The
current financial crisis coupled with global recession has caused many
flutters. Islamic Banking, if it follows the real principles of Shariah, it can
go a long way in addressing the global issues like poverty, inflation, fraud,
unemployment, recession and will fuel growth of economy in real terms. The
failure of capitalistic principles in addressing the core issues of society
will create a big vaccum, which can be very well filled by the Islamic Economic
and Banking system which takes care of societal needs and benefits the society
at large. Labelling any product and system as Islamic may the
address the real issue.
Mohammed Sadullah Khan
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