Islamic banking – Shariah compliant or Scam?

Here is a good article which appeared on the BBC today discussing the stark reality of the fast growing Islamic finance market, nature of its products and fundamentally questioning how Islamic is Islamic banking?

Mufti Taqi Usmani considered ‘Grandaddy of modern Islamic finance’ who sits on various committees overseeing the so-called Islamic financial products is having doubts. What this article outlines is nothing new in terms of the nature of available products but the points about fatwa shopping and how easy it is for bankers to make their product shariah compliant is quiet worrying.

How Sharia-compliant is Islamic banking?

Posted on December 12, 2009, in Economy, Halal Home, Islam, Muslims and tagged , , , , , , , , , , , . Bookmark the permalink. 2 Comments.

  1. A scam i say. I was once told the difference between the two is like two bowls of salad where one is Halal the other isn’t even though they look the same. There has to be a totally independent board of scholars over seeing and reviewing the products available.

  2. If you ever look at “islamic mortgages” – its nothing but a dressed up regular mortgage.

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