29 Aug '11, 1am

Islamic Financial Intermediaries: by Bakri Musa Malaysia in the Era of Globalizat​ion #80 Reform in Islam Chapte...

by Bakri Musa Malaysia in the Era of Globalizat​ion #80 Reform in Islam Chapter 9: Islam in Malay Life Trade had been flourishing for centuries in Arabia, immediately before and after the prophet’s time. All that buying and selling, together with the caravan expeditions, could not have taken place without there being a satisfactory financing mechanism. There must had been a system for connecting the owners of money (savers) and the users of cash (investors and traders). Yet despite that flourishing head start and seemingly workable system, Islamic finance later went into decline. It is instructive that the decline in Islamic economics parallels the decline in Islamic civilization. Today Western financial institutions are preeminent. Western banks and other financial intermediaries did not develop overnight. They have been refined, modified, and strengthened over the centur...

Full article: http://blog.limkitsiang.com/2011/08/29/islamic-financial-...

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