We agree with the basic premise of the article linked below, but for different reasons.

We absolutely agree that there is a great need for a “deeper look” into “Islamic financial products,” but not merely to make them competitive and integrate them into the conventional financial system.

We believe that a deeper look should involve looking into the purpose of Shariah-Compliant Finance, which is to promote Shariah itself. We also believe that a deeper look should involve demanding greater transparency in the Shariah-Compliant financial industry, including full disclosure about the backgrounds and roles of Shariah scholars and details about zakat payments to Islamic charities.

Somehow we doubt that Dr Hatem El-Karanshawy, founding dean of the Qatar Faculty of Islamic Studies, who is quoted in the article linked below, would agree with our assessment…

http://biz.thestar.com.my/news/story.asp?file=/2009/11/2/business/5023571&sec=business

 

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