From Australia to South Africa, governments are scrambling to change the law to accommodate the $1 trillion Islamic finance industry, whose avoidance of toxic debt has looked increasingly attractive since the global crisis. But in the Gulf Arab region, birthplace of Islam and cradle of Islamic finance, governments have taken a more passive approach, which experts say is slowing the industry’s growth.
When U.S. President Barack Obama first addressed the Muslim world in its traditional heartland last year, his speech was laden with references to the past, to Islam and to the tensions plaguing the Middle East. Updating his speech on Wednesday on the far eastern fringe of that world, his upbeat remarks about Indonesia’s democracy, development and diversity spelled hope for the future.
Word clouds are graphic games that sometimes tell more than a plain text. Look at the results below for U.S. President Barack Obama’s “speech to the Muslim world” today in Jakarta and his first such address in Cairo last year. I’ve analysed the two in a report here, but word clouds tell the story a different way.
(Photo: Muslims shop outside the Grand Mosque in Mecca, September 15, 2009/Fahad Shadeed)
Rashed Abdullah displays Oriental perfumes on a glass table to late-night shoppers in his small shop in Mecca ready for what he hopes will be a sales bonanza during this month’s haj pilgrimage. He is confident of attracting customers after fears of a swine flu outbreak kept many away last year.
Bankers in Islamic finance are increasingly outsourcing sharia supervision due to a lack of scholars in the industry, but critics say this is making the sector even less transparent and slowing its development.
(Photo: Islamic Financial Centre booth at Malaysia’s Central Bank – High Level Conference 2009 in Kuala Lumpur February 10, 2009/Zainal Abd Halim)
When Malaysian Aida Othman signed up for the new law programme at the International Islamic University in Kuala Lumpur, she did not expect to become one the few women with their hands on the levers of the world’s $1 trillion Islamic finance sector.
(Photos: One of Dubai Islamic Bank’s women-only branches in Deira, October 26, 2010./Jumana El-Heloueh)
Emirati housewife Sarah Alzarouni brushed past a group of women clad in floor-length black robes, some with only their eyes showing, to enter through the frosted doors of one of Dubai Islamic Bank’s women-only branches. Clutching a Louis Vuitton bag to match her designer head scarf, Alzarouni greeted the female tellers and bank manager with three kisses on the cheek and sat down to do business.
(Photo: Bishops at Mass marking the end of the synod of bishops from the Middle East in St. Peter’s Basilica at the Vatican October 24, 2010/Alessia Pierdomenico)
Pope Benedict called on Islamic countries in the Middle East on Sunday to guarantee freedom of worship to non-Muslims and said peace in the region was the best remedy for a worrying exodus of Christians.
A wave of religious fervour and a backlash by secular liberals has left some ordinary Egyptians feeling like strangers in their own country, and civil rights activists warn of a dangerous drift into sectarianism.
Egypt has temporarily shut 12 satellite channels and warned 20 others for reasons ranging from insulting religions to broadcasting pornography, although an analyst said the real target seemed to be strict Islamic trends.