One of the dirty little secrets of Shariah-Compliant Finance is that there is currently only one country in the world that claims to have a financial system that is 100% Shariah compliant: the Islamic Republic of Iran.
As we have noted on SFW in the past, according to the UK-based financial periodical The Banker, Iran “dominates” the world of Shariah compliant finance. The three largest Shariah-compliant financial institutions in the world are Iranian state-run banks–which incidentally are also under U.S. and European Union sanctions for their activity in financing terrorism.
The fact that Iran dominates Shariah finance and is also the world’s foremost sponsor of Jihadist terrorism is no coincidence. After all, in their own words, Shariah finance is really just “jihad with money.”
Therefore, it comes as no surprise that Iran’s Minister of Economic Affairs and Finance, a man named Shamseddin Hosseini, has recently touted Shariah finance as safe from recession–an outright lie. (Maybe he never heard of Dubai World…)
Minister of Economic Affairs and Finance Shamseddin Hosseini said on Saturday the Islamic banks and the Islamic financial institutions have been safe from the recent world recession.
Talking to reporters on the sidelines of the 21st Conference on the Islamic Banking System in Tehran, Hosseini said the Islamic Development Bank (IDB) has not also been hurt by the world economic crisis.
The Islamic Republic of Iran is the only country managing its banks under the usury-free banking system’s regulations, the Iranian minister said.
The two-day 21st Conference on the Islamic Banking System started in the capital city of Tehran on Saturday with participation of top Iranian officials.