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After Dubai’s difficulties, the fundamental problems facing Islamic finance have become apparent |
BANKERS INVOLVED IN Islamic finance have become a more subdued bunch of late. After the sub-prime crisis they bragged about how the Shariah ban on interest and other Islamic prohibitions had shielded their businesses from toxic structured debt securities.
Then Lehman Brothers collapsed, bringing property and stock prices crashing down across the Middle East at the same time as a crunch in short-term liquidity throughout the Gulf.
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