PM of Malaysia touts Islamic banking system

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While delivering an address at the Oxford Centre for Islamic Studies in London, Malaysian Prime Minister Datuk Seri Najib Razak touted the benefits of Islamic banking on the international level.  Malaysia amounts for 60% of the world’s Islamic bonds, and is the world leader in Islamic banking.  The Prime Minister suggested that if all banks operated the way Islamic ones do, i.e. without overextending themselves on loans they cannot back up, that the global financial meltdown might not have occurred.  “In place of excess, Islamic finance offers moderation and transparency. In place of greed, Islamic finance offers fairness,” he said.

 

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Reading Time: 1 minute

While delivering an address at the Oxford Centre for Islamic Studies in London, Malaysian Prime Minister Datuk Seri Najib Razak touted the benefits of Islamic banking on the international level.  Malaysia amounts for 60% of the world’s Islamic bonds, and is the world leader in Islamic banking.  The Prime Minister suggested that if all banks operated the way Islamic ones do, i.e. without overextending themselves on loans they cannot back up, that the global financial meltdown might not have occurred.  “In place of excess, Islamic finance offers moderation and transparency. In place of greed, Islamic finance offers fairness,” he said.

Reading Time: 1 minute

While delivering an address at the Oxford Centre for Islamic Studies in London, Malaysian Prime Minister Datuk Seri Najib Razak touted the benefits of Islamic banking on the international level.  Malaysia amounts for 60% of the world’s Islamic bonds, and is the world leader in Islamic banking.  The Prime Minister suggested that if all banks operated the way Islamic ones do, i.e. without overextending themselves on loans they cannot back up, that the global financial meltdown might not have occurred.  “In place of excess, Islamic finance offers moderation and transparency. In place of greed, Islamic finance offers fairness,” he said.

 

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