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IfI Press Release on Islamic Finance on the Occasion of the Worldwide Financial Crisis

Bonn (November 3, 2008) – Several Islamic scholars and economic experts use the worldwide financial crisis as an occasion for a fundamental critique of Western capitalism and as the basis for an expanded campaign on behalf of an Islamic economic ethic and of investments in conformity with Sharia, declared Carsten Polanz from the Institute of Islamic Studies of the German Evangelical Alliance. According to the influential Egyptian television preacher and leading legal expert in Qatar, Yusuf al-Qaradawi, the collapse of the capitalist system based on “profiteering and paper profits” has shown that the economic philosophy of Islam has proven its worth.