11-09-2006, 07:00 AM
I would disagree with the thing that there is no such thing as Islamic banking. Musharika and Mudaraba are 'pure islamic financial instruments' and as a general consensus among the Shariah scholars other financial instruments are 'shariah' based as long as these are not tainted by interest and the bank is party to risk.. ie apart from the credit risk re Ijaraj/leasing and Islamic mortgages etc.