West sees Islamic finance as a panacea for global crisis

According to Malik S Sarwar, CEO of the recently formed New York-based Sarwar Wealth Advisors, the world has plunged into a deep crisis primarily because of the greedy and complicated products otherwise known as derivatives.

Out of the crisis has thus emerged a desire for Islamic banking, a term which proves to be more than just a latest buzzword. The Western World is now looking at it as a "panacea".

"The western regulators and banks, by and large, are very keen," Sarwar told Emirates Business. "There is an appetite to understand this because of the crisis and also because of the growth in Muslim Americans, Muslim British and Muslim European population."