Financial Institutions

Objectives of Financial Institutions – Western & Islamic

Asad Zaman (2016) “Objectives of Financial Institutions: Western and Islamic”, Journal of Islamic Business and Management, Vol 5, No. 2,p43-68.

Post-Conference reflections after CILE Conference at Doha, Qatar, 10-12 June, 2014, by Dr. Asad Zaman -- paper presented at conference was entitled: Building Genuine Islamic Financial Istitutions.

Posted on SSRN: http://ssrn.com/abstract=2496960   V/D: 39/12 -- 7 Dec 2014

See Also; MINI COURSE ON MACRO ECONOMICS: This provides further detailed explanation of how finance and money work, and how interest based debt causes serious damages to the system. 

Submitted to JIBM:  Journal of Islamic Business and Management, Riphah University, on 7 Dec 2014

Center for Islamic Legislation and Ethics Seminar on Ethics & Economics: Conference Question 1:What are the main objectives of financial institutions in the current neoliberal economic system in relation to the individual, society, state and global economy?

ABSTRACT: To understand the functions of the financial institutions within a capitalist system, one must understand the spirit of capitalism. This paper argues that the spirit is the pursuit of wealth without any moral or social restraints. Financial institutions represent an embodiment of this spirit. Furthermore, these institutions act in concert with social and political institutions and cannot be understood except within this context. Ultimately, the unrestrained pursuit of wealth leads to the collection of wealth in the hands of a small number of the rich and powerful. Sustaining such outcomes within a democratic society requires radical changes in social values. Neither the spirit, nor the social values associated with capitalist society are compatible with Islam. Islamic financial institutions attempt to modify the form of the institutions without affecting the spirit. Thus they end up performing the same functions as capitalist institutions and do not represent a genuine Islamic alternative. 

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Zahid Siddique: Accurate description of problems created by fractional reserve banking.   1291k v. 1 Jul 9, 2015, 6:53 AM Asad Zaman
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Building Genuine Islamic Financial Institutions. Paper proceed beyond conference question -- after rejecting imitations of western financial institutions.   109k v. 1 Jun 25, 2014, 5:35 PM Asad Zaman
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Book illustrates graphically,concretely and in detail many ideas discussed briefly in paper -- though it is not cited in the version attached (yet)  9953k v. 1 Jun 25, 2014, 5:31 PM Asad Zaman
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Paper argues that western financial institutions embody the spirit of pursuit of wealth without any moral restraints. Islamic versions are similar, except that they obey some restraints to this un-Islamic spirit  126k v. 1 Jun 25, 2014, 5:29 PM Asad Zaman
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Presentation at Doha -- general response to it was: SUFI view, urges renunciation of wealth. CILEResponse was written to further clarify my view.  413k v. 1 Jun 25, 2014, 5:34 PM Asad Zaman
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Comperehensive Survey of all aspects of Islamic Economics and how it is dramatically opposed to conventional Western Economics.  Dec 19, 2014, 11:57 PM Asad Zaman
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  Mar 3, 2016, 2:13 AM Asad Zaman
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Letter to Tariq Ramazan reflecting on my experience at the CILE conference. Post conference paper in light of this is the main paper of this webpage.  12k v. 1 Jun 25, 2014, 5:43 PM Asad Zaman
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Published Version: Journal of Islamic Business and Management, Vol 5, No. 2,p43-68. 2016  353k v. 1 Aug 31, 2017, 11:31 PM Asad Zaman
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Describes the conflict between a Market Economy and a Human Economy.The Great Transformation changed Human Economy to Market Economy which has resulted in great harm and damage  Dec 19, 2014, 11:59 PM Asad Zaman
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Example of immoral pursuit of profits: Marketing Tobacco to kids  199k v. 1 Jun 25, 2014, 5:38 PM Asad Zaman
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Focuses on fractional reserve banking and its problems and perils -- similar to Zahid Siddique  Jul 9, 2015, 6:54 AM Asad Zaman
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