Is Islamic finance really an alternative? - Spear's Magazine

Is Islamic finance really an alternative?

The current afflictions of global financial markets have resulted in Islamic finance coming under the spotlight as a better alternative to ‘conventional’ banking systems, on both moral and efficiency grounds, especially when it comes to supporting the economic development of Muslim dominated economies.

The current afflictions of global financial markets have resulted in Islamic finance coming under the spotlight as a better alternative to ‘conventional’ banking systems, on both moral and efficiency grounds, especially when it comes to supporting the economic development of Muslim dominated economies.

A number of conventional banks, including some that are active in the private banking market, have either launched Islamic banking arms or introduced products specifically targeted at the Islamic market. These have taken the form of banking products, such as Sharia-compliant deposits and loans, and a wide variety of Sharia-compliant investment products.

But do the claims made for Islamic finance really stand-up under scrutiny?

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