Cryptocurrency and the Future of the Islamic Economy

Cryptocurrency and the Future of the Islamic Economy

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Islamic finance goes mainstream

When David Cameron stepped onto the stage at the World Islamic Economic Forum in 2013 to announce the United Kingdom would be the first western sovereign state to issue an Islamic bond, the mainstream press scrambled to understand more about the mysterious world of Islamic finance.  “Cameron unveils plan to make London a Mecca for Middle East wealth”, whooped the Independent, whilst the ever-opportunistic Boris Johnson grabbed his moment to share the limelight by welcoming the Islamic petrodollar to our shores.

Inwardly I sighed.  Oh sure, the sovereign sukuk, or Islamic bond, was a headline financial instrument, and its issuance by a western government was a milestone in enhancing the credibility of...

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