Shia Strength: [MahdiUniteMuslims] Vatican promotes Islamic finance in face of global crisis

Thursday, May 13, 2010

[MahdiUniteMuslims] Vatican promotes Islamic finance in face of global crisis

Vatican promotes Islamic finance in face of global crisis

Vatican says Western banks should look at rules of Islamic finance to restore confidence amongst clients.

Middle East Online First Published 2009-03-07

ROME - The Vatican said banks should look at the rules of Islamic finance to restore confidence amongst their clients during the current global economic crisis.

The ethical principles on which Islamic finance is based may bring banks closer to their clients and to the true spirit which should mark every financial service the Vatican official newspaper Osservatore Romano said in an article in its latest issue.

The article argues that Western banks could use tools such as the Islamic bonds, known as sukuk, as collateral.

Sukuk may be used to fund the car industry or the next Olympic Games in London, it said.

The article also said that profit share, gained from sukuk, may be an alternative to the interest, underlining that the sukuk system could help automotive sector and support investments in infrastructure area.

Using the Islamic sukuk system, money would be invested in concrete projects and profit share - instead of interest earned - is distributed to clients.

The Osservatore editor, Giovanni Maria Vian, said that the great religions have always had a common attention to the human dimension of the economy, Corriere della Sera reported.

http://www.middle-east-online.com/english/?id=30836

Also @ http://vaticanattorney.com/

Meltdown turns spotlight on Islamic finance

The failure of major investment and commercial banks that helped trigger the global recession has led some experts to look for other ways of doing banking.

http://www.youtube.com/v/vaa7wCfZ1z0&autoplay=1

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