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?

Friday, January 23, 2009

Chance for Islamic banking

KUALA LUMPUR - THE global economic crisis has handed the Islamic finance sector a 'golden opportunity' to show it is a better alternative to capitalism, Malaysia said on Monday.
Although capitalism has been pre-eminent for centuries, 'it is becoming obvious that there is now more proof of its weaknesses,' Deputy Prime Minister Najib Razak said in a speech to an Islamic economic conference.

'We Muslims should see the current situation as a golden opportunity for us to prove the power, strength and effectiveness of the Islamic banking and finance system,' he said in an opening address.

Islamic banking, a booming US$1 trillion (S$1.49 trillion) global industry that prohibits speculation and high levels of debt, has been relatively unscathed by the credit crunch.

The rules of the sector - which incorporate principles of sharia or Islamic law - prohibit many of the risky activities that triggered the crisis that is felling economies around the world.
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