“Zweifel an Islamic Finance (Doubts about Islamic Finance)”
In the December 2, 2009 issue of Handelsblatt, Booz & Company Senior Associate Philipp Wackerbeck (Europe) said that the economic troubles in the Emirate of Dubai pose one of the first real tests for the relatively new Islamic banking sector. Since its formation in 1975, the number of institutions operating in line with Islamic law or Shari’ah has mushroomed. Worldwide, there are now more than 500 Islamic financial services institutions, including Dubai Islamic Bank , which is generally acknowledged to be the first full-fledged Islamic bank. An expert in Islamic banking, Wackerbeck is an author with Booz & Company Partner Peter Vayanos (Middle East) of the report, “Islamic Banking: How Do Islamic Banks Compete in an Increasingly Competitive Environment.”