Will dawn of new year take Islamic finance to next level?

The dawn of the new Hijrah year and 2011 could either signify more of the same as in the last year or a leap toward the first steps to taking the global Islamic finance industry to the next level as Malaysian Prime Minister Mohd Najib Tun Abdul Razak's government says it aspires to do.
In the case of Ireland, the Bank of Ireland indeed did apply the stress testing to the major Irish banks who incidentally passed the stress tests with flying colors, only to spectacularly fail shortly afterward and precipitating a multinational bail out of the Irish banking system with the help of the International Monetary Fund, the European Central Bank and the UK Treasury, who even had the audacity to borrow money from the markets and lend it to the Irish at a higher margin, albeit over a period of 25 years.

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