With over 1.6 billion Muslims around the world and an Islamic economy measured at
There have been regional efforts in
“Islamic finance is based on an Islamic economy that is backed by assets. At the center of this is an asset backed currency. As long as we base our dealings on fiat money, we will never experience Islamic finance as it was meant to be. Governments, regulators, and scholars should work together to create a global, gold-based currency,” said Ethica’s spokesperson.
Experts say that because the fractional reserve banking system enables banks to lend money they do not possess – often much more money – economies are always caught in a precarious bubble of varying size and consequence. This bubble is based on the creation of ‘wealth’ without a commensurate creation of assets.
Read the full story at http://www.prweb.com/releases/Muslims_Ready_For/Gold_Based_Currency/prweb11618525.htm
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