First Published: 2009-03-07

 
Vatican promotes Islamic finance in face of global crisis
 

Vatican says Western banks should look at rules of Islamic finance to restore confidence amongst clients.

 

Middle East Online

'Western banks could use tools such as the Islamic bonds'

ROME - The Vatican said banks should look at the rules of Islamic finance to restore confidence amongst their clients during the current global economic crisis.

�The ethical principles on which Islamic finance is based may bring banks closer to their clients and to the true spirit which should mark every financial service,� the Vatican�s official newspaper Osservatore Romano said in an article in its latest issue.

The article argues that �Western banks could use tools such as the Islamic bonds, known as sukuk, as collateral�.

Sukuk may be used to fund the ��car industry or the next Olympic Games in London,� it said.

The article also said that profit share, gained from sukuk, may be an alternative to the interest, underlining that the sukuk system could help automotive sector and support investments in infrastructure area.

Using the Islamic sukuk system, money would be invested in concrete projects and profit share - instead of interest earned - is distributed to clients.

The Osservatore�s editor, Giovanni Maria Vian, said that �the great religions have always had a common attention to the human dimension of the economy,� Corriere della Sera reported.

 

UN Security Council lenient to Turkey’s Syria offensive

Washington probes Hezbollah ‘narcoterrorism’

Morocco's king appoints five new ministers

Pence pledges US embassy move by end of 2019 on Jerusalem trip

Iranian woman skydiver looks to break down stereotypes

Turkey arrests dozens accused of ‘terror propaganda’

Russia calls for diplomatic solution to Yemen conflict

Russia invites Kurds to join Syria peace process

Turkey shells Kurdish targets in northern Syria

Closer look at pro-Ankara rebels amassing around Afrin

Pence set for Palestinian snub

Abbas to ask EU to recognise Palestinian state

Saudi-led coalition to give $1.5 bln in Yemen aid

Mattis: Turkey gave US advance warning on Syria operation

Yemen releases budget for first time in three years

Saudi calls for cooperation between OPEC, non-OPEC countries

France presses Turkey to end offensive against Kurds

The changing faces of al-Qaeda in Syria

Kurdish militia fire rockets at Turkish town

Moroccans wary depreciation of dirham could raise cost of living, despite benefits

Deserted streets, terrified civilians after Turkey attacks Afrin

Iraqi, Kurdish leaders hold talks on bitter regional dispute

Russia-led Syria peace congress to be held January 30

Turkey launches new strikes on Kurdish targets in Syria

Egypt's Sisi says will stand for re-election

Pence heads to Mideast despite Muslim, Christian anger

Assad regime says Syria a 'tourist' destination

Journalists arrested while reporting Sudan protests

Aid for millions of Palestinians hostage to politics

Lebanon thwarts holiday attacks using IS informant

Mortar fire wounds 14 in Syria mental hospital

Turkish military fires on Kurdish forces in Syria's Afrin

More than 32,000 Yemenis displaced in intensified fighting

UN warns of "lost generation" in South Sudan's grinding conflict

Saudi's refined oil exports offset crude curbs

US to overtake Saudi as world’s second crude oil producer

Turkey's EU minister rejects any option other than full membership

Sudan clamps down on journalists covering bread protests

Tribal feuds spread fear in Iraq's Basra

Turkey says not reassured by US comments on border force

UN chief wants to revive Syria gas attack probe

US has no intention to build border force in Syria

Lebanese intelligence service may be spying using smartphones worldwide

Egypt's Sisi sacks intelligence chief

Trump dashes Netanyahu’s hope to move US embassy to Jerusalem