The international financial system has been marked by serious ruptures and fluctuations. The Asian Financial Crisis (1997-1998), the Global Credit Crunch (2007-2008) and the Euro Zone Crisis (2012) have made the world more unstable politically, economically, and socially.
Before these impacts could be mapped out, and systematically understood, there is a need to understand the excesses that have proliferated in the financial system first. This is to allow one to understand the intensity and regularity of the financial crisis in future.
Whether Islamic banking can be a good alternative needs to be examined in consonant with the problems exhibited in the current international financial system too.