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It is a question often asked, the frequent subject of private conversations and regional chat show debates: how Islamic is Islamic finance?

Sharia considers conventional insurance haram because it involves the transfer of risk.

It is unsurprising that the Gulf’s first sukuk default case is in Kuwait, where conventional and Islamic investment companies are under severe strain

GSN lists some – but not by any means all – of the key players operating in the industry

It is unsurprising that the Gulf’s first sukuk default case is in Kuwait, where conventional and Islamic investment companies are under severe strain. The risk is systemic given that investment companies

In an interview with GSN, AAOIFI secretary general Mohammed Al-Chaar talks about the Bahrain-based institution’s role, the latest developments and industry trends.

The Islamic financial system has not been immune to the effects of the global financial crisis, but industry players remain confident, and are positioning themselves for when markets regain momentum

Sharia considers conventional insurance haram because it involves the transfer of risk. The Quran teaches the sharing of each other’s burdens, and this risk and reward sharing is offered by takaful.

Limited investment options have exposed takaful operators to the global economic downturn. But many providers are optimistic, seeing huge potential in a still largely untapped global market.

An Islamic hedge fund appears to be a contradiction in terms. Conventional hedge funds are fundamentally associated with principles abhorred by sharia scholars, such as short selling or speculation. But after several years of hand wringing by sharia boards over what is halal (allowed) or haram (forbidden), under sharia law, real alternative investment vehicles claiming to be sharia-compliant are edging into the market

List detailing sukuk transactions in 2009

With conventional bank funding drying up, sovereign and corporate issuers are tapping the Islamic bond market to fund expansion. Bahrain has just launched an issue that was eight times over-subscribed. But in the longer term, the sukuk industry’s credibility will depend on improving market transparency

The global credit crisis has posed questions over project and trade financing capacity, to which Islamic finance is supplying answers.

According to UK publication Horse & Hound, Dubai ruler Sheikh Mohammed Bin Rashid Al-Maktoum has demanded to know why the International Equestrian Federation (FEI - an organisation whose president Princess Haya Al-Hussein is MBR’s wife) delayed notifying him of a positive dope test on his horse, Tahhan

Rapidly spreading protests are seen as a challenge not just to the election result and President Mahmoud Ahmadinejad, but also to Rahbar (Supreme Leader) Ayatollah Ali Khamenei – and may eventually challenge the basis of the Islamic Republic (although this latter challenge still seems a long way off).