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[13 July 2012] Is Islamic banking applicable in today economy - English After the baking crisis of 2008 and the collapse of financial markets, doubts have emerged on the capability of the modern financial model to sustain a healthy economy. With the failure of both capitalism and communism, some experts, especially in Muslim countries are looking at Islam to find an alternative model. Islam's strong prohibition of usury (Riba) in particular is seen as a new foundation for a healthy banking system and consequently a sustainable and fairer economy. Other Islamic institutions like zakat and waqf (endowments) have potential economical functions. In recent years Islamic Banking for example, has been tried with some success in some of Muslim countries and even in Britain. British Financial Services Authority estimates the assets controlled by Islamic banks at the global level to be $200-500bn which is growing at a pace of 10-15% per year. With prospect of about 12 million Muslims living in EU, Islamic financial and economical model is a feasible solution for the future. This week's Islam and Life asks: Are the principles of Islamic banking applicable in today's economy?

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A Hamas senior official has lashed out at Saudi Arabia for not granting visas to Gazans who want to go on the Hajj pilgrimage. In remarks posted on Hummaas's website, Atef Edwan said Riyadh had allowed thousands of people registered with the Palestinian Authority in the West Bank to have visas but not the 2,200 in Gaza who applied through Hummaas, AFP reported. "By ignoring those Gaza pilgrims registered with the Waqf (department of religious affairs) Saudi Arabia is making a political mistake that will have negative consequences on the Saudi regime and the whole region," AFP quoted Edwan as saying. Meanwhile media outlets quoted unnamed witnesses as saying that Hummaas police set up checkpoints across Gaza on Saturday, to prevent those who coordinated their pilgrimage with the movement's rival, the Palestinian Authority from traveling. Since last month tensions between Hummaas and the Palestinian Authority has heightened as the Palestinian Authority Chief Mahmoud Abbas increased the detention of Hummaas' members.