Islamic Banking; Is Treasury Complicit?
Byline: Rachel Ehrenfeld and Samuel A. Abady, SPECIAL TO THE WASHINGTON TIMES
If cash is king, then Middle East coffers are irresistibly enticing. During a recent tour of Saudi Arabia and the Gulf states, Deputy Treasury Secretary Robert Kimmitt applauded the growing role of Arab banks in the U.S. economy. Treasury is seeking buyers for its newly acquired bailout assets because more than $1 trillion in cash is urgently needed to rescue the largest U.S. banks.
However, cash from the Arabian Gulf comes with a vital string attached: Islamic banking, erroneously viewed as an ancient practice. In fact, Islamic banking is a newly invented institution: Neither classical nor medieval Islamic civilization featured banks in the …
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Publication information: Article title: Islamic Banking; Is Treasury Complicit?. Contributors: Not available. Newspaper title: The Washington Times (Washington, DC). Publication date: December 11, 2008. Page number: A21. © 2009 The Washington Times LLC. COPYRIGHT 2008 Gale Group.
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