The financial crisis that started with the passing of Lehman Brothers in 2008 and nearly brought the world market to its knees has prompted many international financial institutions to do some serious soul-searching. Whom should authorities, regulators and financial bosses turn to for inspiration, as they try to reinforce their capital and reduce their hazard operations? A great place to start would be to analyze those banks that have performed best since the disaster - many of which, ironically, were shown to be "underperforming" in 2006, during the pioneer days of the housing boom.
In this sense, Islamic banking is a good test case. The writers, who all have extensive expertise in the Middle East, assess how faith-based values have shaped some of the unconventional merchandise and services that Islamic banks offer, and they highlight the challenges these banks face as they expand their existence to Western states. Might there be useful lessons for conventional banks as they reconceptualize and rebuild their institutions that are damaged in the wake of the disaster?
PUBLICATION DATE: September 15, 2011 PRODUCT #: IIR059-HCB-ENG
This is just an excerpt. This case is about FINANCE & ACCOUNTING
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