Duties and Responsibilities of Shari’ah Boards from a Legal and Regulatory Perspective

Tuesday, 20 January 2015 Written by // Prof. Dr. Mohamad Akram Laldin

Duties and Responsibilities of Shari’ah Boards from a Legal and Regulatory Perspective

Over the past years Islamic finance has experienced tremendous development, and this is due to the effort of many parties, including the Shari’ah scholars, market practitioners and regulators. It is hoped that such efforts will continue in the future, as the Islamic finance industry still has a long way to go before it matures and fully develops. The tradition and experiences of conventional finance have also been valuable to the establishment of Islamic finance, in that the Islamic finance stakeholders have been able to learn from and employ all of its positive and permissible ideas, tools and traditions.


Is Islamic Finance Islamic ?

Is Islamic Finance Islamic ?

As an Islamic finance student and professional, the most common and most frequently asked question to me, Is Islamic Finance Islamic? The surprising part is the people who ask this question are mostly Muslim and from South Asia. My answer to them starts with a simple question itself, what you think is not Islamic about Islamic finance? And I know what is coming. Common replies are, It looks same as conventional banks, same banking structure, same central bank, same interest rate, same designations of the employees as the conventional banks. I let the person take his frustration out on Islamic finance for a while.

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