Middle East and North Africa

What is Islamic finance?

People are pictured at the Dubai International Financial Centre November 10, 2013. Dubai, at the heart of the wealthy Gulf, announced a push into Islamic finance this year. It has an entrepreneurial culture which has already made it the Middle East's top conventional banking centre, and big state-run firms which can be expected to support the government's strategy. Picture taken November 10, 2013. To match Analysis ISLAMIC-FINANCE/COMPETITION    REUTERS/Omr Mohamed (UNITED ARAB EMIRATES - Tags: BUSINESS) - RTX15AGR

The most obvious difference compared with Western banks is that Islamic finance is forbidden to charge interest Image: REUTERS/Omr Mohamed

John McKenna
Senior Writer, Formative Content
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Related topics:
Middle East and North AfricaFinancial and Monetary SystemsEconomic Progress
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