If London is deemed as the foreign exchange transaction hub and New York for equities, where is the Shariah-Compliant Finance transaction hub? There isn’t one.

The closest thing the Shariah Finance industry has to a hub would be Tehran, since Iran boasts over 35% of all Shariah-Compliant assets and also is home to the majority of the major Shariah-Compliant financial institutions. Of course, this is very inconvenient for the promoters of Shariah Finance, since Iran is an international pariah and all of those Shariah-Compliant financial institutions are under sanctions of one form or another due to their activities in support of terrorism and weapons of mass destruction.

Cross-border regulations, taxes and especially varying standards have fragmented the Shariah Finance sector elsewhere…



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