Here we have more evidence that Shariah-Compliant Finance is the opposite of free enterprise and market capitalism.
Banks in the UAE want to create a central Shariah board to govern the entire industry…
The United Arab Emirates’ bank industry association has discussed a proposal to create a centralised sharia board that would monitor Islamic banking, which could spur the growth of the industry. The central bank had proposed setting up a Higher Sharia Authority that would complement and oversee the work of sharia boards at individual Islamic banks. This proposal was addressed at a recent meeting of the UAE Banks Federation…
