Co‐evolution and reconcilability of Islam and the West: the context of global banking
Education, Business and Society: Contemporary Middle Eastern Issues
ISSN: 1753-7983
Article publication date: 9 November 2010
Abstract
Purpose
The purpose of this paper is to argue that if reconcilability between Islam and the West exists in the field of finance and if the two systems can co‐evolve in a mutually productive way, then we can be optimistic about the ability of the two systems to co‐exist. Clearly they involve different attitudes, but this paper argues, on the basis of significant compatibility issues, these are resolvable under the tradition of tolerance that has existed in Western and Islamic societies. This paper also examines Islamic finance as an alternative financial system and a potential long‐term solution to financial instability.
Design/methodology/approach
The paper presents descriptive, analytical and comparative analyses.
Findings
The paper provides insights into the Islamic and international financial system. It highlights an alternative and a solution to this dilemma in the form of Islamic finance and stresses the stability of the Islamic finance system.
Practical implications
The findings presented in this paper can be used by policy makers, regulators and practitioners in both the Islamic and conventional financial sector as it provides an understanding to Islamic Finance. However, to expect a wholesale transformation to an Islamic financial system is idealistic.
Originality/value
This paper contributes to the understanding of Islamic finance principles and its value as revolutionary departure from the current global financial system and a solution to the current and any future financial crises. The findings of this research will be of interest to Western and Islamic financial practitioners, policy makers and academicians.
Keywords
Citation
Tlemsani, I. (2010), "Co‐evolution and reconcilability of Islam and the West: the context of global banking", Education, Business and Society: Contemporary Middle Eastern Issues, Vol. 3 No. 4, pp. 262-276. https://doi.org/10.1108/17537981011089569
Publisher
:Emerald Group Publishing Limited
Copyright © 2010, Emerald Group Publishing Limited