Islamic financial irrstitutions' resilience to the global shock has been linked to their
non-investment in in toxic assets through debt trading, short selling and derivatives.
This did not happen by accident but as an offshoot of a strong regulatory framework
put in place by the Shariah. Under Islamic banking legal fi‘amework. there is no room
for credit creation out of thin air: liabilities of the financial institutions are covered by
tangible real assets owned directly by these institutions. The underlying cause of the
recent economic crisis is the greed of those who failed to anticipate the consequence
of their unethical practices in turning the financial markets into gambling casinos. If
the entire humanity does not want to risk seeing a repeat of this ugly scenario. where
greed of some very few people would affect the lives of billions negatively, then
greed and individualism (aka. Capitalism) must give way to a cooperative approach
of Islamic financial system.