Words of Wisdom - the Editor

Peace.
Got busy with a new project. So couldn’t add more news. Although I came across a fine article by a brother on the history and future of Islamic Banking. I was surprised to know that Islamic banking had beginnings in 1975. Wow. That’s almost as early as my birth. And I guess if there are enough like minded people any idea is bound to grow. I too used to wonder if I can invest without plunging into interest based transactions.

UK I noticed is taking some fine initiatives to promote Shariah Finance. Also came across a western brother or atleast who calls Muslims his brothers and sisters but laughs cynically at the DOW Islamic index as 'bending backwards' to accommodate those guys who have four wives and cut of peoples hands. O well some people just don't get it, do they?

Wednesday, November 5, 2008

Australia considers adopting Islamic banking

Financial institutions and the government are considering introducing Islamic banking and its principles to the Australian financial system. 

Industry experts say Islamic banking is one of the fastest growing sectors in the global banking industry, and is worth an estimated $US200 billion worldwide.

The Asialink Islamic Banking Colloquium, held in the Australian city of Melbourne, has heard Islamic banks have largely escaped the fallout from the economic crisis by adhering to Islamic principles of prohibiting interest and sharing of profit and loss between banks and borrowers. 
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