OPEC-member Islamic nations are starting to feel the pinch of the falling price of oil–so much so that some, like Iran’s president, are making up conspiracy theories about it.
Of course, conspiracy theories are nothing new in the Islamic world; they are in fact widespread.
It should be noted that the true rise of Shariah finance came due to the rise of the price of oil during the era of the Yom Kippur War and the Arab oil embargo, when the price of oil rose from $4 per barrel to $27 per barrel in a relatively short period of time.
A falling price of oil may in fact cut the financial jihadists down to size for a time. We would not be surprised to see another rash of sukuk (Shariah-compliant bond) defaults, as we saw in the 2007-2009 financial crisis.
Iran: Oil Price Plunge Part of ‘Conspiracy’ Against Islam
The fall of the oil prices is not just something ordinary and economical, this is not due to only global recession,” Rouhani said during a cabinet session on Wednesday, according to Reuters.
“The main reason for it is (a) political conspiracy by certain countries against the interest of the region and the Islamic world and it is only in the interest of some other countries,” Rouhani said.