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.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s