Issues in regulating Islamic finance

Islamic finance is here to stay. Indeed, its aspirations are getting bigger. In the corridors of power, the talk is not about the viability or acceptability of Islamic finance, but about its potential role in a global financial system ravaged by a culture of greed and gambling.

Conventional finance is largely based upon debt and risk transfer. And with memories of a market capitalist financial system that was on the brink of collapse still vivid, many ask how Islamic finance, where the focus is