2. 2 Making of the Crisis

3. 3 From the Mortgage Crisis to the Global Economic & Financial Crisis

4. 4 The Current Global Financial Crisis: The Deepest since World War II

5. 5

6. 6 Major Impacts

7. 7 Slowdown in Economic Growth

8. 8

9. Fall in Export Demand and Commodity Prices 9 The most affected Open EconomiesExporters of a small range of products Dependants on markets of major economies, mainly the US and EU

10. Sharp Drops in Private Capital Inflows 10

11. Interruption in Flows of Official Development Assistance (ODA) 11 + €20 billion needed over the next 2 years to meet the target

12. Interruption in Flows of Remittances 12

13. Deterioration in Current Account Balances 13 Decline in global demand Fall in oil & commodity prices Credit crunch in export markets Decline in Remittances Slowdown in economic activity/growth Decrease in imports (volume and import bill) Current Account Balance Decrease in exports (volume and revenues) ( - ) ( + )

14. Increase in Unemployment and Poverty 14

15. 15

16. 16 The Global Economic & Financial Crisis: The Real Causes

17. Common Views on the Causes 17

18. 18 Implications for Islamic Banking

19. Islamic Finance as a Solution 19

20. 20 Islamic Theory of Finance and the Global Financial Crisis

21. 21 Islamic Theory of Finance and the Global Financial Crisis

22. 22 Islamic Theory of Finance and the Global Financial Crisis Muslims are strictly prohibited from investing in or dealing with economic activities that involve interest, uncertainty, and speculation

23. 23 Islamic Theory of Finance and the Global Financial Crisis

24. 24 Islamic Theory of Finance and the Global Financial Crisis

25. 25 Islamic Theory of Finance and the Global Financial Crisis

26. 26 Islamic Theory of Finance and the Global Financial Crisis

27. Concluding Remarks 27

28. Concluding Remarks 28

29. Concluding Remarks 29

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