By Suleman Muhammad Ali
ABSTRACT
The Islamic Financial Industry (IFI) and its players including the regulators need to learn important lessons from the sub prime crises; especially since the industry at present is in its initial stages and is some what indirectly linked to the global conventional financial system. The paper discusses the sub prime crises and digs deep into the factors that led to this mayhem which has affected the global financial markets triggering a global recession on a scale unmatched since the great depression. The paper then goes on to suggest various factors that need to be taken care of and measures to be taken by the IFI industry players to avoid the chaos experienced by interest based financial system.
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