The gap between Western and Islamic banking narrows

The movement in the West toward ethical investment closely matches the spirit of Islam's value-oriented approach to economics. During a seminar of the Christian Ethical Group, the Right Reverend Richard Harris addressed the inadequate performance of the Church in restraining capitalism's usurious practices. The Bishop of Oxford sees a conflict between the commendation of prosperity in the Old Testament and the criticism of it in the New Testament. The number of ethical investment organizations in the Western world is growing. These groups seek the social consciousness that forms an integral part of the Islamic approach to economic planning. Islamic economics is concerned about the environment, science and technology, health care, and job creation -- as are the Western ethical groups. Islamic teachings and Abu Bakr's Islamic government show that Islamic economics is deeply concerned with ethics.