Some in the financial world are being forced to admit that Shariah compliance offers no increased protection against crisis than any other method. Some are even admitting things like the fact that the legal systems in Islamic countries are not mature enough to support sophisticated financial derivatives, such as Sukuk (Islamic bonds).

Still, in reading the article linked below from the AFP you will also see that the financial jihadists are still insistent that the problem with Dubai and Sukuk is general is that they weren’t Shariah-compliant enough. This was so predictable, as we pointed out on our first article after the Dubai debacle surfaced…to the financial jihadists, every problem can be solved with the forceful application of 9th century theo-political legal doctrine…


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