Crisis widens appeal of Islamic finance

(0) By EMMA VANDORE AP Business Writer PARIS – France is becoming the latest country to woo Islamic banks, which avoided much of the damage from the subprime mortgage crisis by following strict principles laid out in the Quran – as the global financial crisis broadens the appeal of Islamic finance. French Finance Minister Christine Lagarde has promised to make adjustments to the regulatory and legal arsenal to enable Paris to become a major marketplace in Islamic finance. At a recent forum in Paris, she said Western financiers could learn a thing or two from the Islamic world as global leaders try to establish “new principles for the international financial system, based on transparency,…

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