Saturday, October 10, 2009

What can Sharia banking offer?

What can Sharia banking offer?

Al Makin , MONTREAL | Tue, 03/10/2009 10:52 AM | Opinion The Jakarta Post

A slump in global markets around the world has led political leaders everywhere to tap creative and innovative ideas. In the past few months, the word “bailout”, adopted as a financial policy in both developed and developing countries, has appeared repeatedly in newspaper headlines.

Muslim leaders, who attended the fifth World Islamic Economic Forum (WIEF) in Jakarta recently, have sought to unearth wisdom from Islamic traditions, that is, the Islamic financial system of Sharia banking, which is gaining increasing popularity in Indonesia.

President Susilo Bambang Yu-dhoyono stated, “Islamic banking should take a front seat because it has not been affected by the crisis.” Likewise, Abdullah Ahmad Badawi, the Prime Minister of Malaysia, pinpointed the “unbridled greed” in the current conventional financial system which has caused this global economic crisis, saying the “Islamic financial system” could be a solution.

In view of the heterogeneous modern world, such an effort is not entirely new. The current modern world constitutes various elements of Chinese, Indian, Roman, Greece, Arabic, Malay and many more traditions. No one can claim theirs a dominant tradition; nor can one ignore certain elements of another’s.



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