Although its impact is very broad sweeping across the world, it seems very few people understand what and how of this crisis, from where he came from, what government does to deal with and so on. Because little is understood, then even fewer who could take lessons.
· This crisis originated in the United States; cause the beginning was the act of their central banks the Fed is trying to restore the economy after the events of WTC 9 / 11 with a lower interest rate continuously.
· Low interest rates triggered the families in the United avid to'gadaikan'-house, making their homes a source of money for purposes that are not too important though.
· Since the rampant demand for housing credit is, it gives birth to new opportunistic opportunistic-like Quick Loan Funding provides loans even to people who do not deserve credit, or as Ownit that provide housing loans to 100% - with no security deposit!.
· Credit or loans to people who are not supposed to receive the then-called sub-prime borrowers, is then triggered a wave of crises that are very large and broad impact.
· Dissemination of bad loans was facilitated by the pride of American capital markets - Wall Street - which make investments package 'sub-prime' became like a promising investment. Investors around the world buy these bad investments just because the view is derived from Wall Street in America - which they always imagine as a 'teacher' investment.
· This situation is exacerbated by the emergence of product-product with sophisticated names like Collateralized Debt Obligations (CDOs) that not only are not understood by the layman, but his teacher caliber Alan Greenspan's central bank - also claim to not understand this product.
· Not only individuals, or corporate investors who buy investment products are bad.Even the government institutions were bandwagon-buying.
• In Norway for example there Narvik municipal financial difficulties because of investments on Wall Street, especially on CDOs. Though their investment intentions had been to increase government revenue a mediocre city. Instead of getting extra revenue, they are financial difficulties and need to close schools and services for nursing homes.
· Since the number of bad loans, banks began affected. Trust between them decreases, inter-bank lending liquidity-reduced and eventually disappeared from the market.
· When the world's governments recognize this crisis has occurred and has dragged the joints of the economy at large, they take various emergency measures. But unfortunately the steps they took to it much that would pose a potential long-term crises - such as through the destruction of the currency through its quantitative easing them.
So what lessons from this crisis? many, including:
• Do not build a Riba-based economy; because usury was the one who encourages financial institutions to profit from the interest that must be borne by those who are not able to though.
• Do not owe except for the things that is very emergency. Owe, let alone the usury for purposes that are not forced to - would ensnare the culprit in debt bondage - we were told to hide from her morning and evening.
· For monetary authorities, do not use the instrument of interest (usury) to stimulate economic growth - would collapse (because the enemy of Allah and His Messenger - Sura 2: 275-279)
• For investors, do not invest in products that are difficult to understand. Investment is the real things that you can easily understand.
Allaah knows best.
