Dear followers and members of ECDN, we are well on our way through autumn, and thus we wanted to keep you up to date on one of our current projects.

We are working on an article series about alternative banks, with a focus on the way Islamic banks are serving their clients. Islamic banking is different from conventional banks in the sense that conventional banks are profit-maximizing entities. They are acting as intermediaries between savers and investors, and they offer custodial and other services found in traditional banking systems. Islamic banks are based on prescriptions in Shariah law, which encompasses a set of duties that also applies to commercial transactions and the authentic traditions. The principles emphasize moral and ethical values in all dealings and stipulate that all banking transactions will be based on an actual economic transaction. With this project we are investigating whether the time is ripe for Islamic banking and finance.

If you have any relevant information about Islamic banks, other alternative banks or just want to comment upon the research question. Feel free to contact the The Social Legal Aid, who is the one in charge of researching and writing the articles. You can reach her on: innovation@socialeretshjaelp.dk