Old habits die hard.
Last year, many Western individual and institutional investors were blindsided by the Dubai Islamic Bond Default Debacle. The lack of transparency and full disclosure which is inherent in Shariah-Compliant Finance resulted in international investors being blindsided.
Now, we are treated to the news report linked below from Dubai Islamic Bank. At first glance, the article appears to be celebrating great times and nice results at Dubai Islamic Bank.
Only when you dig down into the article is it mentioned, without giving the underlying numbers, that this was a decline in earnings year over year. This type of release, if run in the United States, would draw the ire of regulatory agencies.
But in the world of Shariah, lying for the sake of promoting Islam, which is the very purpose of Shariah-Compliant Finance, is not just acceptable–its encouraged!