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Islamic Finance: a new perspective

While not being here in person, most certainly I am here in the commitment to this conference on Islamic finance, organised by Banca d’Italia, to speak on the subject of Islamic finance from the perspective of a Central Bank. As the international financial markets and the global economy recover from the repercussions of the financial disruptions and dislocations that have occurred in the major financial systems, there have been wide ranging proposals to strengthen the foundations for financial stability, and reviews of the existing institutional arrangements in the international financial system. http://www.bancaditalia.it/studiricerche/seminari/2009/islamic_finance/Aziz.pdf … Read more »

In : Islamic Finance

Some Final Thoughts On 2009 Or, the Emporer Has No Clothes

I find it amusing that the debacle in Copenhagen which just finished was the birthplace of Hans Christian Andersen. One of the most famous stories of Andersen’s included the famous quote from the child, “but the emporer has no clothes”. And so it is left to the children to speak the truth. The truth is, after being in this business since 1975, I came to the realization a few years ago about what a silly business this is (at best) and how malign it is (at its worst). After all, we spend all this time and money shuffling around pieces of paper which have virtually no utility in the real world. We bet (because this market today has little or nothing to do with investment) billions of dollars or euros or … Read more »

In : Alternative Investments