Here's some interesting news regarding financial institutions in the Muslim world.
LONDON, Nov 05, 2009 (AFP) - Banks that comply with Islamic Sharia law are thriving despite the global financial crisis, thanks largely to a "conservative approach to risk," according to a new listing published Thursday.
The latest research by The Banker magazine reveals that assets held by fully Sharia-compliant banks or the Islamic units of conventional banks rose by 28.6 percent to 822 billion dollars (550 billion euros) in 2009, up from 639 billion dollars (430 billion euros) in 2008.
The New York Times, on November 2, carried an extensive article on Islamic Finance.
Islamic financial products comply with Koranic prohibitions against charging interest and investing in morally dubious industries, such as alcohol and pornography, and lending is based on profit-sharing. At a time when Western banking and financial models have been thoroughly discredited, Islamic finance is enjoying an enviable reputation as a more reliable way to invest.
That doesn't sound that bad to me at all.
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