A braver new world for Islamic finance amid the global recession

Economist Dr Terry Lacey asks what the finance crisis means for the Muslim world.

The West will see fundamental changes to its banking systems as it looks to claw its way out of the recession, but how will the recent global events affect the Muslim world?

By the time President Obama arrives at the White House, the United States will be a different country in a different world. There will be no going back and no return to business as usual.

What began as the sub-prime housing market crash has become a generalized banking crash, leading to a world financial crisis, and then into a world economic recession.

There is no avoiding the impact of this series of financial and economic downturns and the associated stock market crashes and wild currency fluctuations. However, for the developing economies of Asia, the Middle East and Latin America, and even for Africa, these changes represent new opportunities as well as short-term problems.

These events are symbolic of a changing global balance of power where the United States and Europe have to adjust to the rising economic power of Asia, the Middle East and the BRICs (Brazil, Russia, India, China).

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