It is rare that those in the forefront of the Shariah finance industry actually tell the truth about Shariah finance, but here we have an exception of sorts.
It’s an imperfect exception, but it is interesting nonetheless.
We have long pointed out at SFW that much of the Shariah Finance industry is smoke and mirrors, with machinations concocted and contrived to produce something that ethicless men like Taqi Usmani and Yusuf al Qaradawi will approve of.
Now in an article published in the Pakistani publication Dawn, this has been confirmed…
“…there is a chasm between the idealised version of Islamic finance that the Koran points towards — and proponents like to wax lyrical about — and the grubbier reality of the modern Islamic finance industry, full of messy, imperfect compromises. In fact, cynics would conclude that in many respects Islamic finance looks and acts exactly like its conventional counterpart, albeit with a bit of financial engineering to give the products a devout dressing.”