The current financial crisis coupled with global recession has caused many flutters. Islamic Banking, if it follows the real principles of Shariah, it can go a long way in addressing the global issues like poverty, inflation, fraud, unemployment, recession and will fuel growth of economy in real terms. The failure of capitalistic principles in addressing the core issues of society will create a big vaccum, which can be very well filled by the Islamic Economic and Banking system which takes care of societal needs and benefits the society at large. Labelling any product and system as Islamic may not address the real issue.
By Mohammed Sadullah Khan
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