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The Nature of Money

Conscious Capitalism - Banking and the role of religion. Image courtesy of Shutterstock.ISLAMIC BANKING AND CONSCIOUS CAPITALISMAt the January 2010 World Economic Forum Annual Meeting in Davos, the erudite and prolific Sharia scholar, Muhammad Taqi Usmani, was invited to present a paper with a somewhat radical theme: reforming the world’s post-crisis financial landscape through the lens of religion. The paper generated little interest from the world’s media, which preferred instead to focus on the forum’s lack of reform plans and the predictably defensive stance take...

Harris Irfan | May 19, 2015

The Nature of Money

The Nature of Money

Conscious Capitalism - Banking and the role of religion. Image courtesy of Shutterstock.ISLAMIC BANKING AND CONSCIOUS CAPITALISMAt the January 2010 World Economic Forum Annual Meeting in Davos, the erudite and prolific Sharia scholar, Muhammad Taqi Usmani, was invited to present a paper with a somewhat radical theme: reforming the world’s post-crisis financial landscape through the lens of religion. The paper generated little interest from the world’s media, which preferred instead to focus on the forum’s lack of reform plans and the predictably defensive stance take...

Harris Irfan | May 19, 2015

Islamic Finance Potential In China

The city of Shanghai in China - one of the fastest growing cities in the world. Image courtesy of Shutterstock. Islamic finance has been growing rapidly in developing and developed countries in recent years. Today, the operation of Islamic banks and associated financial institutions has created a trillion-dollar industry. Islamic finance operates under the principles of risk sharing and interest-free transaction. In contrast to conventional finance, business transactions under Islamic finance require underlying genuine trade and assets. Due to the mentioned features of I...

Dr. Nafis Alam | May 01, 2015

Islamic Finance Potential In China

Islamic Finance Potential In China

The city of Shanghai in China - one of the fastest growing cities in the world. Image courtesy of Shutterstock. Islamic finance has been growing rapidly in developing and developed countries in recent years. Today, the operation of Islamic banks and associated financial institutions has created a trillion-dollar industry. Islamic finance operates under the principles of risk sharing and interest-free transaction. In contrast to conventional finance, business transactions under Islamic finance require underlying genuine trade and assets. Due to the mentioned features of I...

Dr. Nafis Alam | May 01, 2015

Islamic Banking: Panacea or Fraud? Report of Discussion at the Oxford Union

On 18 February 2015, the Oxford Islamic Banking and Finance Society (IBFS) held a well-attended discussion between Harris Irfan and Tarek El-Diwany at the Oxford Union entitled ‘Our Banking System is Broken - Islamic Banking: Panacea or Fraud?’ IBFS was launched as a new student society at the University of Oxford in 2014, and is dedicated to exploring alternative ways of investing and managing money from an Islamic perspective in a post-financial crisis world. The first speaker, Harris Irfan, is author of the critically acclaimed ‘Heaven’s Bankers: Inside the Hidden...

Oxford Islamic Banking & Finance Society | April 22, 2015

Islamic Banking: Panacea or Fraud? Report of Discussion at the Oxford Union

Islamic Banking: Panacea or Fraud? Report of Discussion at the Oxford Union

On 18 February 2015, the Oxford Islamic Banking and Finance Society (IBFS) held a well-attended discussion between Harris Irfan and Tarek El-Diwany at the Oxford Union entitled ‘Our Banking System is Broken - Islamic Banking: Panacea or Fraud?’ IBFS was launched as a new student society at the University of Oxford in 2014, and is dedicated to exploring alternative ways of investing and managing money from an Islamic perspective in a post-financial crisis world. The first speaker, Harris Irfan, is author of the critically acclaimed ‘Heaven’s Bankers: Inside the Hidden...

Oxford Islamic Banking & Finance Society | April 22, 2015

Introducing venture capital

The "City of Two Continents": Bosphorus Bridge in Istanbul connects Europe and Asia. Image courtesy of Shutterstock. Islam prohibits risk shifting and encourages risk sharing. Consequently, Muslims have developed over the centuries a highly sophisticated know-how of risk sharing partnerships which was the envy of the world. When Europe borrowed this know-how from the 10th century onwards, it entered into the era of “commercial revolution”. Private sector risk sharing needs to be undertaken by non-bank financial institutions. Western experience since the Secon...

Murat Cizakca | April 11, 2015

Introducing venture capital

Introducing venture capital

The "City of Two Continents": Bosphorus Bridge in Istanbul connects Europe and Asia. Image courtesy of Shutterstock. Islam prohibits risk shifting and encourages risk sharing. Consequently, Muslims have developed over the centuries a highly sophisticated know-how of risk sharing partnerships which was the envy of the world. When Europe borrowed this know-how from the 10th century onwards, it entered into the era of “commercial revolution”. Private sector risk sharing needs to be undertaken by non-bank financial institutions. Western experience since the Secon...

Murat Cizakca | April 11, 2015

Policy Options for Poverty & Underdevelopment (Part 2)

There is a great need to translate the growth of Islamic Finance into visible development initiatives and poverty reduction in the OIC member countries by institutionalizing the potentials and practices of ‘Giving’ in the Muslim societies. The Role of Small and Medium Enterprises Leading scholars of the field are of the view – and it has been exhibited in more than one ways – that the poverty alleviation potential of the Islamic Finance, particularly microfinance, is much more than that of conventional finance. Now the question arises as to how can this poten...

