Islamic laws of finance a cushion in hard times

by Stephen Magagnini
Sacramento Bee
March 30, 2009

http://www.islamist-watch.org/1540/islamic-laws-of-finance-a-cushion-in-hard-times

Excerpt:

The recession gripping the nation has taken less of a toll on American Muslims who follow age-old Islamic laws against paying – or charging – interest.

They've also been shielded by socially responsible retirement plans because Shariah– Islamic law – forbids investments in banks and mortgages as well as tobacco, alcohol, gambling, pornography or weapons.

"If everybody was Shariah-compliant, there would be no recession," said Farouk Fakira, a Yemeni immigrant who moderated a discussion on Islamic finance at Sacramento's Masjid Annur last week.

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