In The Name Of God The Most Merciful, Most Compassionate

All Finance


Why Australia needs Islamic financing

By: Chris Wright Source: Imagine a global industry in these volatile and bruising times where it is considered a disappointment that growth might drop to single digits this year for the first time in more than a decade. That industry is Islamic finance, a system based on a set of Islamic principles that includes sharing risk in financial transactions. Standard & Poor’s estimates the sector now has more than US$2 trillion in assets. It has grown at between 10 and 20 per cent almost every year of this century to date, but may finally be slowing down as it achieves critical mass. Mohamed Damak, global head of Islamic finance at S&P, sees headwinds on the horizon: the...

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What’s behind the rise of Islamic fashion

By: Alberto Mucci Source: Al-Jazeera Anas Silwood moved to Jordan from Britain to study Arabic back in 2000. The 20-something was supposed to stay for only a few months, but he soon decided Amman was the place he wanted to be. He learned Arabic, converted to Islam and settled. “Every time I went back to the UK I had the same problem,” he says. “People looked at me in a funny way because of what I was wearing. It happened over and over again, and that’s how I realized there must be a lot of Muslims in need of better-designed and better-made clothing.”  Silwood’s intuition quickly developed into a business. In 2002 he launched Shukr, one of the first...

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How ethical are Islamic banks?

By: VOA News Source: VOA News A stream of major bank scandals has increased interest in “ethical finance,” which could benefit the Islamic banking sector. Supporters argue the growing area of Islamic finance is more ethical because banks and businesses must undergo scrutiny to make sure they’re sharia-compliant. “We have a very sweet spot, when conventional banking at the moment is suffering from scandals,” Raja Mohamad, secretary of the Gulf Asia Sharia Compliant Investment Association, said at a conference on Islamic finance in Singapore. ‘Selling accountability’ “We’re not selling Islam here. We’re selling accountability — transparent, real economic activity.”...

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