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March 29, 2024

Empowering Ummah

ABN 98 163 220 438

Global Islamic Economy

A new look into the state of Global Islamic Economy

In a ground-breaking study of global Islamic economy, Price Waterhouse Coopers, Standards and Poors and Australian Trade Commission have published a long awaited report on Islamic finance and its implication for Australia in the Asia Pacific rim in the 21st century. The study found that in light of recent 2008-2009  Global Financial Crisis (GFC) and the growing instability and unease of Western capitalism it is opportune time for frank discussions and re-examination into a more stable global Islamic financial system.  There is nothing new in this phenomena for the human civilisation. This is the same peg of Islamic financial stability that held the international trade and commerce  in the Dark Ages throughout the years of the Crusades for three hundred fifty years.

Muslim merchants and traders from as far as Muslim Spain helped penetrate and helped these dark corners of Europe with their sound economics management ideas. The merchants helped introduced international contract laws, international treaties and trade under a robust Islamic financial trade that was well respected in medieval cities of Venice and Rome despite  Rome, France and later Russia were at war with Islamic power of the Ottomans (Uthmani Turkish Empire) up till the 16th century of the Christian era. With the turning of wheel of time symbolised by the rise of powerhouses of China and India as the two ancient civilisations determine the future of global economy it is of no surprise another ancient financial system that held Europe together is being re-examined to help prevent a total collapse of international economy. Australia in 2014  has woken up to the report’s finding where $4.1 trillion dollars of untapped potential exists in Islamic banking assets in its core markets in its region and the Middle East. Australian financial sector has opened Islamic financial products and a good number of Australian Muslim businesses have further enriched this growing financial area with Islamic home mortgages, halal superannuation and business loans services to the growing robust Muslim population in Australia.

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