Saudi Arabia Saudi News 1 Sharia Finance

Saudi Evening Noose…….

Saudi cleric cites crisis to press for sharia

Saudi Arabia’s top cleric has used his annual sermon to Muslim pilgrims assembling for hajj to urge Muslim countries to renounce capitalism and form an Islamic economic bloc that adopts interest-free finance. Grand Mufti Abdelaziz Al al-Sheikh told worshippers assembling on the plain of Mount Arafat that global economies now caught in crisis were suffering the result of using interest as a bedrock of their financial systems.

Under Islamic law, or sharia, paying or receiving interest is forbidden. The crisis, he said, demonstrated that “Muslim countries must have sharia-compliant economies and unite to become a formidable economic power”. More here!

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