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Islamic finance stakes its claim

Posted on 13 December 2010

From Spectator.co.uk: The clash of civilisations between the Muslim world and the West takes many forms. Even on the financial front, there are deep differences of philosophy in relation to money, debt and profit. But at a time when the Anglo-Saxon mode of banking is flat on its back after the credit crunch, its Islamic counterpart is gaining wider acceptance, and even laying claim to be a more stable alternative.

The requirements of Islamic finance — lower proportions of debt to equity, a condition that the lender share profits and losses with the borrower, and a focus on transactions based on tangible assets — mean that Islamic banks have not become entangled in the toxic debt instruments that sideswiped Western banking giants. ……………………………………Full Article: Source

 
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