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GardianUnlimited
Guardian Unlimited looks at Islamic Finance with Junaid Bhatti from the Islamic Bank of Britain, Ed Balls Economic Secretary to HM Treasury, Tony Levene from the Guardian, and Sharia-sceptic Dr Mohammed Saleem.
> Click here to download the debate now.
Islamic banking refers to a system of banking or banking activity that is consistent with Islamic law (Shariah) principles and guided by Islamic economics. In particular, Islamic law prohibits usury, the collection and payment of interest, also commonly called riba in Islamic discourse.
Generally, Islamic law also prohibits trading in financial risk (which is seen as a form of gambling). In addition, Islamic law prohibits investing in businesses that are considered haram (such as businesses that sell alcohol or pork, or businesses that produce un-Islamic media). In the late 20th century, a number of Islamic banks were created, to cater to this particular banking market.
The first modern experiment with Islamic banking was undertaken in Egypt under cover without projecting an Islamic image — for fear of being seen as a manifestation of Islamic fundamentalism that was anathema to the political regime. The pioneering effort, led by Ahmad El Najjar, took the form of a savings bank based on profit-sharing in the Egyptian town of Ghamr in 1963. This experiment lasted until 1967 (Ready 1981), by which time there were nine such banks in the country.
Speech made by The Prince of Wales at the Islamic Financial Services Industry and Global Regulatory Environment Summit, London, 19th May 2004 - 'Multi racial Society'
Mohammed Amin of Price Waterhouse Coopers, has recorded a pod cast on Islamic Finance; Mohamed gave a talk in London last year regarding its taxation (August 2006). To share this with readers, he has recorded the presentation in audio format.
> Click here to download this audio broadcast.
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