Islamic Finance Needs a New Paradigm

The article posits Islamic finance as the solution to the fiscal situation in South East Asia, which is becoming more akin to the current situation of Western societies. In the case of America, 50% of stocks are owned by 1% of families. Certain actions of multinational corporations place the assumption of “free trade” in question. After outlining current practices of Islamic finance, such as mudaraba and musharaka contracts, the author writes of the possibilities of micro-credit from a grass roots level.