Articles

Global equity markets have rallied in recent months, partly due to a normalization of operations following the gulf war, and also due to increased liquidity flowing into mutual funds. Though not a direct causal relationship, there is a correlation between stock market performance and equity mutual fund flows. One possibility is that stability and growth amongst equity mutual fund markets often helps to stabilize stock markets as well.

The demand for a wider range of Islamic financial products in the UK has been increasing, particularly for Islamic mortgages. Legal barriers to Islamic mortgages include the added cost of the multiple stamp duty, which was recently changed by the government in response to requests by advocates of Islamic finance.

In what is to date the largest Islamic financial dispute to be litigated in court, Shamil Bank was awarded a $50M judgement against Beximco Pharmaceuticals and Others in the Commercial Court in London. This decision should serve to provide more market opportunities for Islamic financial ventures in the UK.

It is in the mutual interest of both Brazil and Muslim states to continue to promote mutual trade. In 2003, Brazil had a trade surplus of US $25B, and experienced a 6% growth (a total of US $2.76B) in trade to Arab states.

In contrast to conventional insurance policies, takaful operators are prohibited under shari`a from investing in interest-earning investments and certain

Western capitalist economies, particularly the US, have through greed and consumption brought on disastrous conditions for mankind and the environment. The US is facing recession, low growth rates, and high unemployment. Economic systems should address justice, equity and efficiency. Historically, mankind has at times (even pre-dating Christ) understood concepts of justice, and has morally opposed usury. An interest rate of zero is morally necessary, and is feasible economically.