Abstract
This paper gives an overview of the two important studies made by Diane Coyle
and Hoosein, Zamir, Noureddine, & Abbas (2010). It provides an important
frame work for understanding the relation of stable financial system, in future’s
stable economy, under historical perspective. Coyle’s work high lights various
factors which are linked with the future of economic uncertainty. We tried to
explore the solutions of the problems raised by Coyle; by reviewing the work of
Hoosein et al. This study analyzed the role of financial instability in current and
future economic perspectives by comparing it with Islamic financial system. The
conventional financial and economic system that claims to be powerful and
efficient somehow failed to achieve stability, equality, and trust, which therefore,
requires epistemic reforms. In different yet complementary ways, Hoosein et al.
and Coyle conveyed the same message in their work. Coyle raised a variety of
hard questions, and started a debate on global capitalism with respect to the
sustainability and stability of the financial system, growing inequality, erosion
of trust on social and natural capital in context of the future of our coming
generations. Whereas, Hoosein, Zamir, Noureddine, & Abbas (2010) focused on
the inherent stability of Islamic finance, and expressed its relation to the social
equality, justice, and trust. This study suggests that Islamic financial system can
lend a hand to solve the financial instability, and economic uncertainty of the
conventional system. However, we also think that Islamic economic system still
needs thorough study and sound regulatory / institutional frame work to replace
or merge the current system.
Khan Shoaib. (2014) Economics of Enough and Islamic Finance, in Course of Financial and Economic Stability, Abasyn Journal of Social Sciences, Volume-07, Issue-1.
-
Views
1005 -
Downloads
60
