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Can Faith and Finance Form a Unit? | FD Finance

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00:00 Islamic Economics: Can Faith and Finance Form a Unit?

After the banking and financial crisis of 2008, and the events of the Arab Spring in 2011, the Western world has been exposed to an alternative, religion-influenced system of economics called Islamic Finance. Indeed, in the shadows of our conventional financial system, the Gulf States, Turkey and the Islamic countries of Southeast Asia have developed another option that appears to have been less affected by the crises of recent years. Islam's sphere of influence also happens to comprise an economic zone with more than 1.5 billion faithful. But what is really behind this concept, how did it emerge, and what makes Islamic Finance different from the standard system? Could it be the long sought-after "third option" to capitalism and communism?

Champions of Islamic Finance are thoroughly convinced that “Islam” and “modern” are not contradictions. Far more than the Western capitalist system, the religious parameters taken from the Quran and Sharia law form the basis for a system that places focus on ethical values, equitable division of risk, and the support of economically disadvantaged members of society. From the old bazaars of Istanbul and the new, religion-driven entrepreneurs and so-called “Islamic Calvinists” of Anatolia, to the sparkling skyscrapers of Bahrain, Qatar, Dubai and Abu Dhabi, Islamic Finance is indeed playing an increasingly significant role in society.

This documentary looks behind the scenes, introducing not just the aspiring entrepreneurs but also the common workers. From the corporate law firms of London, Europe’s center of Islamic Finance, to the experts and key figures of the Gulf States and Europe, we find out more about the differences, similarities, and problems within a system that Western economists believe will have a decisive influence on the 21st century. The scholars of Islamic law determine which financial models are “halal” (permitted) according to the Quran, and which ones are “haram” (forbidden). They offer us a look into the structure of a system based on ancient traditions and regulations. With growth rates of up to 20%, does Islamic Finance really present a viable alternative to our established system of business and economics? With its promise of backing all banking transactions with real values, can Islamic Finance provide the security that Western banks and their increasingly speculative methods no longer guarantee?

50:20 Islamic Banking: An Ethical Alternative?

The world’s highest concentration of Muslims is in Southeast Asia. Indonesia alone has 240 million believers, making it the most populous Islamic country in the world. The southeast Asian version of Islam is far more liberal than its counterpart in the Arab states, and as such it seems to play a smaller role in daily life, but it is here that this religionbased Islamic Banking concept is showing its most robust growth – figures that Western banks could only dream of. The basics of the system forbid interest charges, require that money only be invested in tangible goods, and proscribe dealings in industries related to pork products, weapons, gambling or pornography.

Another leading role in the overall scheme of things is the belief that a life lived strictly according to the rules of the religion will ultimately help the faithful to a more fulfilled life beyond this earth. “Why wouldn’t I choose an Islamic bank when the infrastructure, the costs, and all of the services are as good as any conventional bank?” is what the modern Muslim will undoubtedly ask.

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