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ihiBlog: Forbes’ critique of Islamic finance & the “Dubai of Southeast Asia” July 12, 2007

Posted by islamicfinanceaffairs in Uncategorized.
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ihiBlog: Forbes’ critique of Islamic finance & the “Dubai of Southeast Asia”

Forbes has an article on Islamic finance
in which it presents many of the critiques of Islamic finance. However,
the title, “Don’t Call It Interest” mirrors the theme of the article
which suggests that, because there are many practices in Islamic
finance which mirror conventional finance (or even are benchmarked to
an interest rate), that the whole industry is a farce. It is a shame
that the article focuses on “Islamic hedge funds” and ignores the
resemblance between Islamic finance & socially-responsible/ethical
finance and the concern for equity and fairness in business
transactions. Forbes could have used the article to present a look at
the positive and negative attributes of Islamic finance but instead saw
a few products which may be considered doubtfully Shari’ah-compliant
and used these to condemn the entire industry as an inefficient
exercise in financial engineering.

Brunei wants companies to issue sukuk in order to boost its bid to be a hub of Islamic finance. The Brunei Times describes hopes of becoming to the ‘Dubai of Southeast Asia’.

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