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(1) Its core positions took shape in the 1940s, and three decades later, efforts to implement them were under way in dozens of countries. (2) In Pakistan, Malaysia, and elsewhere, governments are now running centralized Islamic redistribution systems known as zakat.
More than sixty countries have Islamic banks that claim to offer an interest-free alternative to conventional banking. Invoking religious principles, several countries, among them Pakistan and Iran, have gone so far as to outlaw every form of interest; they are forcing all banks, including foreign subsidiaries, to adopt, at least formally, ostensibly Islamic methods of deposit taking and loan making...
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