World Economic Crisis & the way ahead

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Risk sharing techniques adapted in the modern Islamic financial paradigm has been empirically proven to stand with sustainable existence against any unexpected eco-financial catastrophe. To day’s unpredicted economic tsunami does not remain in the USA but shakes the world financial corridors. Through the close post-mortem on the existing world economic models it may be concluded that, the one with risk sharing techniques may contribute to fight the present critical scenario of financial chapter and that is Islamic financial model applicable globally with the true spirit of brotherhood, solidarity, cooperation, care and concern to every one regardless of one’s religion, race, color, nation and the status. It does not mean to deny the fact that, a deepest revision of all the existing eco-financial models with the holistic spirit of harmonization by considering the current socio-economic phenomena of the world may play a rescue role to the contemporary world-eco crisis.

Hence, US deputy secretary of the Treasury Mr. Robert M. Kimmitt’s recent concern is timely, which has been published in Arab News in Riyadh on October 26, 2008 on the possibility of Islamic finance, which may contribute to overcome the present world economic crisis and thus, has been studied carefully by the experts of US treasury department to re-discover the important features of Islamic Finance in reality.

Open investment policies, risk analysis with foreseeable test, research & re-discovery with product innovation culture and human capital enrichment with reviewed professional integrity, applied wisdom, mutual respect and natural harmonization structured under Shari’ah principles may be among the salient steps to design the way forward against the present financial upset.

Thus, for the eco-rescue, benefits and the way ahead for the contemporary Ummah (Global Community), the recent dynamic concern of the US leaders on the Islamic financial role is relevant, which shall be congratulated and be cooperated by all regardless of one’s nation, religion, race, color, philosophy or ideology to re-discover a right common avenue with the spirit of harmonization by way of mutual respect and common efforts towards noble achievement for all and that is already guided in the Holy Qur’an : “ ….. cooperate each other in righteousness and piety…” (al-Maidah 5: 2).

Hence, the forthcoming G-20 summit to be held in Washington on Nov. 15, 2008 may be the right platform to address the practical implication of Islamic finance to be the potential joint-force with the world eco-rescue consortium through effective cooperation among all in to day’s financial reality.
(view expressed on November 03, 2008)