Earlier this week members of the Qatar Faculty of Islamic Studies held a seminar for MBA students at HEC in Paris touting “Islamic finance.”

At this “seminar” the Shariah scholars made statements which amount to fraud. If a member of the financial services industry in America made these types of statements, that person would almost certainly be subject to regulatory or legal action:

This statement is attributed to Hatem Al Karwanshawy, who is a Dean at the Qatar Faculty of Islamic Studies:

“Islamic Finance system can nullify the chance for another recession. Many of the foundation of Islamic finance basically deals with real economy, which means gambling products or businesses, speculations about risk is prohibited. If we eliminate these factors in an economic system, no financial crash can occur.”

http://www.thepeninsulaqatar.com/Display_news.asp?section=Business_News&subsection=Local+Business&month=October2009&file=Business_News200910288216.xml

 

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