Category Archives: Economy

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?