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Principles Based on Religious Law Insulate Industry From Worst of Financial Crisis
By Faiza Saleh Ambah Washington Post Foreign Service, Fri Oct 31 2008
As big Western financial institutions have teetered one after the other in the crisis of recent weeks, another financial sector is gaining new confidence: Islamic banking.
Proponents of the ancient practice, which looks to sharia law for guidance and bans interest and trading in debt, have been promoting Islamic finance as a cure for the global financial meltdown. Click here to read full article
Amar Singh, a member of parliament and general secretary of the Samajwadi Party in India, is to meet the Indian government to encourage the growth of Islamic banking. Singh said he will press Indian Prime Minister, Dr Manmohan Singh, face to face on the issue, while attending a gathering of economists and intellectuals at the India Islamic Cultural Centre in New Delhi. Abdur Raqueeb, director of the Centre, also strongly supported Islamic finance, saying that opening the door to the industry would immediately unleash trillions of dollars in foreign direct investment. Click here to read more
