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A Critique of Creative Shari'ah Compliance in the Islamic Finance Industry

A Critique of Creative Shari'ah Compliance in the Islamic Finance Industry

Author: Ahmad Alkhamees
Publisher: Brill Nijhoff
ISBN: 9789004344396
Published In: August 2017
Format: Hardback
Jurisdiction: Netherlands ? Disclaimer:
Countri(es) stated herein are used as reference only

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Contents

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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.

Acknowledgements

Brill’s Simple Arabic Transliteration System

Glossary of Arabic Terms

Table of Cases

List of Statutes

List of Figures and Tables

Abbreviations

Introduction

An Overview of Shariʿah

1.1 Introduction

1.2 Overview of Shariʿah and Its Foundation

1.3 Schools of Thought

1.4 Islamic Legal Ruling

1.5 Main Features of Islamic Finance

1.6 Shariʿah-Compliant Financial Instruments

1.7 The Objectives of Islamic Law

1.8 Conclusion

The Form Versus Substance Debate and the Roots of Creative Shariʿah Compliance in Islamic Finance: Why Reinvent the Wheel?

2.1 Introduction

2.2 The Definition of Ḥīlah

2.3 The Origins and the Evolution of Ḥīlah

2.4 Positions on Ḥīlah of Islamic Schools of Thought

2.5 Refuting the Pro-Ḥīlah Arguments

2.6 Conclusion

Tawarruq as a Case Study of Creative Shariʿah Compliance

3.1 Introduction

3.2 Definition of Tawarruq and Selection Rationale

3.3 The Development of Tawarruq

3.4 The Differences between Jurisprudential and Organised Tawarruq

3.5 Forms of Tawarruq

3.6 Shariʿah Jurists’ Views on Tawarruq

3.7 Conclusion

Standardisation of Fatwās to Reduce Creative Shariʿah Compliance

4.1 Introduction

4.2 Standardisation: A Definition

4.3 Why Is Standardisation Needed?

4.4 Causes of Juristic Differences

4.5 Remedies for Inconsistency

4.6 Conclusion

The Impact of Shariʿah Governance Practises on Shariʿah Compliance in Contemporary Islamic Finance

5.1 Introduction

5.2 Shariʿah Supervisory Board Definition

5.3 The Importance of SSBs

5.4 Regulatory Issues Surrounding Shariʿah Supervisory Boards

5.5 Conclusion

Public Mechanisms to Remedy Creative Shariʿah Compliance

6.1 Introduction

6.2 Overview and Justification of CSSBs

6.3 Tasks of CSSBs

6.4 The Central Shariʿah Board in Sudan

6.5 The Central Shariʿah Board in Malaysia

6.6 UK Regulators’ Approach towards Shariʿah Governance

6.7 Saudi Regulators’ Approach towards Shariʿah Governance

6.8 Compulsory Disclosure

6.9 Conclusion

Private Mechanisms to Remedy Creative Shariʿah Compliance

7.1 Introduction

7.2 Shariʿah Compliance Rating

7.3 Shariʿah Indices

7.4 Private External Shariʿah Auditing Firms

7.5 International Islamic Financial Standards

7.6 Whistle Blowing

7.7 Characterising the Articles of Association

7.8 Conclusion

Conclusion

Bibliography

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