ISLAMIC FINANCE - Islam's inner friction
A firm in America has gained notoriety for launching the first hedge fund which it says is compliant with the shariah law that governs Muslims, even though short-selling is forbidden. Controversially it has also hired one of the world's few qualified shariah scholars as a full-time adviser. No one has been accused of cheating, but credibility and reputations are on the line. Chris Wright lifts the veil on a little-understood world.
The town of New Canaan, Connecticut, may sound a world away from the heart of Islamic finance, but a development at investment company Shariah Capital, which is headquartered in the town, could have knock-on effects throughout the Islamic world.
The finance house is the brainchild of Eric Meyer, an
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