The Global Financial Crisis in the Light of Islamic Shariya Law

الأزمة الاقتصادية العالمية في ضوء الشريعة الإسلامية / عبد الرحمن بن سعد بن عبد الرحمن آل سعود.

آل سعود، عبد الرحمن بن سعد بن عبد الرحمن ; Abdurahman Ibn S'ad Al-Saud (2010)

Book

This book highlights the strict legal, moral, humanistic and comprehensive nature of Islamic sociofinance and presents it as a solution to the negative aspects of other sociofinancial approaches that have caused the global financial crisis. This book first presents a detailed comparison between sociofinancial approaches and principles in Islamic Shariya Law, capitalism, communism and socialism and talks about the problems and faults of non-Islamic financial systems. Thereafter, the author gives a detailed account of the global financial crisis and its local and global effects; its specific effects on Arab countries are also examined. Reasons for the crisis are discussed and the interest based system of loans and earnings is identified as a major cause of the crisis - as are the morally deficient elements of non-Islamic financial systems. Islamic Shariya Law forbids their use in finance and a detailed explanation is presented using legal texts from both the Quran and the statements of the Prophet Mohammed – peace be upon him. The author presents the example of Islamic charitable endowments as a major solution to preventing future financial crises and solving their bad effects. In particular, the use of these endowments as a means of social welfare and investment are highlighted and discussed. In conclusion, various suggestions surrounding the advantages and correct management of Islamic finance are put forward to different groups of people including proponents of capitalism, Arab and Muslim leaders, Islamic scholars and wealthy Arab people.

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