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{"id":1484,"date":"2002-06-02T22:35:49","date_gmt":"2002-06-03T03:35:49","guid":{"rendered":"http:\/\/www.patheos.com\/blogs\/altmuslim\/?p=1484"},"modified":"2002-06-02T22:35:49","modified_gmt":"2002-06-03T03:35:49","slug":"ethical_money_islamic_banking_gains_mainstream_appeal","status":"publish","type":"post","link":"https:\/\/www.patheos.com\/blogs\/altmuslim\/2002\/06\/ethical_money_islamic_banking_gains_mainstream_appeal\/","title":{"rendered":": Ethical Money: Islamic Banking Gains Mainstream Appeal"},"content":{"rendered":"\n<\/head>

A few years ago, it was just an academic exercise. Now, Muslims can trade stocks<\/a> on the Dow Jones Islamic Market Index<\/a>, finance homes without interest<\/a>, and implement any number of tested Islamic solutions<\/a> to common financial problems. \u201cIslam teaches us that money should be channelled toward the production of real goods and services<\/a> and not the \u2018financial\u2019 economy such as hedge funds and derivatives,\u201d said Iqbal Khan, chief executive office of Amanah Finance, an Islamic bank. \u201cIt keeps us in touch with the real economy and away from speculation.\u201d The road to Islamic finance has been rocky, with debates on \u201c what is riba?<\/a>\u201d and accusations of dressing up interest in Islamic clothing. But as Islamic financial methodologies continue to improve<\/a>, major American institutions are taking notice<\/a> and even opening up Islamic subsidiaries<\/a>.<\/p>\n

<\/i><\/p>\n

Shahed Amanullah is editor-in-chief of altmuslim.com.\n<\/p>\n

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