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?

Monday, March 2, 2009

Islamic banking escaping crisis shows strength

The Indonesian vice president, Jusuf Kalla, says Islamic banking has proved its strength by escaping relatively unscathed from the global economic crisis.

Speaking at a conference ahead of the World Islamic Economic Forum in the Indonesian capital, Jakarta, Mr Kalla says the one trillion US dollar Islamic banking and finance system had proved its strength by escaping the crisis.

Islamic banking prohibits speculation and high levels of debt, or the payment and collection of interest which is seen as a form of gambling.

Mr Kalla said the crisis had shown the global economic system - based on unreal transactions - is easily ruined.

Thousands of delegates from 30 countries are expected to attend the four-day Islamic economic forum, which will likely focus on the financial crisis and food and energy security.
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