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Industry of islamic banking and finance

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Though the industry of Islamic banking and Finance has been growing for the past 30-40 years, some Shariah scholars have openly refused to accept its role on both levels:

a) Macro level (there can be no Islamic banking and finance under a Conventional Central Bank)

b) Micro level (products such as Bay' Einah, Tawarruq etc are nothing but legal tricks and a backdoor for Riba).

Based on your knowledge, provide four arguments (two on Macro and two on Micro levels) either to support or refute the above statements.

Reference no: EM132589186

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