Features : FX e-commerce in Shari'ah compliant currency trading - the new embracing the old

First Published in e-Forex Magazine January 2010

Jim Nuzum

Jim Nuzum

CEO of GCC Markets

Jim Nuzum CEO of GCC Markets, (www.gcc-markets.com) explores why there is growing demand for Shari'ah compliant FX trading solutions and how the latest FX e-commerce technologies can help address the needs of Islamic traders and investors.


Depending on which scholar's view you are referring to, the Islamic Golden Age ran for about 400 years, from the early 9th century, well into the 13th century. During this time Islam contributed to and either, directly or indirectly, influenced economic doctrine on every continent. Today, with total assets somewhere around the $750 billion level, Islamic finance is a relatively small but vital element of the conventional finance sector globally; vital not just for its obvious political significance, but vital numerically too. At around 1.6 billion, almost 1 in 4 people in the world today practice Islam and on current growth rates this will increase to 1 in 3 by 2025. Comparatively, (ignoring the recent events in Dubai) and not by accident or oversight, Islamic finance hardly missed a beat throughout the credit crisis and continues to maintain double digit growth rates, upwards of 15% pa.

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