Ednews informs that some experts call 2023 as a global banking crisis. So, only the banks that went bankrupt in March and their losses are listed as follows:
Silicon Valley Bank: $209 billion
Silvergate Bank: $11 billion
Signature Bank: $118 billion
Credit Suisse: $574 billion
First Republic Bank: $233 billion
Analyzing the banking crisis Dr. Alam Khan Ahmadzai, Founder and President of Afghanistan Economic Forum, USAID, IMF, World Bank, International Banking & Financial Consultant thinks that the banks will continue falling in the USA until regulators and corporate governance do not take the following steps.
"I have a thorough roadmap and thoughts in support of my 7 points US banking reforms proposals:
Current banking laws and regulations and practices are based on the interests (riba) gharar ( uncertainty) and Maiser ( gambling) must be changed to alternative principles that are free of those free elements.
Switching from current volatile conventional depositing practices to interest, uncertainty, and gambling alternatives principles.
Restructuring the current lending and financing practices of all the banks into practices that are free of interest, uncertainty, and gambling.
Moving from current indirect mortgage financing practices to direct mortgage selling practices.
Switching the current collateral-based lending and financing practices into more controlled cash flow and trustworthiness-assuring practices.
Switching from current direct investment practices of the banks into more investment practices free of interest, gambling, and uncertainty-based practices.
Switching the current USA legal and regulatory banking framework which is in the favor and supporting of the interest, gambling, and uncertainty practices into more interest, gambling, and uncertainty free practices regime of banking laws and regulations."