A new assessment of the booming Islamic financial sector has suggested that it could help to create a fairer and more flexible global financial system, despite lingering scepticism about its viability in the West.
Once written off by western capitalists as “voodoo economics”, Islamic finance is now in a state of rapid growth and has become a trillion (US) dollar industry, which is attracting the attention of many American and European investors.
Yet it is also still widely questioned by western economists who remain doubtful that Islamic finance can really work on a global scale, alongside more conventional approaches to banking and finance.
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Image: Islamic Bank of Britain Credit: Swanksalot from Flickr
Reproduced courtesy of the University of Cambridge