The Significance of Faith-based Ethical Principles in Responding to the Recurring Financial Crises
December 29th, 2016
By Dr. S Nazim Ali,Ph.D, Professor Shariq Nisar,Ph.D
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.