Goldman Sachs sparks debate over Western banks’ role in Islamic finance

A controversial plan by Goldman Sachs to launch an Islamic bond has fired a global debate on whether conventional banks in the West should be allowed to engage in Islamic finance.
Some participants argued investment banks such as Goldman should be forbidden to issue Islamic bonds because the funds they raised could help to finance other parts of their business that did not comply with sharia or Islamic law.
Other participants stated the industry should focus instead on ensuring that each of their Islamic transactions complied with sharia law.