Template-Type: ReDIF-Paper 1.0
Author-Name: Munawar Iqbal
Author-Email: munawariqbal@gmail.com
Author-Workplace-Name: Islamic Economics Institute King Abdulaziz University, Jeddah, Saudi Arabia
Title: Sovereign Debt Crises with Special reference to euro zone: viewed from an islamic perspective أزمات الديون السيادية مع إشارة خاصة إلى منطقة اليورو: ينظر إليها من منظور إسلامي
Abstract: European countries are in a deep debt crisis since 2011. That closely followed on the steps of 2008-2010 economic crisis. Since 2011 many European governments in Euro Zone countries have fallen due to this crisis but the new governments also could not do much. Politician and economists alike are trying their best to control or minimize the adverse effects of the crisis. Various policy measures have been suggested, of which some have been implemented. However, unfortunately, the situation has not improved. In fact, it is going from bad to worse in most of the cases. It seems options available to policy makers are limited. In this paper, we suggest that a really ‘radical’ approach needs to be taken. Unconventional solutions may have to be considered. In this respect, we believe that Islamic approach to public sector economics may have something to offer. We present some basic tenets of that approach and taking examples from the present Euro Zone debt crisis, make an attempt to show how those could be helpful. الدول الأوروبية في أزمة للديون متفاقمة منذ عام 2011م وتابعت عن قرب هذه الأزمة من 2008-2010م والتي هي الأزمة الاقتصادية. ومنذ 2011م تراجعت العديد من الحكومات الأوروبية في دول منطقة اليورو بسبب هذه الأزمة ولكن الحكومات الجديدة أيضا لا يمكن أن تفعل الكثير. السياسيين والاقتصاديين على حد سواء يحاولون قصارى جهدهم للسيطرة أو الحد من الآثار السلبية للأزمة وقد تم اقتراح عدة تدابير سياسية منها ما تم تنفيذها. لكن للأسف، الوضع لم يتحسن. في الواقع، نسير من سيء إلى أسوأ في معظم الحالات. يبدو أن الخيارات المتاحة لصانعي السياسات محدودة. في هذه الورقة، فإننا نقترح أن المنهج الحقيقي هو 'الراديكالي' ينبغي أن يؤخذ. وقد تكون هناك حلول غير تقليدية للنظر. وفي هذا الصدد، ونحن نعتقد أن المنهج الإسلامي الاقتصادي للقطاع العام عنده ما يقدمه. وفي هذه الورقة نقدم بعض المبادئ الأساسية لهذا المنهج مع أخذ أمثلة من أزمة الديون في منطقة اليورو الحالية، وهي محاولة لإظهار كيف أن هذا يمكن أن تكون مفيد. 
Length: 46 pages
Creation-Date: 2013-02
Publication-Status: Published in Islamic Economics Institute (IEI) Working Paper Series, Number 1
DOI: 
File-URL: https://iei.kau.edu.sa/Files/121/Files/130877_WorkingPaperSeries.pdf
File-Format: Application/pdf
Number: 44
Classification-JEL: 
Keywords: 
Handle: RePEc:abd:ieiwps:44 
 

Template-Type: ReDIF-Paper 1.0
Author-Name: Ahmed Belouafi
Author-Email: ambelouafi@kau.edu.sa
Author-Workplace-Name: Islamic Economics Institute King Abdulaziz University, Jeddah, Saudi Arabia
Title: Islamic Finance and Financial Stability: A Review of Theoretical Literature التمويل الإسلامي والاستقرار المالي: مراجعة الأدبيات النظرية
Abstract: This paper provides an analytical review of about fifteen theoretical investigations that had examined the stability of the Islamic Financial System (IFS) vis-à-vis its conventional interest-based counterpart. The research aims at discussing the main findings and conclu-sions that the reviewed literature arrived at. A brief account of how financial stability has been defined, in the conventional literature, has also been explored. The results indicate that there is an almost general ‘consensus’ among these treatises on the ‘superiority’ of an Islamic financial system based on equity and participatory modes of financing with respect to financial stability. To what extent are these claims robust? And what are the underlying assumptions behind the development of such syntheses? These and other important related questions form the basis of the discussion and analysis in this study. 
Length: 32 pages
Creation-Date: 2014-02
Publication-Status: Published in Islamic Economics Institute (IEI) Working Paper Series, Number 3
DOI: 
File-URL: https://iei.kau.edu.sa/Files/121/Files/130822_working-paper-3.pdf
File-Format: Application/pdf
Number: 45
Classification-JEL: 
Keywords: Islamic finance, financial stability, financial instability, interest-based system 
Handle: RePEc:abd:ieiwps:45