Islamic Banking System Resists Financial Crisis

Report (9 Oct 2008) explains how Islamic banks, run according to Shariah law, have been least affected by the global economic crisis, and how Shariah-Compliant Finance can offer a viable alternative to the free market economy.

Islam and Economic Justice: A 'Third Way' Between Capitalism and Socialism?
http://www.allacademic.com/meta/p108508_index.html

Islamic Banks Unaffected by Global Financial Crisis (30 Sept 2008)
http://www.asharq-e.com/news.asp?section=6&id=14245

Video's audio report:

Financial Crisis Sparks Interest in Islamic Banking (9 Oct 2008)
by Dr A S Nakadar:
http://muslimmedianetwork.com/mmn/


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Category:

News & Politics

Tags:

• Economic
• Crisis
• Islamic
• Banking
• Banks
• Credit
• Crunch
• Wall
• Street
• Muslim
• Finance
• Halal
• Capitalism
• Socialism
• Shariah

[MemoMaimunah]

where did you get the audo voice to read that?

[oclandestin]

Salaam, the report was an audio download from muslimmedianetwork. com (link in the info box). All their reports have this automated voice.

[Libyafor2010]

Allahu Akbar we need you sharia law

[alphamain]

I'm proud of the current Islamic Banking system all over the world...however, we must becareful so that we only support Islamic Banking as long as it is not doing some dubious activities...support with conditions as opposed to unconditional support. Peace.

[Nebulous1982]

''Clear Solutions: the Muslim Response to Zeitgeist Addendum''.

[SpaceTimeContinuums]

Support the Islamic Bank Of Britain (IBB)

Buy IBB stock on the LSE

[oclandestin]

@PersonOfBook ... Just carry on keeping your money hidden under your mattress then. Meanwhile, learn about Islamic financial guidance.

[PersonOfBook]

@oclandestin No it is not Islamic. I've done research on them. They just hide interest. Many scholars also speak against Islamic banks. They maybe following Shariah by letter but not by spirit. It is similar to a man marrying a woman with the intent of divorcing her. Now according to letter, the marriage is valid, but in the eyes of Allah, it is not! Same with Islamic banks. They are just fraud, even worse than conventional ones, because they don't practice what they preach!

[oclandestin]

@PersonOfBook ... There's nothing unIslamic about banks or banking as long as the bank complies with Shariah principles. Islamic banks don't charge interest or usury. You should check the policies of Islamic banks. If they're Shariah-compliant they explain the banking procedures and all are checked by Islamic scholars, something you're clearly not.

[PersonOfBook]

@oclandestin Islamic banks have nothing to do with Islam. They charge interest but call it other names. Any kind of banking is unislamic, just like any kind of beer is unislamic!

[TenderTrap86]

This is the main reason why the West is at war in the Islamic world. Muslims don't allow fractional reserve banking (creating money out of thin air) .

This is actually capitalism in it's truest form. Today, what we have is monopolism, not capitalism.

[timetochilli]

what we need a society not based on society. meaning realsocialism

[domandcaro]

looks like personal interest america needs to learn a thing or two

[sufiatheart]

I believe that Sharia banking theory is 100x better than the absolute and catastrophic FRAUD called Fractional Reserve Banking. The chosen people invented it, modern society mindlessly runs on it as if it's the undisputed law of gravity, and its central principal involves LOANING MONEY THAT DOES NOT EXIST IN PHYSICAL FORM AND THEN COLLECTING INTEREST (non-existent money, squared?) ON NON-EXISTENT MONEY.

Jesus condemned usery, but Christianity zionised. Islamic banking is rooted in reality.