Monday, October 29, 2007

Our World: Shari'a-friendly investments

by Caroline Glick from The Jerusalem Post

Shari'a finance became a significant factor in the Muslim world in the aftermath of the 1973 OPEC oil embargo. The first Shari'a-compliant banks were established in 1975 with the opening of the Saudi-controlled Islamic Development Bank and the Islamic Bank of Dubai. Today the International Monetary Fund estimates that there are some 300 Shari'a-compliant banks operating in some 75 countries ... Only certain Islamic entities are entitled to issue religious rulings or fatwas that can recognize investments as Shari'a-compliant. These entities include the Fiqh Academy in Jedda, Saudi Arabia, which is associated with the Saudi-dominated Organization of the Islamic Conference (OIC); the European Council for Fatwa Research, and the Fatwa Council of North America. All of these entities are associated with the radical pro-jihadist Wahabi and Salafi schools of Islam adhered to by groups such as al-Qaida and Hamas.

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