The Impact of Islamic Banking

In mid-November of 2009, The Economist wrote an article dealing with France and sudden interest in Islamic banking, the irony being that France has been very intolerant of Muslim dress in public places in recent years as the country holds dearly to its secularist identity.

Islamic banking is almost the term du jour for banks and financiers alike these days, especially since Islamic banks hold billions of dollars in liquid assets; and all the while the banks of the world are suffering from an acutely arduous financial crisis.

Following the prophet Muhammads death, religious scholars developed a complex, cumulative set of guiding rules for Muslims that came to be known as the sharia

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