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Are new financial practices showing the way forward?
Bloomberg presenter Judith Bogner moderated a panel at the Luxembourg Financial Forum (3rd June) that started where an earlier panel left off: if you cannot regulate stupidity what model can you adopt to ensure that financial services are sustainable in themselves and deliver sustainable results? Raja Teh Maimunah, a former investment banker now responsible for Islamic finance at the Malaysian stock exchange, described how the three basic principles of Islamic finance – no interest, no gambling and no uncertainty - underpin a model in which banks and their clients are equity partners and share risk. “If conventional banks had followed these principles we might have avoided the Western Financial Crisis” she argued, adding...
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