February 2009
Islamic finance awards 2009: Islamic finance faces crunch test
Old-style capitalism is in disrepute. Fans of Islamic finance say it is a model whose ethics give it more sustainability. But optimists will be disappointed to see how far it is part of the global bust. Dominic O’Neill reports.
THE HEADLINE OF an article on Islamic banking in the Washington Post late in October was sanguine. "Steady in shaky times," it read. Proponents of the industry were reportedly promoting Islamic banking as "a cure for the global financial meltdown". The sector was gaining new confidence, the article said.
Fast-forward three months and industry insiders are less sure of themselves. Even by the summer of last year, for example, it was clear that in 2008 the Islamic bond, or sukuk, market would have far smaller growth rates than the 100% or more enjoyed in previous years. In the end, $38 billion of sukuk were issued in 2008: around half the amount for 2007, according to Islamic Finance Information Service (Ifis)....
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