Sharia-compliant FX takes off worldwide
NEWS ANALYSIS
Since its humble inception in Egypt in the 1960s, Islamic banking has grown dramatically to more than 300 institutions today in over 75 countries, according to an official at HSBC Amanah, the global Islamic banking division of HSBC in London.
Sharia-compliant FX products are aimed at investors who want to comply with the Islamic laws (sharia) that govern a Muslim's daily life. These forbid giving or receiving interest, that all financial transactions be based on real economic activity, and
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