To listen to some Shariah authorities, such as Sheikh Yusuf Talal DeLorenzo, who is probably America’s most well known Shariah authority, Shariah-Compliant Finance is like an oasis in the desert of the financial crisis that we have been enduring.
But reality is rather different. In fact, the market for the Islamic bonds or sukuk, that DeLorenzo championed in his interview with Foreign Policy magazine (see previous blog entry https://shariahfinancewatch.org/2009/01/06/finallya-critical-article-about-shariah-compliant-finance/) has all but collapsed due to the financial crisis…
