Islamic finance as practiced today is a new phenomenon that is very interesting to look at not because it is related to the so-called growth rate that is so impressive according to many reports of late. True that to a certain extent, the figure normally quoted to support this claim of impressive growth is there to be appreciated but the basic question to ask is whether such an achievement is truly an achievement worthy of celebration.
Saturday, October 5, 2013
Saturday, January 19, 2013
THE EGYPTIAN DEBATE ON SUKUK LAW
The current Egyptian debate about the sukuk draft law that had been proposed by the government and tabled in the People Assembly and passed but rejected by some shows clearly that sukuk is such a topical topic in a country where Islamic finance was tested many decades ago even before many other countries started their Islamic finance movement. During the eighties of the last century, many would remember the controversy surrounding the so-called Islamic investment schemes that were mushrooming in the country including the famous case of al-Rayyan Investment Scheme. The difference is that the government of the day at that time had a very different attitude toward Islamic finance and about anything Islamic generally.