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IFN Europe conference in London, organised by Islamic Finance News (July 2011), was refreshing. Packed with practitioners prepared to ask difficult questions, we had the impression that Islamic finance was ready to work at adding something new to the word finance. An example was Dr Armen Papazian of Keipr, who argued for a change in the logic of money creation. There was also a running debate on Day 1 on the question of whether there is a real business case for corporate sukuk.
Create money, not debt Professor Papazian focused on macroeconomics. One of the fundamental problems with our financial system, he said, is that these days money represents nothing but debt. This applies equally to Islamic countries: widely linked to the US...
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