The governors of central banks and monetary authorities of the Organization of Islamic Cooperation (OIC) member countries met in Kuala Lumpur this month to discuss¬†‚ÄúCentral Banking and Financial Sector Development.”

Central to the discussion was the potential role of Shariah-compliant finance in contributing to economic growth and financial stability. Many myths have been propagated about the Shariah financial system being in a better position to cope with the vagaries and excesses of the global financial crisis, because of the proscription of Islam on interest-based speculation.

The OIC has long been a tool used by the Saudis, as well as other Salafist powers, to promote Islam and Shariah around the world by using clout created by petrodollars.



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