Title

Financial market operations in the United States: Ethical issues and lessons for Islamic banking

Document Type

Article

Publication Date

1-1-2014

Abstract

Whenever there is a financial crisis that leads to major economic downturn, a number of questions arise in the minds of investors and the general public. Was it the result of excessive speculation by some financial institutions? Or was it due to domestic and/or global economic factors that could not have been avoided by financial market operators? Or was it the consequence of slack or ineffective regulations of the markets by the governmental authorities? Or was it caused by deliberate floundering of laws regarding market operations? Or was the crisis due to unethical and unscrupulous conduct of financial market operatives? One common factor that can be found in the financial market collapses since the Great Depression of the 1920s is the preponderance of unethical (but not necessarily illegal) conduct on the part of financial market operatives, especially banking institutions. This chapter examines this aspect of the US financial markets.

Publication Name

Risk and Regulation of Islamic Banking

First Page

206

Last Page

223

DOI

10.4337/9781783476138.00020

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