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Ironically, the financial crisis of 2007-09 could prove to be a major catalyst for promoting the growth and globalization of Islamic finance and its convergence with conventional finance. The crisis has highlighted the inherent flaws of fractional reserve banking, debt leveraging, and the creation of money out of thin air. It may thus be a major force for change in conventional finance, toward greater reliance on equity financing and risk sharing, and thus increase the likelihood of a convergence of conventional and Islamic finance.
How will globalization affect both conventional and Islamic finance? Will they continue to flourish as two distinct financial systems? Will they converge over time, or will one absorb the other? How will they each affect globalization? What does their history, and the history of globalization, reveal about their future? These are the major issues addressed in this timely book.
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