Islamic finance not immune to financial meltdown

Shahriman Shariff from Citi Islamic Malaysia talks about the impact of the credit crunch and the creation of Islamic best practices.

The worldÆs money markets may be down but financial activity is not totally out. In Malaysia, an emerging Islamic finance hub in Asia, the issuance of Islamic bonds, or sukuks, has continued in 2008, although at a much slower pace than last year.

In the first nine months of the year, the total issuance volumes of sukuks in Malaysia totalled M$8 billion $2.2 billion, according to a report by Malaysian rating agency RAM in November. The agency predicts...

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