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Islamic Finance Briefing - Categorized | Finance, Islamic Law / Economics more

Keep the faith: Finance and religion

Posted on 02 August 2012

One of the most interesting things to come out of the financial crisis has been the growth of interest in Islamic banking. These new entrants to the sector provide Sharia-compliant products that forbid the payment or receipt of interest and refuse to invest in “unethical” industries such as the gambling, pornography or the tobacco trades.
While many of its critics claimed that the model would struggle to compete with mainstream banks they continue to frustrate their detractors. Last month, for example, the Islamic Bank of Britain (IBB) launched a competitive 4% expected profit rate for its two-year fixed account to coincide with the start of Ramadan………………………………………..Full Article: Source

 
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Laxman - who has written 19160 posts on Opalesque Islamic Finance Briefing.


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