Gulf states may establish common currency

Liz Mak of Asian Investor reports that leaders of Bahrain, Kuwait, Qatar, Saudi Arabia and United Arab Emirates met last week to plan the creation of a common, central bank and currency.

Her account also contained this nugget:

The sukuk market is witnessing stronger volatility after local Islamic scholars have spoken out against wide-spread incompliance of such products to the sharia laws. Sharia laws forbid Muslims from profiting from maysir (speculation), gharar (uncertainty) and riba (interest). These three qualities are considered to be haram (forbidden) in the Islamic region.

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