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Politics : Politics for Pros- moderated

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From: LindyBill	1/6/2007 8:11:27 PM
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Islamic banking continues to ramp up Barnett MONEY & BUSINESS: "Capitalism That Crosses Cultures: Will U.S. Firms embrace Islamic investment rules?" by Kit R. Roane, U.S. News & World Report, 8 January 2007, p. 48. I wrote about Islamic banking in Pentagon's New Map (or maybe it was BFA), citing it as a good and obvious beginning of economic connectivity between Islamic countries (specifically, Indonesia). It has always amazed me that Arab oil money really doesn't connect well with the rest of the world, as historically speaking they've kept their investments pretty liquid (not engaging much or accepting much foreign direct investment, for example). But all this oil money--this time--seems different. As Yusuf Talal DeLorenzo, the new "chief sharia officer" for a Connecticut money fund, is quoted in this piece: Companies that do business in the Middle East are realizing that Islamic finance is not just a flash in the pan but is a regional and generational development. Yes, getting Islamic financing is still harder than it should be, but wait until the next global credit crunch comes, and we'll see this connectivity take off. thomaspmbarnett.com

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