Abstract
The global financial system has been under tremendous pressure due to
recurring financial crises. With nearly every major economy affected, the
cost of managing these crises has been enormous. Some studies have
identified ethical failure as the root cause of these financial crises, while
others have focused on the structural flaws in the system. While both the
diagnoses may be correct, the prescription for handling the crises lacks clear
direction and consideration for its applicability over the long run. This paper
focuses mainly on the ethical aspects and recommends a few long-term
measures that seek to improve moral behavior. Few suggestions have also
been made to improve financial inclusion based on common religious, social
and moral values.
recurring financial crises. With nearly every major economy affected, the
cost of managing these crises has been enormous. Some studies have
identified ethical failure as the root cause of these financial crises, while
others have focused on the structural flaws in the system. While both the
diagnoses may be correct, the prescription for handling the crises lacks clear
direction and consideration for its applicability over the long run. This paper
focuses mainly on the ethical aspects and recommends a few long-term
measures that seek to improve moral behavior. Few suggestions have also
been made to improve financial inclusion based on common religious, social
and moral values.
| Original language | English |
|---|---|
| Number of pages | 12 |
| Journal | Journal of Islamic Banking and Finance |
| Publication status | Published - Oct 2016 |