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The End of Petrodollar Recycling and the Future of Islamic Finance
Islamic Finance has mainly replicated conventional finance methods inefficiently. It has thrived during periods of high oil prices, which allowed recycled petrodollars to implicitly subsidize its inefficient modes. As petrodollar flows end, the industry cannot afford the costs of its characteristic inefficiency. Reorienting the industry toward managing financial flows for Muslim charities and remittances can serve simultaneously the purposes of financial development, poverty alleviation, and combating criminal finance.

Jan 20, 2021 05:00 PM in London

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