For the longest we have been talking about banking reform in Iraq. Most of us believed, I know I did, that all it took was just updating to high-tech components to the Iraqi banking system. Turns out not only was I incorrect in that belief but many other people were as well. The bottom line is Islamic banking is very very different than western banking…Those differences have subtly swept under the rug. The western news has not talked about it…Why is Iraqi banking system taking so long to integrate with the global banking infrastructure? Even US bankers did not offer up this information as a news item…They enjoy keeping us in the dark. [Stay tuned over the next couple of days as Sandy unpacks the differences between Western and Islamic banking and how this impacts the Iraqi dinar exchange rate.]
