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

Scotland perfectly positioned to cash in on Islamic financial products

Scotland's proud tradition of investment management makes it ideally placed to cash in on the multi-billion pound potential in the growing demand for Islamic financial products, a conference will be told next month.

Scotland's first-ever Islamic investment conference, to take place in Edinburgh, is a joint initiative between Scottish Financial Enterprise (SFE) and the Glasgow-based Islamic Finance Council (IFC). It will aim to outline how to offer investment products that comply with the principles of Islam.

Speaking exclusively to the Sunday Herald from Dubai, Omar Shaikh of the IFC said that Scotland's distinguished fund management heritage, coupled with the mutual roots of many of its largest life companies, means it is a short step for local firms to tap into growing demand for Islamic investments.
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"The reality of today's market is that people are coming back to ethics and values, and Islamic finance is fundamentally ethical finance." said Shaikh. "It is a set of principles on how you do business, which companies you fund and how you conduct yourself. These transcend any culture and nation."
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