Day 3 – RIT Dubai
The day concluded with a thorough explanation of Islamic finance and Shira Financial Structure from the Dubai Islamic Bank. The principles of which are not based on interest, but based on the sharing of the profits used for trade. The interesting integration of finance and religion as the governing rules are based off of the Koran and cannot be re-written, only interpreted by scholars.
The Muslim faith is also tightly connected with government. In the UAE, the mosques are funded by the government and there is no separation of church and state. All of these facts are important considerations when considering business in the region.