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    Islamic Finance and Limited Purpose Banking (LPB): Two Sides of the Same Coin

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    Type
    Book chapter
    Author
    Smolo, Edib cc
    Subject
    Islamic Finance
    Limited Purpose Banking
    Risk-Sharing
    Capitalism
    Capitalist Financial System
    Islamic Financial System
    Financial Crisis
    Islamic Banking
    Date
    2020
    
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    Abstract
    The saying that “history repeats itself” is best manifested in capitalist financial system operating world- wide. It seems people are not learning lessons from the history of financial crises. Leading economists and capitalist gurus are warning about an inherently fragile capitalist financial system and about an urgent need to do something about it before it is too late. After the recent global financial crisis, Kotlikoff proposed the most radical and the most comprehensive reform of the existing financial system. His pro- posal became known as the Limited Purpose Banking (LPB). Kotlikoff’s proposal runs hand in hand with the aspirations of the pioneers of Islamic finance. He envisioned a financial system that is based on risk sharing, cooperation, and overall public interest (maslahah). In short, the idea of the LPB – after certain modifications and minor adjustments – can be applied in developing a true Islamic financial system. Thus, it can be said that the LPB and Islamic finance are two sides of the same coin.
    Department
    Finance
    Publisher
    IGI Global
    Book title
    Growth and Emerging Prospects of International Islamic Banking
    DOI
    https://doi.org/10.4018/978-1-7998-1611-9.
    ae974a485f413a2113503eed53cd6c53
    https://doi.org/10.4018/978-1-7998-1611-9.
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