Turning The Prophet's Words Into Profits
Last year, Citibank asked the Federal Reserve Bank of New York to approve an unusual type of trade-financing deal that charged no interest and was governed by Islamic principles. The New York Fed promptly gave its blessing. That it did was a testament to the growing role of Islamic banking in mainstream global finance. Indeed, in little more than two decades, Islamic banking has gone from nowhere to the big time, attracting major Western lenders, as well some 200 players around the Muslim world.
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