KUALA LUMPUR, Malaysia -- The global economic crisis has handed the Islamic finance sector a "golden opportunity" to show it is a better alternative to capitalism, Malaysia said Monday.
Although capitalism has been pre-eminent for centuries, "it is becoming obvious that there is now more proof of its weaknesses," deputy Prime Minister Najib Razak said in a speech to an Islamic economic conference.
"We Muslims should see the current situation as a golden opportunity for us to prove the power, strength and effectiveness of the Islamic banking and finance system," he said in an opening address.
Islamic banking, a booming $1.0-trillion global industry that prohibits speculation and high levels of debt, has been relatively unscathed by the credit crunch.
The rules of the sector, which incorporate principles of sharia or Islamic law, prohibit many of the risky activities that triggered the crisis that is felling economies around the world.
"An economic system that is not closely linked to real and productive activities is a threat to the entire system," said Najib, who is also finance minister.
For more on this article, please click on the following link: Islamic banking offers alternative: Inquirer.net
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