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Wednesday, June 22, 2005

No Wonder There Aren't Many Islamic Banks

In an effort to bolster growth in the Islamic financial sector, Muslim bankers want to set up a global Islamic bank.

"Officials have said the bank will operate in keeping with Islamic laws, which means no interest would be paid or charged on deposits and loans."

I would love to get a loan from this bank, but I'm afraid it won't be in business very long.