A critique of creative Shari'ah compliance in the Islamic finance industry / by Ahmad Alkhamees.

Format:

Book

Author/Creator:

Alkhamees, Ahmad (Ahmad A.), author.

Series:

Brill's Arab and Islamic laws series ; Volume 11.

Brill's Arab and Islamic Laws, 1871-2894 ; Volume 11

Language:

English

Subjects (All):

Banking law (Islamic law).

Finance (Islamic law).

Finance--Religious aspects--Islam.

Finance.

Physical Description:

1 online resource (301 pages) : illustrations (some color), tables.

Place of Publication:

Leiden, The Netherlands ; Boston, [Massachusetts] : Brill Nijhoff, 2017.

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.

Contents:

Preliminary Material / Ahmad Alkhamees

Introduction / Ahmad Alkhamees

An Overview of Sharīʿah / Ahmad Alkhamees

The Form Versus Substance Debate and the Roots of Creative Sharīʿah Compliance in Islamic Finance: Why Reinvent the Wheel? / Ahmad Alkhamees

Tawarruq as a Case Study of Creative Sharīʿah Compliance / Ahmad Alkhamees

Standardisation of Fatwās to Reduce Creative Sharīʿah Compliance / Ahmad Alkhamees

The Impact of Sharīʿah Governance Practises on Sharīʿah Compliance in Contemporary Islamic Finance / Ahmad Alkhamees

Public Mechanisms to Remedy Creative Sharīʿah Compliance / Ahmad Alkhamees

Private Mechanisms to Remedy Creative Sharīʿah Compliance / Ahmad Alkhamees

Conclusion / Ahmad Alkhamees

Bibliography / Ahmad Alkhamees

Index / Ahmad Alkhamees.

Notes:

Includes bibliographical references and index.

Description based on print version record.

ISBN:

90-04-34443-8

Publisher Number:

10.1163/9789004344433 DOI