A critique of creative Sharī'ah compliance in the Islamic finance industry / by Ahmad Alkhamees.
2017
KBP940.2 .A425 2017 (Map It)
Available at Cellar
Formats
| Format | |
|---|---|
| BibTeX | |
| MARCXML | |
| TextMARC | |
| MARC | |
| DublinCore | |
| EndNote | |
| NLM | |
| RefWorks | |
| RIS |
Items
Details
Title
A critique of creative Sharī'ah compliance in the Islamic finance industry / by Ahmad Alkhamees.
Published
Leiden ; Boston : Brill Nijhoff, [2017]
Call Number
KBP940.2 .A425 2017
Former Call Number
Islam 640 AL49 2017
ISBN
9789004344396 hardcover ; alkaline paper
900434439X hardcover ; alkaline paper
900434439X hardcover ; alkaline paper
Description
xix, 281 pages ; 25 cm.
System Control No.
(OCoLC)981761624
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.
Note
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.
Bibliography, etc. Note
Includes bibliographical references and index.
Available in Other Form
Online version: Alkhamees, Ahmad (Ahmad A.). Critique of creative Shari'ah compliance in the Islamic finance industry. Leiden : Brill Nijhoff, 2017 9789004344433 (DLC) 2017016573
Record Appears in
Table of Contents
Acknowledgements
ix
Glossary of Arabic Terms
x
Table of Cases
xiv
List of Statutes
xv
List of Diagrams and Tables
xvii
Abbreviations
xviii
Introduction
1
1.
Overview of Shari'ah
16
1.1.
Introduction
16
1.2.
Overview of Shari'ah and Its Foundation
16
1.3.
Schools of Thought
18
1.4.
Islamic Legal Ruling
19
1.5.
Main Features of Islamic Finance
21
1.6.
Shari'ah-Compliant Financial Instruments
25
1.7.
Objectives of Islamic Law
28
1.8.
Conclusion
35
2.
Form Versus Substance Debate and the Roots of Creative Shari'ah Compliance in Islamic Finance: Why Reinvent the Wheel?
37
2.1.
Introduction
37
2.2.
Definition of Hilah
39
2.3.
Origins and the Evolution of Hilah
41
2.4.
Positions on Hilah of Islamic Schools of Thought
46
2.5.
Refuting the Pro-Hilah Arguments
58
2.6.
Conclusion
65
3.
Tawarruq as a Case Study of Creative Shari'ah Compliance
67
3.1.
Introduction
67
3.2.
Definition of Tawarruq and Selection Rationale
67
3.3.
Development of Tawarruq
69
3.4.
Differences between Jurisprudential and Organised Tawarruq
72
3.5.
Forms of Tawarruq
72
3.6.
Shari'ah Jurists' Views on Tawarruq
74
3.7.
Conclusion
85
4.
Standardisation of Fatwds to Reduce Creative Shari'ah Compliance
87
4.1.
Introduction
87
4.2.
Standardisation: A Definition
87
4.3.
Why Is Standardisation Needed?
88
4.4.
Causes of Juristic Differences
96
4.5.
Remedies for Inconsistency
108
4.6.
Conclusion
115
5.
Impact of Shari'ah Governance Practises on Shari'ah Compliance in Contemporary Islamic Finance
117
5.1.
Introduction
117
5.2.
Shari'ah Supervisory Board Definition
118
5.3.
Importance of SSBS
119
5.4.
Regulatory Issues Surrounding Shari'ah Supervisory Boards
122
5.5.
Conclusion
170
6.
Public Mechanisms to Remedy Creative Shari'ah Compliance
172
6.1.
Introduction
172
6.2.
Overview and Justification of CSSBS
172
6.3.
Tasks of CSSBS
176
6.4.
Central Shari'ah Board in Sudan
177
6.5.
Central Shari'ah Board in Malaysia
180
6.6.
UK Regulators' Approach towards Shari'ah Governance
187
6.7.
Saudi Regulators' Approach towards Shari'ah Governance
196
6.8.
Compulsory Disclosure
204
6.9.
Conclusion
209
7.
Private Mechanisms to Remedy Creative Shari'ah Compliance
210
7.1.
Introduction
210
7.2.
Shari'ah Compliance Rating
210
7.3.
Shari'ah Indices
216
7.4.
Private External Shari'ah Auditing Firms
218
7.5.
International Islamic Financial Standards
222
7.6.
Whisde Blowing
227
7.7.
Characterising the Articles of Association
229
7.8.
Conclusion
230
Conclusion
231
Bibliography
241
Index
277