Should America adopt Islamic finance?

Mention the word "halal", "Muslim" or "Islam" and you are liable to cause racists to have kittens so naturally the thought of adopting or even considering how Islamic banking might have prevented the financial meltdown is a complete anathema to some.

However, Immadudin Ahmed writes a interesting article asking if the world or perhaps more appropriately if America given its responsibility for the financial crisis had adopted the Islamic approach to banking prohibiting for example speculation and derivatives could we have prevented the banking crisis.

LM is in no doubt that Islamic finance is a significant improvement on the currant western capitalist system and I've highlighted previously the call for a "Business Jihad" based on the Islamic principle of Corporate Waqf by Muhammad Ali Hashim, CEO of Malaysia's Johor Corporation.

London and Paris are in a hypocritical battle to establish themselves as a center for Islamic finance however, London strangely recently cancelled its first sale of Islamic bonds and India has just launched its Sharia Index

LM urges America given the greed is good culture to seriously consider a fundamental change to it's economic system which is based on a credit bubble and unstable mortgage market that is causing mass unemployment throughout the country.