A three day conference with a leading Islamic economist

Professor Dr Muhammad Anas Zarka visited the Markfield institute a faculty of Islamic finance and Banking of Gloucestershire University from the 14-16 of October. He is a leading economies with a Phd from Pennsylvania university. he has lectured extensively in many countries. he was invited to shed light on the ongoing global financial meltdown.

The topic was entitled, DEBT EARTHQUAKE IN ECONOMICS AND THE SHARIAH PERSPECTIVE.

Professor Dr Anas Zarka is also a leading shariah scholar part of the supervising board of the Kuwait financial institutions. he has authored several books and articles on Islamic Finance and economics. his key interest in advising Muslims bankers on staying on the path of Islam, not getting distracted with greed and unethical practices. the key facts gain from the conference is the fact that debt reselling has been the key cause of the financial crisis. also the deregulation of financial markets. banks deliberately gambled away peoples investments and savings, undermine every fundamental rules and now they are being bailed out. what an irony. Dr Zarka suggested that, debtors should have been rather compensated by the federal government of U.S and the U.K. the debt of every single person should have been wipe out and new measures taken to avoid another crisis, yet the government did the opposite. The call now from all leading economies and bankers is to re-regulated and be tough with reckless bankers and the stock market. from an islamic perspective, debt cannot be business, one is not allow to make money out of debt. this is a cardinal principle in islamic finance. the conventional system allows banks, insurance companies and the stock market to resell debt in the securities market. this is what causes over inflated house prices and the sub-prime mortgage industry.