Khalid Rahman | March 05, 2015

Policy Options for Poverty & Underdevelopment (Part 2)

Policy Options for Poverty & Underdevelopment (Part 2)

There is a great need to translate the growth of Islamic Finance into visible development initiatives and poverty reduction in the OIC member countries by institutionalizing the potentials and practices of ‘Giving’ in the Muslim societies. The Role of Small and Medium Enterprises Leading scholars of the field are of the view – and it has been exhibited in more than one ways – that the poverty alleviation potential of the Islamic Finance, particularly microfinance, is much more than that of conventional finance. Now the question arises as to how can this poten...

Khalid Rahman | March 05, 2015

Could Islamic finance save capitalism?

The Royal Exchange in London - founded in the 16th century as a centre of commerce for the City of London. Image courtesy of Shutterstock.    In 2010, the World Economic Forum invited a theologian to speak on the subject of an alternative economic system, putting stewardship of our planet at its core.  The unassuming but renowned scholar of Islamic jurisprudence, Mufti Taqi Usmani, would have found the snowy streets of Davos somewhat removed from the dusty chaos of his hometown Karachi, but the paper he presented had global importance: reforming the world&rsq...

Harris Irfan | February 17, 2015

Could Islamic finance save capitalism?

Could Islamic finance save capitalism?

The Royal Exchange in London - founded in the 16th century as a centre of commerce for the City of London. Image courtesy of Shutterstock.    In 2010, the World Economic Forum invited a theologian to speak on the subject of an alternative economic system, putting stewardship of our planet at its core.  The unassuming but renowned scholar of Islamic jurisprudence, Mufti Taqi Usmani, would have found the snowy streets of Davos somewhat removed from the dusty chaos of his hometown Karachi, but the paper he presented had global importance: reforming the world&rsq...

Harris Irfan | February 17, 2015

BBC Radio 4: Debt and the Real Economy

Adair Turner on the politics of finance, Harris Irfan on Islamic finance, Charles Calomiris on the failure of government, and novelist Maggie Gee keeping it real by turning her wrath on the bankers on the 75th anniversary of Steinbeck’s Grapes of Wrath. http://www.bbc.co.uk/programmes/b03w0110 This post was originally published in heavensbankers.com, on 6 June 2014.

Harris Irfan | February 17, 2015

BBC Radio 4: Debt and the Real Economy

BBC Radio 4: Debt and the Real Economy

Adair Turner on the politics of finance, Harris Irfan on Islamic finance, Charles Calomiris on the failure of government, and novelist Maggie Gee keeping it real by turning her wrath on the bankers on the 75th anniversary of Steinbeck’s Grapes of Wrath. http://www.bbc.co.uk/programmes/b03w0110 This post was originally published in heavensbankers.com, on 6 June 2014.

Harris Irfan | February 17, 2015

Can Islamic finance benefit the non-Muslim world?

Harris Irfan talks to Manuela Saragosa on the BBC World Service: http://www.bbc.co.uk/programmes/p02cf0rb This post was originally published in heavensbankers.com, on 27 November 2014.

Harris Irfan | February 17, 2015

Can Islamic finance benefit the non-Muslim world?

Can Islamic finance benefit the non-Muslim world?

Harris Irfan talks to Manuela Saragosa on the BBC World Service: http://www.bbc.co.uk/programmes/p02cf0rb This post was originally published in heavensbankers.com, on 27 November 2014.

Harris Irfan | February 17, 2015

World Islamic Economic Forum comes to Dubai

British Surprise: UK announces sukuk plans.  Yes, I know it’s a picture of David Cameron from last year’s conference in London.  That was him telling the world London was open for Islamic business, and proving it by announcing the issuance of a £200 million sovereign sukuk. It was once again the turn of the British to deliver the surprise at this year’s World Islamic Economic Forum in Dubai.  This time it was Andrea Leadsom, Economic Secretary to the Treasury, announcing to delegates that the UK would soon be guaranteeing sukuk on export...

Harris Irfan | February 17, 2015

World Islamic Economic Forum comes to Dubai

World Islamic Economic Forum comes to Dubai

British Surprise: UK announces sukuk plans.  Yes, I know it’s a picture of David Cameron from last year’s conference in London.  That was him telling the world London was open for Islamic business, and proving it by announcing the issuance of a £200 million sovereign sukuk. It was once again the turn of the British to deliver the surprise at this year’s World Islamic Economic Forum in Dubai.  This time it was Andrea Leadsom, Economic Secretary to the Treasury, announcing to delegates that the UK would soon be guaranteeing sukuk on export...

Harris Irfan | February 17, 2015

What Can the West Learn from Islamic Banking?

Sean Moncrieff of Ireland’s leading radio talk show, Newstalk, interviews Harris Irfan: http://www.newstalk.ie/player/home/Moncrieff/Highlights_from_Moncrieff/60992/ This post was originally published in heavensbankers.com, on 13 August 2014.

Harris Irfan | February 17, 2015

What Can the West Learn from Islamic Banking?

What Can the West Learn from Islamic Banking?

Sean Moncrieff of Ireland’s leading radio talk show, Newstalk, interviews Harris Irfan: http://www.newstalk.ie/player/home/Moncrieff/Highlights_from_Moncrieff/60992/ This post was originally published in heavensbankers.com, on 13 August 2014.

Harris Irfan | February 17, 2015