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Home News & Events ISLAMIC FINANCE LAW: A reality and not a Myth in today's economies

ISLAMIC FINANCE LAW: A reality and not a Myth in today's economies

Monday, 22 July 2013 22:05

Advocates of the Sharia principles have maintained that many businesses whose operations have been deemed to be Sharia compliant, have proved to be relatively, economically strong compared to non-Sharia compliant, in the international financial crisis scenario.

Requiring inter alia that business transactions be free of interest, Sharia principles which find their roots in the Middle Ages, are taught in various business schools through Islamic Finance which cannot ignore the fact that Sharia compliant assets worldwide are estimated to be $ 1.8tn worth, as reported in the Financial Times of July 22, 2013 in an interview with Timur Kuran, Professor of Economics and Political Science at Duke University who maintains that one must understand Islamic Finance by appreciating "the social, political, economic and of course religious forces that account for its growth."