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Forbidden toxic assets shield Islamic banks from crisis

Posted on 15 June 2009

From Pakobserver.net: The Islamic finance industry has been relatively, although not completely, immune to the effects of US subprime problems, the ensuing credit crisis and global economic downturn.

“I have not found any Islamic bank that has lost money by exposure to toxic assets - because they were forbidden,” says Humayon Dar, chief executive of BMB Islamic, one of the biggest managers of alternative investments for Muslims. Indonesia easily raised $650 million (Dh2,386 million) recently with the first global dollar-denominated sukuk of the year………Full Article: Source

 
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