Islamic Finance

Islamic finance-The missing link…

There is a need to establish an infrastructure institution for Islamic finance, according to Sayd Farook, something that will provide much needed transparency in the processes utilised by Shari’ah scholars to come up with Fatwas

"While just about everyone in the industry is keen to point out the need for uniformity in Fiqh rulings, no one has even remotely provided a solution." Photograph: Adam Broom.
“While just about everyone in the industry is keen to point out the need for uniformity in Fiqh rulings, no one has even remotely provided a solution.” Photograph: Adam Broom.

In the span of one decade, we have seen a number of infrastructure institutions being churned out, from prudential standard setters like the IFSB to market makers like the LMC and capital market standard setters such as the IIFM. What we have not seen come up in this decade is a central infrastructure institution to co-ordinate Islamic Finance Shari’ah scholars and their activities. While just about everyone in the industry is keen to point out the need for uniformity in Fiqh rulings, no one has even remotely provided a solution. Surely this is a need that cannot be suppressed for long

 

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