Prior to the current financial crisis in Dubai , sukuk issuance had started to revive following two difficult years since the August 2007 peak. New issuance for the year to November 2009 exceeded $17.5 billion with 69 separate offerings
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Aside from the Dubai mess, Islamic finance continues to thrive
December 19th, 2009 at 9:04 am
“Dubai Debt Crisis : The Tip of an Iceberg in Islamic Banking Practices”
Jeong Chun phuoc
20th Dec. 2009
I doubt if ‘Expensive Real Estate Investments’ is the sole culprit that triggered the Dubai Debt crisis.
A simple Islamic Banking Performance Audit would have revealed the magnitude of certain unethical banking practices performed in the Debt market prior to the crisis.
Thusfar, no one has admitted that this negative aspect of Islamic banking.
Many Islamic bankers are still living in denial-refusing to admit and refusing to clarify the Syariah fundamentals of real Islamic banking between the different schools of Mazhabs in the Mid-East and elsewhere in the Western banking market (UK etc).
……………………
Jeong Chun-phuoc*
Lecturer-in-Law
and a reader in Syariah Competitive Performance Intelligence(SCPI)
the writer can be reached at Jeongphu@yahoo.com
December 21st, 2009 at 6:41 am
“An Islamic Performance Analysis on the Dubai Debt Crisis : The Tip of an Iceberg in Negative Islamic Banking Practices”
Jeong Chun phuoc
22nd Dec. 2009
I doubt if ‘Expensive Real Estate Investments’ is the sole culprit that triggered the Dubai Debt crisis.
A simple Islamic Banking Performance Audit would have revealed the magnitude of certain unethical banking practices performed in the Debt market prior to the crisis.
Thusfar, no one has admitted that this negative aspect of Islamic banking.
Many Islamic bankers are still living in denial-refusing to admit and refusing to clarify the Syariah fundamentals of real Islamic banking between the different schools of Mazhabs in the Mid-East and elsewhere in the Western banking market (UK etc).
Islamic banking is supposed to be a solution or a viable alternative to western banking method which is perceived to be contrary to the Syariah/Islamic law.
The Dubai Debt Crisis 2009 is not a good reflection/example of true ethical Islamic banking practice and performance. Several Islamic banking fundamentals under Islamic Maxims (Qawaid Al-Fiqhiyyah) were neglected by greed and over expansion of Islamic Qiyas methodology in the legalising the debt market demands.
Islamic governance also took a back seat and the result is out for all to see akin to a sort of a financial ‘Islamicgate’ scenario.
It is time for expansionist Islamic bankers and liberal jurisprudential advocates(Islamic Banking Syariah Advisory Council) to take the Dubai as a serious lesson to redefine the future of Islamic banking particularly the debt market along the line of Islamic banking performance, Islamic banking governance, Islamic Financial Reporting Standard and the integrity of Islamic banking as distinct from conventional banking fundamentals.
…………………………….
Jeong Chun-phuoc*
Lecturer-in-Law
and a reader in Syariah Competitive Performance Intelligence(SCPI)
the writer can be reached at Jeongphu@yahoo.com
December 21st, 2009 at 6:43 am
“An Islamic Performance Analysis on the Dubai Debt Crisis : The Tip of an Iceberg in Negative Islamic Banking Practices”
Jeong Chun phuoc
22nd Dec. 2009
I doubt if ‘Expensive Real Estate Investments’ is the sole culprit that triggered the Dubai Debt crisis.
A simple Islamic Banking Performance Audit would have revealed the magnitude of certain unethical banking practices performed in the Debt market prior to the crisis.
Thusfar, no one has admitted that this negative aspect of Islamic banking.
Many Islamic bankers are still living in denial-refusing to admit and refusing to clarify the Syariah fundamentals of real Islamic banking between the different schools of Mazhabs in the Mid-East and elsewhere in the Western banking market (UK etc).
Islamic banking is supposed to be a solution or a viable alternative to western banking method which is perceived to be contrary to the Syariah/Islamic law.
The Dubai Debt Crisis 2009 is not a good reflection/example of true ethical Islamic banking practice and performance. Several Islamic banking fundamentals under Islamic Maxims (Qawaid Al-Fiqhiyyah) were neglected by greed and over expansion of Islamic Qiyas methodology in the legalising the debt market demands.
Islamic governance also took a back seat and the result is out for all to see akin to a sort of a financial ‘Islamicgate’ scenario.
It is time for expansionist Islamic bankers and liberal jurisprudential advocates(Islamic Banking Syariah Advisory Council) to take the Dubai as a serious lesson to redefine the future of Islamic banking particularly the debt market along the line of Islamic banking performance, Islamic banking governance, Islamic Financial Reporting
Standard and the integrity of Islamic banking as distinct from conventional banking fundamentals.
…………………………….
Jeong Chun-phuoc*
Lecturer-in-Law
and a reader in Syariah Competitive Performance Intelligence(SCPI)
the writer can be reached at Jeongphu@yahoo.com