Tag Archives: Global financial crisis

Islamic bankers have escaped the worst financial pain

Islamic bankers have escaped the worst financial pain

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Shaun Springer, Chief Executive of Napier Scott Search said, ‘Four years ago, you would have had difficulty finding sufficient Islamic Banking people to warrant a survey. This sector has grown to such a critical mass with every global, European and Arabic institution involved that it now justifies one.’

William Allum, who heads Napier Scott’s Middle East practice said, ‘We are seeing pay scale differentials favouring Islamic Banking because of a shortage of skilled, experienced staff. A managing director in Sharia’a structuring, for example, can expect to receive a combined salary and bonus of £275,000, whereas a similar post in say Russia would attract £200,000, a significant different.’

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The answer to the global financial crisis lies in Islamic finance

The answer to the global financial crisis lies in Islamic finance

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A small idea is developing into a big hope in the Middle East. It is that the answer to the global financial crisis lies in Islamic finance.

Proponents of the $800bn industry argue that the prohibition on dealing in interest has saved Islamic institutions, preventing them from investing in all the dubious structures that have brought down high-flying international institutions.

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If everybody was Shariah-compliant, there would be no recession

Islamic laws of finance a cushion in hard times

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The recession gripping the nation has taken less of a toll on American Muslims who follow age-old Islamic laws against paying – or charging – interest.

They’ve also been shielded by socially responsible retirement plans because Shariah– Islamic law – forbids investments in banks and mortgages as well as tobacco, alcohol, gambling, pornography or weapons.

"If everybody was Shariah-compliant, there would be no recession," said Farouk Fakira, a Yemeni immigrant who moderated a discussion on Islamic finance at Sacramento’s Masjid Annur last week.

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Islamic banking best option during crisis, say experts

Islamic banking best option during crisis, say experts

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Gulf oil producers and other countries should switch to Islamic banking as an alternative to the traditional financial system that has triggered the global economic distress, two Arab experts have said.

While many traditional banks in the region and worldwide have been severely hit by the crisis, Islamic banks have easily weathered the storm and continued their rapid growth to demonstrate that such a type of banking is a safe practice and the right alternative business, they said.

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Islamic banks remain firm amidst the financial crisis

Islamic banks remain firm amidst the financial crisis

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Islamic finance has entered a bright new stage of development, emerging after the global financial crisis as a more equitable and efficient alternative to the Western approach. Let’s see how.

Interest in Islamic finance (IF) began in the 1970s, mainly due to the accumulated petro-dollars in Arab countries. In a rather pragmatic approach, it was thought in the West that respecting Islamic principles regarding finance would attract wealthy Arab investors.

The second major turning point in IF took place after the Sept. 11 attack on the US. It was declared at that time that Muslims were guilty unless they proved themselves innocent, and as a reaction to this uncertainty and discrimination, IF escaped from the West. The amount of capital which fled the West was over $200 billion. Moreover, as the epicenter of global economic growth shifted to Asia, IF concentrated its focus on these emerging and dynamic markets.

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Video: Mufti Taqi Usmani on the global financial crisis

Video: Mufti Taqi Usmani on the global financial crisis

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Mufti Taqi Usmani gives a lecture on the global financial crisis:

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