"“What passes as Islamic finance is anything but interest-free,” said Timur Kuran, a professor of economics and political science at Duke University. Egypt’s long-winded negotiations with the International Monetary Fund for a $4.8 billion loan have shown how an uncompromising adherence to Sharia can slow down much-needed injections of funds. Clerics and Islamists have dithered over the loan, in part, because the loan comes with a 1.1 per cent interest rate. Sharia prohibits usury."
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After Arab Spring, Islamists Test Religion In Economics
rebeleconomy.com
With the rise of political Islam across North Africa in the wake of the Arab Spring uprisings of 2011, Islamic finance is being touted as the solution to decades of unemployment and economic inequa...