[the_wrong_guy]

Islamic Banking is an emerging discipline and is not without its critics, Muslim and non-Muslim, laymen and experts. Timur Kuran's Islam and Mammon attempts to raise doubts over the very bases of Islamic Banking and Economic Theory, but his criticism leaves us wanting. There's obviously a lot of mixing up of fact and fiction followed meaningless emotional rhetoric in his arguments, but he raises (at least) two very important objections: one from a philosophical perspective, and the other from a historical and practical perspective. I am yet to see any coherent intellectual response to Kuran's criticism from Islamic economists.

Mufti Taqi Usmani recently wrote a paper claiming that almost 80% of the Sukuk transactions offered by Islamic banks are haram, and based on my current understanding of the system, I completely agree with him.

So basically, it's great that people are attempting to present and practice an economic system based on Islamic teachings and values, but there's much that still needs to be done and many issues that still need to be worked out.