posted by Christopher W. Holton

In the wake of the Dana Gas sukuk debacle, the UAE has come up with a solution to fix the “complexities” of Shariah finance: centralized government control.

Many proponents of Shariah finance in the West claim that free enterprise mandates that Shariah finance be allowed to flourish and expand in our financial markets.

What flies in the face of the argument is the fact that Shariah finance is inherently opposed to free market economics and is in fact a centralized economic system of government control very much like fascism and communism.

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