Islamic Finance Attys See Silver Lining In Downturn

Law360, New York (October 5, 2009, 2:29 PM EDT) -- Financial institutions that operate pursuant to Islamic law were not unscathed by the recent economic meltdown, but lawyers say the crisis bolstered the appeal of Islamic finance, which bars investing in certain derivatives and structured products like those that brought down Lehman Brothers Holdings Inc.

Experts expect Islamic finance to continue growing. A spokesman for London-based HSBC Holdings PLC said Islamic finance would emerge from the crisis stronger than before and predicted double-digit growth in the Islamic finance sector over the next five years, as well...
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