LIBOR

1. The world is Eurocentric. We trust Europe and Europeans almost unreservedly. The standards are set by them and we follow these standards unquestioningly.

2. Thus banking! The so-called conventional banking system was invented by the Europeans. Today the whole world accepts and practices this banking system.

3. Lately the Islamic banking (no interest) system has been introduced. But it is no match for the Western initiated “conventional” banking system.

4. But we now know that the current fina...