West needs to meet the East
Friday 4th April 2008, 2:30PM BST.
ISLAMIC philosophy may offer a beacon of light in the midst of the global credit slump, according to a leading authority on the subject.
Toby Birch, who predicted the world financial crisis in his book, The Final Crash (written under the pseudonym Hugo Bouleau), believes the West has a lot to learn from Middle Eastern business practices.
He said ethical investments guided by the principle of Islamic Sharia holy law led the way towards a sustainable economic future. As the dollar weakens, oil prices go up and the beauty of this is that all of a sudden opportunities such as alternative energy come to life. The credit crunch is actually a positive thing – a natural process that will benefit future generations by flowing capital into areas like the environment.’
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I’ve been following Shariah investing for many years, and ethial investing for about forty years. I believe that Shariah laws in many ways harmonize well with ethical investing.
But the main overiding point I see is that higher morals and ethics will increasingly dominate global investing and business — as the world’s economies integrate further.
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