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Written by Ismail Barreh
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Sunday, 01 August 2010 16:21 |
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 The global financial crisis has exposed the failure of the laissez-faire, unregulated free market capitalism. Governments of a number of industrialised countries allocated an excess of $7 trillion in bailout and liquidity injections to revive their economies. Despite this “helicopter money”, capitalist market economies are not yet out of the woods. Sovereign debt is the latest episode.
“Imported” capitalism in the Muslim world has begun faltering. It now appears that the city of Dubai and the much-touted Grameen Bank experiment may not be as successful as they were initially made out to be.
Dubai debt-based model a bad idea
The Dubai miracle (or mirage) was built on economically impossible projects and on a mountain of debt that couldn’t survive an economic downturn.
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Written by Ismail Barreh
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Thursday, 20 May 2010 22:53 |
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 Islamic finance and banking have enjoyed success in common law jurisdictions such as England, New Zealand, Australia and India. In fact, Islamic banks willingly submit themselves to common law courts to enforce shariah-compliant commercial contracts.
Islamic banks in the UK have in their murabahah (Islamic financing) agreements a governing law clause that states: "Subject to the principles of the Glorious Shariah, this Agreement shall be governed by and construed in accordance with the laws of England".
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Written by Staff Writer
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Friday, 23 April 2010 16:36 |
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UM Financial is set to launch Canada's first "halal-approved" credit card this month and will also offer it to US Muslims by year end.
The iFreedom Plus MasterCard meets the requirements of Sharia law, which prohibits usury, by being prepaid and therefore interest-free, said Omar Kalair, president of the Toronto-based financial services company.
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