Sun, 22 November 2009
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| Index | Last | Var.(%) |
|---|---|---|
| BEL 20 | 2119.3 | 0.50 |
| DAX | 5252.45 | 1.50 |
| IBEX 30 | 10726.8 | 0.59 |
| CAC 40 | 3377.59 | 1.40 |
| FTSE 100 | 4564.5 | 0.79 |
| AEX | 276.85 | 0.95 |
| DJIA | 9096.72 | -0.13 |
| Nasdaq | 1975.51 | 0.39 |
| FTSE MIB | 20341.67 | 1.65 |
| TSX Composite | 10570.54 | -1.74 |
| ASX | 4148.9 | -0.60 |
| Hang seng | 20135.5 | -2.37 |
| Straits Times | 0.00 | |
| ISEQ 20 | 442.48 | 0.27 |
Islamic banks seem immune from the current credit crisis. In the past few months, the ‘Islamic Dow Jones' has lost just a few percent, whereas the original stock market index has lost more than a third of its value.Could Islamic banking be a viable alternative to the discredited capitalist system?
Islamic bankingWhile the financial crisis wreaks havoc around the globe, the Islamic banks are increasing their reserves as well as attracting new customers. Against all odds, two new Islamic banks were founded in the European centre of Islamic banking, London, last year.
Abdullah Turkistani, Director of an Islamic economic research centre in Saudi Arabia, says the current crisis has affected almost every financial institution, including Islamic banks. But he adds, "If you want to see the negative effects to Islamic banking, it is almost negligible compared to what happened to other banks."
Justice principle
Islamic banking is based on Islamic law of duties, the Sharia. UK Islamologist Rodney Wilson says Islamic banking is rooted in the principle of justice. "Financial transactions must be fair and parties must treat each other fairly."
Islamic banks are less vulnerable to the effects of the financial crisis because:
* The Islamic banking sector is relatively small and young
* Islamic banks do not make use of the inter-bank money market (frozen because of mistrust between banks)
* Islamic banks have no money invested in uncovered loans and financial derivatives.
Sharianomics
Riba, Arabic for interest, is forbidden. So all transactions involving the charging of interest are taboo.
Emeritus professor of international financing Hans Visser says that in addition, Islamic financing must always be linked to real transactions.
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