Shariah law informs financial contracts and credit systems, and the growth of Islamic financing options provides an alternative to current debt-based banking systems.
Interest runs the financial world, but it’s banned under Islamic law. In this comic explainer, Mamiza Haq explains how Islamic finance works and the problems arising as the conventional and Islamic finance worlds collide.
Already a trillion dollar industry, Islamic finance is making inroads in China, where it is being trialled in a small province in the country’s northwest.
Will the dollar prove a draw for Islamic investors?
Reuters
Financial assets compliant with sharia are growing at a much faster pace than the conventional kind, yet North American banks are still stuck on the sidelines.
Greek prime minister, Alexis Tsipras: praying for a new debt deal?
EPA/Yannis Kolesidis
Greece and its creditors remain locked in a heated debate over how its debt should be financed. The newly elected Syriza government need to renegotiate their current bailout programme, in order to carry…
Saudi Arabia’s largest lender, National Commercial Bank (NCB) has attracted 215.8 billion riyals (US$58 billion) of bids from about 1.2m investors following its initial public offering. Despite attracting…
Islamic finance is going global. South Africa has joined the UK and Hong Kong to become the third non-Muslim country to issue an Islamic bond or sukuk. And this follows American investment bank Goldman…
Imagine being a young Muslim in the UK today. You are committed to your religious belief – which tells you that lending money at interest is forbidden in Islam – but you want to further your education…
Could a new upstart be about the join the likes of London, New York and Tokyo as a global financial superpower? The Malaysian government would like to think so, at least. Recently it announced bold plans…
David Cameron’s highly symbolic speech at last week’s 9th World Islamic Economic Forum confirmed the government’s commitment to develop London as an important hub for Islamic finance. London Mayor Boris…
At the World Islamic Economic Forum in London, David Cameron has announced the UK is to become the first non-Muslim country to issue Shariah-compliant bonds and that a special Islamic index will be created…
Sharia-compliant products are growing in popularity around the world, especially in Malaysia, Iran and Saudi Arabia, with huge potential for growth, according to Standard & Poor’s.
AAP/Lukas Coch
Kevin Davis, Australian Centre for Financial Studies
A topic which warrants inclusion in Joe Hockey’s planned Financial System Inquiry – but probably won’t make it in – is the regulatory and institutional impediments to Islamic finance. The 2% of the Australian…
Is there such thing as an ethical finance system? Proponents of Islamic finance believe so.
Image from www.shutterstock.com
Islamic finance has grown and expanded rapidly in recent years. It was recently announced that, following in the footsteps of some of its European neighbours, Germany will soon have its first Islamic bank…