Islamic finance offers tips to correct faulty conventional system: M. Umer Chapra

Islamic finance offers tips to correct faulty conventional system: M. Umer Chapra

Dawn

The current global financial crisis stems from the absence of adequate market discipline, and Islamic finance can help fix it by injecting a greater discipline into the system, an expert at the Islamic Development Bank said.

Speaking at an international gathering here Saturday, Umer Chapra from the Bank’s Islamic Research and Training Institute said the global financial system lacks discipline because the reward and punishment mechanism in the banking system was not working.

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