| From Livemint.com: The threat of Dubai’s billion-dollar debt default is casting a shadow in Malaysia, the would-be global centre of the fast-growing Islamic finance industry. Islamic finance is designed to comply with Sharia law, forbidding interest on loans and investment in gambling, alcohol and other industries deemed unethical in Islam.
It substitutes profit-sharing for interest, though profit shares can be pre-set to mirror interest on conventional loans.................................Full Article: Source
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