Shariah finance suffers growing pains
The Financial Times actually wrote a fairly balanced story on Shariah finance for a change.
In the story linked below, FT’s journalist points out that Shariah-compliant financial institutions have proven just as vulnerable to the economic downturn and financial crisis as conventional counterparts. This, of course, flies right in the face of the propaganda being put out by the financial jihadists.
The article also paints a pretty good picture of the ability of Shariah scholars to substantially influence the marketplace with their fatwas and opinions. Sometimes that influence can be devastating as when Mufti Taqi Usmani virtually paralyzed the Islamic bond market by declaring most sukuk non-compliant (haram).
The article, however, still falls short because it fails to address basic questions about the very purpose of Shariah finance, which is to promote Shariah itself. And, of course, there is no skepticism at all among the FT staff as to the broader implications of Shariah…