financial Crises and the Current Financial System
Chapter 1. A Brief History of Financial Systems and the Birth of Money
Early Financial Systems and Currencies
Gold and Silver
Paper Money, Promissory Notes (Sukuk), and Bills of Exchange
Goldsmith Deposits and the Establishment of Banks
Financial Globalization and the Gold Standard (1821−1913)
The Two World Wars and the Great Depression (1914−1945)
The Bretton Woods Agreement (1945−1971)
Post–Bretton Woods−−Fiat Currencies (1971−Today)
Other Relevant Events in Our Current Monetary System
Summary
Chapter 2. Past Financial Crises and Their Causes
The Wall Street Crash of 1929 and the Great Depression
The Oil Crisis (1973)
Latin American Debt Crisis (1980s)
Black Monday (1987)
U.S. Savings and Loan Crisis (1989−1991)
Japanese Asset Bubble Collapse (1990s)
Mexican Peso Crisis (1994)
Asian Financial Crisis (1997)
Russian Ruble Crisis (1998)
The Dot-Com Bubble of 2000
Some Observations on Past Financial Crises
Summary
Chapter 3. The Global Financial Crisis of 2008
The Buildup to the Crisis
Anatomy of a Bubble
Fraud
Aftermath
Contagion
Summary
Chapter 4. Solutions Create More Problems
Governments' Response to the Crisis
Central Banks' Response to the Crisis
Unintended Consequences
Summary
Chapter 5. The Next Financial Crisis and the New Financial System
Easy Credit and Subprime Borrowers
Too-Big-to-Fail Banks Taking on Too Much Risk
Too Much Debt in the System
Complex Derivatives That Grew Out of Hand
The Trigger for a New Financial System
Summary
Part II. The Islamic Financial System
Chapter 6. Overview and History of Islamic Finance
Islamic Finance Defined
A Closer Look at Riba
Modern History of Islamic Banking and Finance
Islamic Banking and Finance Around the World
Summary
Chapter 7. The Key Principles of Islamic Finance
Definition of Money According to Shariah
Does Time Value of Money Exist in Islamic Finance?
Islamic Financial Instruments
Summary
Chapter 8. Islamic Financial Instruments as Alternatives
Consumer Banking
Corporate Finance
Government Finance
Summary
Chapter 9. Criticisms, Shortcomings, and Misconceptions of Islamic Finance
Misconception #1: Islamic Finance Is Linked to and Supports Terrorism
Misconception #2: Islamic Finance Is for the Benefit of Muslims and Is Part of Shariah's Agenda for World Domination
Misconception #3: Islamic Banks Are Not Safe
Misconception #4: Islamic Finance Is a Marketing Gimmick
Misconception #5: Islamic Finance Cannot Be a Stand-Alone Financial System Since It Is Too Dependent on the Conventional One
Summary
Part III. The New Financial System
Chapter 10. Preventing Future Crises – Real-World Solutions from Islamic Finance
Debt
Derivatives
Too Big to Fail
Money
Lack of Ethics
Summary
Chapter 11. Evaluating Alternative Solutions
The Gold Standard
The Chicago Plan
Special Drawing Right (SDR)
Summary
Conclusion
Отрывок из книги
Islamic Finance and the New
Financial System
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In the days following September 15, global credit markets froze and major financial institutions around the world were on the brink of failure. The United States, along with regulators and governments from around the world, agreed to pump trillions of dollars into the global financial industry to save it from the worst financial crisis in recent history.
The global financial crisis of 2008 shocked everyone. Much of the world was caught off guard because of its severity and reach. Now, nearly six years since the crisis began, the world is still reeling from its effects. Global growth has not returned to the level it had reached before the crisis, developed countries are saddled with debt, and unemployment rates have yet to recover to what they were at precrisis levels. Much of Europe, as an example, has been seesawing in and out of recession, just as Japan has for the past two decades.
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