Overview
1. Conceptual Fundamentals of Islamic Finance
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Social pressures
Group solidarity system (e.g. of Grameen)
Excessive lending leads to speculative booms which are usually followed by busts
Economic Cycles
Unregulated credit expansion
No forbearance
Credit for this slide: Sami Al-Suwailem (2008)
Europe is ablaze with knowledge and skills Truly its fountain of life is in pitch darkness. In splendour, in seduction and in grace, The buildings of banks outsoar the churches! What they call commerce is a game of dice; For one, interest, for millions swooping demise. Muhammad Iqbal, (Poet of the East) in Bal-i Jibril
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