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Financial market operations in the United States: ethical issues and lessons for Islamic banking

In: Risk and Regulation of Islamic Banking

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  • Raquib Zaman

Abstract

From a single product offering in 1963, the Islamic financial services industry has grown to an estimated $1.6 trillion in assets. Products must comply with profit and risk-sharing criteria and regulations preventing banks from venturing into activities with high risk and excessive uncertainty. This timely volume analyses these matters and considers the range of new products, discussing both conceptual and practical dimensions. It connects Islamic finance to the mainstream theoretical literature on financial intermediation while also exploring its differences. The expert contributors also examine why an ethical foundation is important and why the system requires well-thought-out regulations to ensure outcomes that protect the community’s well-being.

Suggested Citation

  • Raquib Zaman, 2014. "Financial market operations in the United States: ethical issues and lessons for Islamic banking," Chapters, in: Mervyn K. Lewis & Mohamed Ariff & Shamsher Mohamad (ed.), Risk and Regulation of Islamic Banking, chapter 12, pages 206-224, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:15843_12
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    References listed on IDEAS

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    1. Mohamed Ariff & John H. Farrar & Ahmed M. Khalid (ed.), 2012. "Regulatory Failure and the Global Financial Crisis," Books, Edward Elgar Publishing, number 14510.
    2. William R. Cline, 2010. "Financial Globalization, Economic Growth, and the Crisis of 2007-09," Peterson Institute Press: All Books, Peterson Institute for International Economics, number 499, April.
    3. Mohamed Ariff & Munawar Iqbal (ed.), 2011. "The Foundations of Islamic Banking," Books, Edward Elgar Publishing, number 14217.
    4. Jan Kregel, 2011. "Resolving the US financial crisis: politics dominates economics in the New Political Economy," PSL Quarterly Review, Economia civile, vol. 64(256), pages 23-37.
    5. David Tuckett, 2011. "Minding the Markets," Palgrave Macmillan Books, Palgrave Macmillan, number 978-0-230-30782-7, October.
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