As the financial crisis in the United States worsens, the conservative principals of a small group of devout Muslims have helped to insulate them from economic suffering. Their renunciation of the interest-based economy kept them away from traditional mortgages and away from making investments in financial service companies, whose stocks have plummeted. Islamic finance, a…
Britain’s largest Muslim umbrella body said it was deeply concerned by the closure of account notices served upon a number of Muslim charities some of whom are our affiliates, the latest of these being Ummah Welfare Trust who have been given 30 days by the Barclays Bank to close their account. The Muslim Council of…
Two Muslim organisations have called for a boycott of Barclays Bank after it closed the accounts of Bolton-based charity the Ummah Welfare Trust (UWT). The move followed claims that the charity was indirectly helping to fund the Palestinian organisation Hamas. UWT has donated more than £200,000 over the past four years to another UK registered…
French Finance Minister Christine Lagarde has promised to make adjustments to the regulatory and legal rules to allow Paris to become a major marketplace in Islamic finance. Lagarde added that Western financiers could learn from Islamic banks and its “new principles for the international financial system, based on transparency, responsibility and…moderation.” London has attracted the…
Leftover meat from the traditional Muslim sacrifice during Eid-al-Adha, will go straight to needy persons, said the Association of Cooperative Muslim Organizations. Most of the leftover meat will be processed into sausages, which will be sent to food banks. The holiday commemorates the prophet Ibrahim (Abraham) who was ready to sacrifice his son for God,…
