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Fatwas by the Egyptian Office of the Mufti – 1900- 1989 1. Subject: Prohibition of bank interest. Question: Is the use of Bank money permissible (Halal) or prohibited (Haram) ? Is what is taken of it for trade considered Riba or not (i.e are business loans taken from a bank at a fixed rate of interest considered to be Riba)? …

The Vatican says Islamic finance system may help Western banks in crisis as alternative to capitalistm. The Vatican offered Islamic finance principles to Western banks as a solution for worldwide economic crisis. Daily Vatican newspaper, ‘L’Osservatore Romano, reported that Islamic banking system may help to overcome global crisis, Turkish media reported. The Vatican said banks should look at the ethical …

The mentality of reckless greed and the resulting spread of toxic financial externalities into the ‘real economy’ can be viewed as being diametrically at the opposite end of Islamic finance, in theory at least.  This year has witnessed the most serious break-down in the US financial system in some 70 years.  However it is not only the US that has …

It was only recently that a Bahrain-based investment  firm announced the launch of a  Nanotechnology Fund, a private equity fund which will invest in shares and equity-oriented securities of companies with a particular emphasis on global nanotechnology companies including technology and biotechnology companies which benefit from nanotechnology.  Although we do not wish to deal with the issue of nanotechnology which …

Running parallel with the rapid growth in halal banking in recent times has been an equally swift increase in awareness on climate change and its impending consequences. Whilst the goals of ethical financing that is Shari’ah compliant and efforts to shift development and economic growth onto a more environmentally friendly path are compatible, sufficient collaboration is yet to take place.  …