25.02.2010 - Islamic banking in GCC - Resilience in the financial crisis
From Globalarabnetwork.com: The global financial crisis has prompted calls to return to basics and emphasise sound fundamentals. While most of the formerly fashionable financial innovations such as credit-default swaps, mortgage-backed bonds and single-tranche collateralised debt obligations took a beating, one segment exhibited remarkable resilience: Islamic banking. Modern Islamic financial services have been around for more than three decades, but they gained widespread attention only recently, as rising prosperity in the GCC and South-east Asia fuelled demand for financial instruments that avoided inclusion of interest payments, which are forbidden by Islamic law.........................................Full Article: Source
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