Here we have more evidence that Shariah-Compliant Finance is the opposite of free enterprise and market capitalism.

Banks in the UAE want to create a central Shariah board to govern the entire industry…

The United Arab Emirates’ bank industry association has discussed a proposal to create a centralised sharia board that would monitor Islamic banking, which could spur the growth of the industry. The central bank had proposed setting up a Higher Sharia Authority that would complement and oversee the work of sharia boards at individual Islamic banks. This proposal was addressed at a recent meeting of the UAE Banks Federation…

http://economictimes.indiatimes.com/news/international/business/uae-banks-discuss-plan-for-centralised-islamic-finance-board/articleshow/47404864.cms

 

 

 

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