In the wake of the global financial crisis, Islamic finance has gathered momentum with Sharia-compliant principles, as Paul McNamara reports The origins of the Islamic finance industry are rooted in the recent past – 1975 to be precise, with the creation of Dubai Islamic Bank in the United Arab Emirates. It was the brainchild of visionary businessman Haj Saeed Ahmed Lootah, who convinced the then emir of Dubai, Sheikh Rashid bin Saeed Al Maktoum, that a new form of finance was needed.
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