If “Islamic Finance” provides a hedge against the current financial crisis, why has the government of Qatar been forced to bail out its banking system, including Qatar Islamic Bank and Qatar International Islamic Bank?

The markets are rejoicing at the bailout, but the fact that Qatar’s banking sector was deemed to be one of the weakest in the entire world and required a bailout in the first place would seem to completely contradict claims by those promoting Shariah-Compliant Finance in the West that Shariah Compliance provides some kind of automatic protection against the impact of the world financial and economic crisis. 

In the case of Qatar, there was scarcely a banking system on earth that was hit harder…



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