I wrote about Islamic Banking in Burmese in a previous post. Islam prohibits taking Interest known as “Riba” in Arabic. Most of the Islamic Bank came out of recent economic recession unscathed, because the principals of Islamic Banking follow the Divine law.
In the Holy Book which was revealed more than 1400 years ago, prohibit Muslims from taking interest known as Riba.The 21st Century, Economists are admitting that Ethical principals of Islamic Finance is the only way out of current chaotic economic recession and also an alternative for fair trading.
Read the full story of the success of Islamic Banking in the following CNN news “Recession sparks Interest in Islamic Finance”.
Allah knows the best,
Kyaw Kyaw Oo
Quotes from CNN News,
“What’s more, the ethical principles underpinning Islamic finance are seen by some as offering a more sustainable alternative to profit-oriented conventional banking. The result is that academic institutions are lining up to offer formal training in the area.”
“Islamic economists believe that if the principles of Islamic finance were followed the crisis wouldn’t have happened. We are seeing a lot of non-Muslim countries, including the UK, France, Japan, Hong Kong and Singapore encouraging Islamic finance,”
by Professor Habib Ahmed, Sharjah chair in the school of government and international affairs at Durham University, England,
“Conventional banking is biased to the seller. Islamic finance is trying to level the ethics between the two parties”
“People think the Islamic system is based on faith, but it’s based on justice. The system is based on justice for the two parties and how you get to the justice is extracted from Islamic faith,”
by Aly Khorshid, an Islamic finance scholar who writes for Islamic Banking and Finance magazine..
Original link to CNN News