Islamic and Ethical Finance: Taking Responsibility in a Post-crisis Context?

Abstract

Since Umer Chapra, an expert on Islamic finance and a former advisor to the Saudi Arabia Monetary Authority, published his classic work Towards a Just Monetary System in 1985, several international financial crises have followed.¹ After the Asian financial crisis of 1997, as well as the one that began ten years later in the United States and has been responsible for the current economic crisis, different voices and debates have arisen, calling for the revision and redefinition of the global financial system, to bring it closer to the real economy and to curtail speculation.