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The Legal Implications of ‘ Fatwā Shopping’ in the Islamic Finance Industry: Problems, Perceptions and Prospects

The Legal Implications of ‘ Fatwā Shopping’ in the Islamic Finance Industry: Problems,... This article examines the occurrence and legal implications of ‘ fatwā shopping’ in the Islamic finance industry and the need to put the proper legal mechanisms in place to regulate the phenomenon. It provides a case study of the existing legal restrictions in some jurisdictions with a centralised Sharīʿah Supervisory Board at the national level such as in Malaysia. As a preliminary review of the implications of ‘ fatwā shopping’ in the industry, this study examines the consequential problems, current perceptions and prospects of such practice. The study finds that instances of ‘ fatwā shopping’ are common in cross-border Islamic finance transactions such as cross-border ṣukūk transactions where there is less regulation. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Arab Law Quarterly Brill

The Legal Implications of ‘ Fatwā Shopping’ in the Islamic Finance Industry: Problems, Perceptions and Prospects

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Publisher
Brill
Copyright
© Koninklijke Brill NV, Leiden, The Netherlands
ISSN
0268-0556
eISSN
1573-0255
DOI
10.1163/15730255-12341319
Publisher site
See Article on Publisher Site

Abstract

This article examines the occurrence and legal implications of ‘ fatwā shopping’ in the Islamic finance industry and the need to put the proper legal mechanisms in place to regulate the phenomenon. It provides a case study of the existing legal restrictions in some jurisdictions with a centralised Sharīʿah Supervisory Board at the national level such as in Malaysia. As a preliminary review of the implications of ‘ fatwā shopping’ in the industry, this study examines the consequential problems, current perceptions and prospects of such practice. The study finds that instances of ‘ fatwā shopping’ are common in cross-border Islamic finance transactions such as cross-border ṣukūk transactions where there is less regulation.

Journal

Arab Law QuarterlyBrill

Published: Feb 24, 2016

Keywords: fatwā ; fatwā shopping; Islamic finance; Sharīʿah Supervisory Boards; Sharīʿah compliance

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