digital potential in Islamic financial services

Although hype-heavy and concerned with Dubai this article on digital islamic services prompts the question of whether developments in conventional financial services and banking are transferrable to Islamic financial institutions, their products and their customers. The ‘digital’ in the services discussed is simply a procurement/delivery (and could also be a payment) system, with no implications for Islam (whether for or against) as such. Peer to peer lending is obviously not eligible for promotion (unless on an uncommercial interest-free basis) but so called crowd-funding and its mobilisation of social and internet mediated networks is one that accords well with the islamic emphasis on partnership and equity, and joint business projects.

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