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Between the 10th and the 14th May 2011, the Banque centrale du Luxembourg (BCL) will be hosting the 8th annual Summit of the Islamic Financial Service Board (IFSB), international standard setting body for the Islamic finance industry. The event brings together central bank governors, senior bankers and Shariah scholars from around the world.
What is Islamic finance?
In a nutshell, Islamic finance is a form of finance which, in opposition to the conventional one, is based on the entrepreneurial principle of sharing profit and loss and which is backed by transactions on tangible assets and by activities that are not harmful for the society (such as alcohol, weapons, drugs or the pornography business). Additionally, the Islamic finance...
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