The Developmental Role of Islamic Financial Systems

The Developmental Role of Islamic Financial Systems and it’s stability, profitability and sustainability, case study: Northern Sudan Islamic Financial Systems. The essay is to be 6 pages with three to five sources, with in-text citations and a reference page.

e and acceptance of the ethics and morality of Islamic Finance as a global financial guideline, bearing in mind the hegemony and political economy that challenges the process. It can only be implemented through identifying communication channels, advocacy strategies and sustainable networking techniques that would facilitate the revolution and birth of a new global financial order that no longer targets a specific faith or group.

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This research proposal is based on a genuine attempt of the researcher to pursue a study that would open channels of communication between global financial decision makers and Islamic Religion Scholars, in order to develop a global financial system that would bring benefit to the global economy. The study wishes to highlight on the moral ethical benefits and the robust long-term sustainable structure of Islamic Finance, its’ developmental role and how it can be developed.

The Islamic model of Financing has been a major theme of discussion as an alternate to the current global financial system, which just saw its gigantic collapse in the past few years. With the financial models on which the global economy is working today, more questions are being raised on their credibility. A study by M. U. Chopra, 2009, argues that the recent global financial crisis was due to the lack of sustainable financial systems. It was a vicious cycle that started from excessive lending, leading to high leverage and ultimately ending on the crisis. this model fed on itself and brought down big brands through a steep decline in asset prices and ultimately the economic meltdown. The model is likely to continue if the fundamentals of the system are not altered. ‘As long as there continues to be problems in the regulatory system in the world of finance, it is possible that we will experience another financial crisis’. interpreted Mr. Valdis Zalter President of Latvia during his attendance at the World Economic Forum in Qatar/Doha – May/2010.

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