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By Matthias Knab: In June 2008 I spent about one week in Dubai (my third visit), where I was chairing a three-day executive conference with central bankers, CEOs, CIOs, treasurers and other allocators. In a lose series of articles, I will share with you some of the insights gained at that conference.
It becomes quite obvious that the sheer amount of Petrodollars to be created in the 4th GCC Oil Boom (2002 - ????) (see Part 1 of this article series: `An embarrassment of riches` ($30 trillion until 2030) together with the rise of Islamic Finance as a new paradigm has the potential to profoundly change the global financial system, as we know it today. For example, sales of sukuk (Islamic bonds) grew nine times faster than international corporate bonds in 2006 and twice as fast as the U.S. market for debt with ratings below investment grade, data compiled by Bloomberg show. But first, let's go back in history again to understand how everything started.
The origins of capitalism and free markets can be traced back to the Islamic Golden Age (8th - 12th century)
The origins of capitalism and free markets can be traced back to the Islamic Golden Age and Muslim Agricultural Revolution. The "agricultural revolution" was indeed a precursor of today's globalisation, where Arab and other Muslim traders across the Old World enabled the diffusion of many crops and farming techni...................... To view our full article Click here
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