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Many in the Islamic finance community found an opportunity in the global financial crisis to boast or at least be a little smug. The problems in the western banking system were a vindication of Islamic finance, practitioners would say: no Islamic bank, anchored on tangible assets, could have got messed up with CDOs and other derivatives. The safest way was the Shariah way. To an extent, they had a point. But the smarter members of the industry recognized that, while Islamic finance came through the crisis in far better shape than its conventional equivalent, it was a long way from being bulletproof.
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