Statement No. 148. Principles for Reforming the “Global Financial Architecture”

The global financial crisis: Some sugges

The global financial crisis: Some suggestions for reform of the global financial architecture in the light of Islamic finance

✍ M. Umer Chapra 📂 Article 📅 2011 🏛 John Wiley and Sons 🌐 English ⚖ 220 KB

## Abstract The article argues that the primary cause of the current subprime mortgage crisis in the United States is the absence of adequate market discipline in the financial system. This tends to promote excessive lending, high leverage, speculation, and an unsustainable rise in asset prices. Un