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Islamic Finance: The Crescent Moon Rises in the West
Posted by JSYL
on
Saturday, November 14, 2009
in
Australia,
first Islamic bank,
Islamic Finance,
market,
My Work
The global financial crisis has renewed interest in Islamic finance and the possibility of greater integration with the conventional financial system in Australia.
Islamic banks' emphasis on strong asset backing for loans make their bonds attractive to low-risk investors and offer more stable alternatives to volatile debt instruments that prevailed in the lead-up to the crisis.
Read the rest of the article below - click on the pages to enlarge them.
Little known fact - one of my favourite uni subjects was Islamic law. It's easy to summarily dismiss (heh, in-joke) a foreign legal system as inherently invalid. It's easier still to parrot criticism of religion - politicised by extremists, exploited by mainstream media and demonised by political rhetoric - rather than arrive at our own informed conclusions.
Now that words like 'marketable' and 'profitable' can be bantered about Islamic law in an Australian context, perhaps many will actually try to do what is so much harder - understand.
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Islamic banks' emphasis on strong asset backing for loans make their bonds attractive to low-risk investors and offer more stable alternatives to volatile debt instruments that prevailed in the lead-up to the crisis.
Read the rest of the article below - click on the pages to enlarge them.
Little known fact - one of my favourite uni subjects was Islamic law. It's easy to summarily dismiss (heh, in-joke) a foreign legal system as inherently invalid. It's easier still to parrot criticism of religion - politicised by extremists, exploited by mainstream media and demonised by political rhetoric - rather than arrive at our own informed conclusions.
Now that words like 'marketable' and 'profitable' can be bantered about Islamic law in an Australian context, perhaps many will actually try to do what is so much harder - understand.
|
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