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A critique of creative Sharī'ah compliance in the Islamic finance industry

Alkhamees, Ahmad (Ahmad A.), author Save to your list

Publication Details Cite/Export

  • Creator by Ahmad Alkhamees
  • Format Books
  • Publication Leiden ; Boston : Brill Nijhoff, [2017]
  • Series
  • Physical Details
    • xix, 281 pages ; 25 cm
  • ISBNs 9789004344396, 900434439X
  • OCLC ocn981761624

Summary

  • Ahmad Alkhamees defines Creative Shari?ah compliance as compliance with the letter but not the objectives of Shari?ah. In recent years, Islamic finance industry practises have come under scrutiny, with strong critiques levelled against many institutions that claim to provide Shari?ah-compliant products and services, which in fact undermine the spirit and the objectives of Shari?ah. This book significantly contributes to the sphere of Islamic finance in three main ways. First, it critically appraises justifications of creative Shari?ah compliance practises. Second, it examines how Shari?ah supervisory board (SSB) governance practises, and the inconsistent fatwas issued by SSBs, contribute to the issue of creative Shari?ah compliance. Most importantly, it suggests regulatory mechanisms which regulators can employ in Islamic countries such as Saudi Arabia and in secular countries such as the United Kingdom to deal with the issue of creative Shari?ah compliance.

Notes

  • Includes bibliographical references and index.

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