From Islamonline.net: The recent financial crisis which originated from the 2007 US sub-prime crisis has been labelled as the worst financial crisis since the Great Depression by George Soros, Joseph Stiglitz, and the International Monetary Fund (IMF) (Jaffee, 2008; Tong and Wei, 2008). It has now become a full-blown global economic crisis.

Due to the borderless nature of the global economy, the economic downturn in the United States has created a systemic shock that has been transmitted to the economies around the world. So, the crisis has inflicted heavy damage on markets and institutions at the core of the global financial system (IMF, 2008)….. Full Article: Source