As Islamists Exploit Financial Crisis, Lebanon Stands Fast
David Schenker
Saturday 17 January 2009
 

More than two weeks into the Israeli-Hamas war, the eyes of the world are narrowly focused on the crisis in Gaza.

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Lost amid the ongoing hostilities is the profound impact of the global economic crisis on the Middle East. Like the rest of the world, Arabs have also found themselves victims of the downturn. Even the Gulf, still floating on a cash cushion from the recent oil boom, is tightening its belt.

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The key to Lebanon’s success at insulating itself from the worst of the global financial meltdown has been sound fiscal policy from the Central Bank. Years ago, Riad Salameh issued a bank circular prohibiting Lebanese banks from subscribing to subprime mortgage products.

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The answer isn’t Islam or sharia banking; it’s good policy.

http://www.metransparent.com/spip.php?article5265=

Sharia banking is the biggest scam of all times, I would not believe if any educated person would ever put their money there.. You go Lebanon for smart policy!

What is sharia banking? Give me your money and trust in Allah you´ll get it back?

I used to know somebody who would only do business with "Christians" and would not seek counsel from the "ungodly", as if having a religious label was an automatic guarantee of honesty.

Profitting from interests is not allowed in islam.

Don´t know if that´s what the article is referring to? If it is, it´s not to protect themselves from the economic crisis, it´s simply haraam to give or take loans with interests.

Islamic banking refers to a system of banking or banking activity that is consistent with the principles of Islamic law (Sharia) and its practical application through the development of Islamic economics. Sharia prohibits the payment of fees for the renting of money (Riba) for specific terms, as well as investing in businesses that provide goods or services considered contrary to its principles (Haraam).  (http://en.wikipedia.org/wiki/Islamic_banking)