The recession, which has affected the financial markets and the banking sector in the past few years, with the associated wave of speculation have led to an appreciation of the limitations of conventional economics and finance, suggesting the configuration of an evolved financial model, an alternative to the current one, so as to prevent the risk of a recurrence of economic crises and stock market crashes with their dramatic consequences. The hypothesis has emerged that the guiding principles of Islamic finance may be a viable alternative to conventional finance, as would be proven by the fact that only the Western economy has been devastated by the U.S.-originated financial crisis, while the Islamic financial system has not been affected except marginally, showing itself impervious to the serious contagion. The distrust of traditional finance has to some extent empowered investors and practitioners themselves, as well as governments and supervisory institutions. This explains why interest has increasingly turned to a financial system marked by the tendential requirements of transparency, social responsibility, reduced speculation and strong links to the real economy, such as the Islamic one.
Geraci, R. (2018). L'influenza del fattore religioso islamico nella finanza e nell'economia. In G. Dammacco, C. Ventrella (a cura di), Religioni, diritto e regole dell'economia (pp. 105-122). Cacucci.
L'influenza del fattore religioso islamico nella finanza e nell'economia
Geraci, R
2018-01-01
Abstract
The recession, which has affected the financial markets and the banking sector in the past few years, with the associated wave of speculation have led to an appreciation of the limitations of conventional economics and finance, suggesting the configuration of an evolved financial model, an alternative to the current one, so as to prevent the risk of a recurrence of economic crises and stock market crashes with their dramatic consequences. The hypothesis has emerged that the guiding principles of Islamic finance may be a viable alternative to conventional finance, as would be proven by the fact that only the Western economy has been devastated by the U.S.-originated financial crisis, while the Islamic financial system has not been affected except marginally, showing itself impervious to the serious contagion. The distrust of traditional finance has to some extent empowered investors and practitioners themselves, as well as governments and supervisory institutions. This explains why interest has increasingly turned to a financial system marked by the tendential requirements of transparency, social responsibility, reduced speculation and strong links to the real economy, such as the Islamic one.File | Dimensione | Formato | |
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