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Wednesday, 6 May 2009

Credit crunch may test industry beliefs (FT Islamic Finance Special Report 1:4)

While the conventional financial system is buckling under a mountain of debt and financial wizardry gone awry, Islamic finance has appeared relatively robust.

This young but swiftly growing sector is therefore attracting more and more supporters, some of them from unexpected quarters.

In an article published in its official newspaper L’Osservatore Romano in March, the Vatican argued that banks worldwide should look at adopting the principles of Islamic finance to restore confidence and ease the dangers of excessive credit generation.

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