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.
Is capitalism and interest based finance the root of the current financial crisis? Is "Islamic finance" the solution? Maybe the cleric should have clarified the meaning of Islamic finance and how it works. There is a saying by Mao the Chinese leader that it does not matter if the cat is white or black as long as it catches mice. If Islamic finance catches mice all the better. I suspect it is easier said than done.