One of the challenges facing the Shariah Finance industry is a shortage of qualified Shariah scholars to serve as “advisers” to Shariah-compliant financial institutions. Not only is their a shortage of Shariah scholars, but many of the existing Shariah scholars are very old. Sheikh Youssef al-Qaradawi and Mufti Taqi Usmani are examples of the old […]
Does Your Financial Institution Participate in Shariah Compliant Finance?
The most common requests we receive here at SFW are questions as to whether banks or brokerage houses “are Shariah-compliant?” As a result of these numerous inquiries, for the past several weeks, we have carefully compiled a list of financial institutions active in the USA that have some form of tie to Shariah Compliant Finance. […]
Another Apologist Attempts to Rewrite History for Cat Stevens
Most of SFW’s readers probably know who Cat Stevens is. He was a folk singer who converted to Islam in the late 1970s and changed his name to Yusuf Islam. At the time of his conversion, he swore off his music and devoted himself to his new-found faith. A few years later he found himself […]
The Shariah scholars are a central concern in Shariah Finance because several of the most prominent are Jihadists with ties to extremist groups. Placing more power in such hands doesn’t help matters. There appear to be two competing entities in this movement: Mufti Taqi Usmani’s AAOIFI (Accounting and Auditing Organization for Islamic Financial Institutions) and […]
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