The Impact of Economic Turmoil on Contemporary Islamic Finance
Dr. Sadiq Attia Qandil
Assistant Professor of Comparative Jurisprudence
Faculty of Sharia and Law, Islamic University of Gaza,
Chairman of the Sharia Supervisory Board of the
National Islamic Bank, Palestine
Abstract:
Our contemporary life is witnessing multiple economic turbulences, the levels of which and their repercussions on local and global economic activity vary greatly. Contemporary Islamic finance is considered one of the most important elements of economic activity in many Arab and Islamic countries. Rather, it constitutes – with its philosophy – a protection and a catalyst for sustainable development, and its importance increases in light of the turmoil of the political reality that directly affects the global economic system. He put forward many ideas and economic programs to deal with the consequences of the unrest.
This is done through research in two tracks, the first: revealing the reality of economic turmoil and Islamic finance. The second: Researching the impact of economic turmoil on Islamic finance. The main objective of the study is to prove the ability of Islamic finance to confront economic turmoil and address its effects. Many results and recommendations have been reached, the most important of which are: highlighting the values of Islamic finance that can be relied upon in dealing with the effects of economic turmoil on sustainable development.
The study also recommended the need for major Islamic banks to enter into joint cooperation agreements to preserve the unity of the Islamic economic identity, especially in countries that live in a state of turmoil, occupation, and siege. The research used the inductive, analytical, deductive, and comparative approach.
Keywords: finance, contemporary, disturbances, economic, and sustainable.