VOL. XLV

No 50

16-December-2002

REGIONAL BANKING

Al-Azhar Ruling Approves Fixed Interest Banking

The Islamic theological research committee of al-Azhar University in Cairo, the oldest and most prestigious seat of Islamic teaching in the Muslim world, has given its blessing to fixed interest banking by a vote of 20 to three, Egyptian newspapers reported on 17 November. The decision appears to contradict the belief that a fixed rate of interest amounts to usury or riba which is prohibited in...