Islamic Finance (05:24)
Turkey and the Gulf States are experiencing an economic boom. The concept of Islamic finance was developed in the 1980s and puts a ban on interest and speculation. It follows the principles of business outlined in the Quran.
Islamic Finance Centers (05:29)
Paris and other major European cities embraced the benefit of Islamic finance. To prepare for a post-oil economy, the United Arab Emirates turned Dubai into the hub for finance and business in the Persian Gulf. Regulatory boards ensure that Islamic finance is practiced in accordance with Sharia law.
Ethics of Islamic Finance (03:03)
Critics of Islamic finance say it lacks the principles that drive ethical funding in the west. Many Islamic businesses use guest workers that are housed in camps without access to unions or welfare.
Economics in Turkey (04:05)
Turkey has been experiencing economic growth after the country reached full industrialization. A group of Islamic entrepreneurs developed ways to thrive financially and follow Islamic finance.
Islamic Welfare (07:10)
Industrialized manufacturing in Turkey gave many people in rural areas employment opportunities. A textile company follows the principles of Islamic welfare by providing prayer rooms, scholarships, and funding for the community. A factory owner wants prosperity, not money, to drive his workers.
Islam in the Oil Industry (06:35)
The Gulf States do not strictly follow Islamic finance. After a period of widespread consumerism and growth, many countries are beginning to use Sharia-compliant finance. A Sharia board must oversee all investments, which slows the rate of development.
Islamic Financial System (06:28)
Many Islamic scholars believe the Islamic system of finance cannot experience a financial crisis like the western system. Financial risks are shared within the Islamic system, making it more stable.
Everyday Islamic Business (08:08)
Sharia lawyers and Islamic scholars in the Gulf States mainly rule high level finance. At an average business level, the system is less strict and operates similar to any industry seeking a profit. Islamic agreements are based on trust and written contracts are not used.
Islamic Economic Theory (04:01)
Islamic finance has not yet achieved a third way between capitalism and communism. Islam is growing as a world religion, which could create more opportunities for Islamic finance. The idea of creating economic and social equality has not prevailed.
Credits: From Bazar To Wall Street (00:30)
Credits: From Bazar To Wall Street
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