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1. Making of the Crisis 1

2. Making of the Crisis 2

3. From the Mortgage Crisis to the Global Economic & Financial Crisis 3

4. The Current Global Financial Crisis:The Deepest since World War II 4

5. 5 Global Financial Crisis:Impacts on OIC Countries

6. Major Impacts 6

7. Slowdown in Economic Growth 7 Revisions by IMF for 2009 Growth Projections October 2008 November 2008 January 2009 April 2009 July 2009 World: From 3.0% to -1.4% Advanced Economies: From 0.5% to -3.8% Developing Countries: From 6.1% to 1.5%

8. Slowdown in Economic Growth 8 Regional Economic Growth in the OIC

9. Fall in Export Demand and Commodity Prices 9 WTO: -9% IMF: -11% “The largest contraction since World War II” Exporters are to suffer while importers, especially the LIFDCs, are to benefit

10. Sharp Drops in Private Capital Inflows 10 Decline in developed countriesby 25% Increase in developing countriesby 7% (20% in 2007)

11. Interruption in Flows of Official Development Assistance (ODA) 11 Threat for achievements in MDGs European aid, providing over half of global aid flows, accounted for 0.40% of GNI in 2008 (+ €4 billion over 2007) + €20 billion needed over the next 2 years to meet the target Since December 2008, many European countries have announced cuts to their 2009 aid budgets.

12. 12 In 2008, developing countries received $305 billion of remittances. South Asia and Europe & Central Asia are expected to witness sharper decline compared to other regions. OIC member countries like Tajikistan, Lebanon, Jordan, and Guyana, where remittances account for 20 to 40 percent of their GDPs, will be more affected than the others. Interruption in Flows of Remittances Growth of Remittances (%) Remittances in OIC countries

13. Deterioration in Current Account Balances 13 Decline in global demand Slowdown in economic activity/growth Fall in oil & commodity prices Decrease in imports (volume and import bill) Credit crunch in export markets ( + ) Decrease in exports (volume and revenues) Current Account Balance ( - ) Decline in Remittances

15. East Asia

16. Latin America & Caribbean

19. The Global Economic & Financial Crisis:The Real Causes 16

20. Common Views on the Causes 17

21. Implications for Islamic Banking 18

22. Islamic Finance as a Solution 19

23. Islamic Theory of Finance and the Global Financial Crisis 20 Islamic Theory of Finance

24. 21 Rules and Regulations Forbid Stipulate Islamic Theory of Finance and the Global Financial Crisis

25. Islamic Theory of Finance and the Global Financial Crisis 22 Islamic Theory of Finance

26. Islamic Theory of Finance and the Global Financial Crisis 23 Islamic Theory of Finance

27. Islamic Theory of Finance and the Global Financial Crisis 24

28. Islamic Theory of Finance and the Global Financial Crisis 25 Principles of Islamic Finance against the Crisis

29. Islamic Theory of Finance and the Global Financial Crisis 26 Principles of Islamic Finance against the Crisis

30. Concluding Remarks 27

31. Concluding Remarks 28