| Author: | Syedain, H. |
| Title: | Counting on the Quran. (!Islam)(!Islamic banking) |
| Journal: | Management Today
1989 : MAR, p. 104-108 |
| Index terms: | FINANCIAL SYSTEMS BANKING CULTURE RELIGION |
| Language: | eng |
| Abstract: | The Islamic system of finance defies the fundamental criteria of Western banking. As part of a movement that combines money, religion and politics it is surrounded by controversy. Short-term trade finance accounts for at least 80 % of Islamic business. It is prompting the accusation that the Islamic banking movement has not promoted the economic development of the poorer Muslim countries. Islamic banking is different from the English one. So al-Baraka has had to compromise on certain issues in order to gain a British banking licence. There is no shortage of Islamic money, just a lack of suitable outlets for it. Complex murabaha deals (a cost-plus resale) have deterred potential investors. |
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