Causes and Remedies of the Recent Financial Crisis From an Islamic Perspective
As the leading authority on modern Islamic finance in the
world today, no one was better qualified to speak for Islam at the annual World
Economic Forum following the global financial crisis in 2010. In his address,
Mufti Taqi Usmani pointed out that the so-called crisis only came about when
it knocked at the doors of the wealthy.' Otherwise, as Mufti Usmani astutely
points out, the true crisis is ongoing and unless fundamental changes are made
to the worlds economic system, that crisis will continue. In the pages of this
slim volume, the reader will find a concise study of the fundamental flaws in
the global economic system, and the eternal principles articulated by the
Shariah of Islam that point to a solution.
- Yusuf Talal DeLorenzo, Shariah Consultant to Global Financial Institutions
Mufti Taqis paper, written in the context of global
financial crisis, calls for universal change in our attitude toward the
treatment of money and the role of financial system in our lives. His is a
timely call for overhauling the economic system based on values and principles.
A must read for all who are concerned about the current affairs of our
- Nazim Ali, Director, Islamic Finance Project, Harvard Law School | Harvard University
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About the Author
Mufti Taqi Usmani is one of the few leading contemporary
scholars of today. He studied at Darul Uloom Karachi, Pakistan, the renowned
institute established by his late father, Mufti Shafi Usmani. He also holds a
degree in law and as a result was a Judge at the Sharia Appellate Bench of the
Supreme Court of Pakistan till recently. He has held the post of deputy
chairman of the Jeddah based Islamic Fiqh (Law) Council of the Organization of
Islamic Conference (OIC) and is now a permanent member.
Mufti Taqi Usmani has been teaching at the same institute
over the last four decades and currently teaches Sahih al-Bukhari. Alongside
his expertise in Islamic Law, Economics and Hadith, he has authored over forty
books in Arabic, Urdu and English on various topics.