VOICED: Islamic banking bucks financial crisis

Islamic banking in Lebanon is reshaping the economic landscape by aligning traditional banking with Koranic ethics, prohibiting interest, speculation, and unethical investments. It avoided the subprime crisis, presenting itself as a viable alternative to conventional systems. Despite criticisms about transparency, Islamic banks are expanding globally, emphasizing ethical finance for all. The Vatican has even suggested conventional banks learn from Islamic practices.

What is one of the key principles of Islamic banking?

• Charging high interest rates

• Investing in casinos

• Engaging in financial speculation

• Prohibiting interest on loans

How did Islamic banks respond to the subprime market crisis?

• They heavily invested in it

• They suffered major losses

• They avoided it completely

• They sought government bailouts

What criticism is often directed at Islamic banks?

• They charge high fees

• Investors lack transparency on where their money is invested

• They are not profitable

• They only serve Muslim clients

What is a unique feature offered by some Islamic banks to new account holders?

• A gold membership card

• A free vacation package

• A boxed set containing a Bible and a Koran

• A free financial consultation

What did the Vatican suggest regarding Islamic banking practices?

• Conventional banks should take inspiration from them

• They are only suitable for the Middle East

• They should be banned

• They are outdated