Reporters Notebook: The Ethical Aspects Of Islamic Banking
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Are Islamic banks anti-war? Islamic banks discourage investment in the arms and military industry as well as speculation and taking excessive risks
A couple of weeks ago, I was asked by a fantastic organisation to look into Islamic banking and how ethical it really is. Whilst I learnt that most Islamic banks may not have the best environmental record, I did discover that they do have some distinct ethical selling points. One of which is their reluctance to invest in the arms industry as well as an aversion to speculation and excessive risks which can destabilize the market. At a time when no-one trusts their bank, Islamic banking doesn’t look like such a bad alternative to the conventional profit-driven financial system.
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