Islamic economy makes a breakthrough

Muhammad al-Faisal al-Saud and Saleh Abdullah Kamel, two of the leaders of the Islamic finance movement, are both of the opinion that the West is starting now to comprehend the practices of Islamic finance. Kamel has established since 1973 15 Islamic banks in 15 Muslim countries and has played a role in establishing 20 other Islamic banks. Under the banner of the holding company Al-Baraka, he has also established 7 takaful firms. It is reported that there are more than $13.8 billion in Islamic financial institutions. Amongst the methods of participation finance allowed by the shari`a are mudaraba (trust financing), murabaha (cost-plus financing), leasing, and profit sharing. While Islamic banks and conventional ones do interface, there is no interest transferred; only commodities are financed. Prince Muhammad al-Faisal al-Saud, chairman of Dar al-Maal Islami, a Geneva-centered firm, says that Islamic eyes are on Western Europe in order to ensure a presence there. Islamic Develo