Islamic finance scholars launch global professional association

By Reuters Staff
October 30, 2013

(People withdraw cash from an automatic teller machine at a CIMB Islamic branch in Sepang outside Kuala Lumpur August 26, 2013. REUTERS/Bazuki Muhammad )

Some of the world’s most well-known Islamic finance scholars are launching a self-regulating professional association that will develop training and professional conduct standards for the gatekeepers of Islamic business.

The Association of Sharia Scholars in Islamic Finance (ASSIF), a British-registered charity, will address a longstanding problem in the industry: the lack of a clear, commonly recognised set of qualifications for scholars.

Boards of sharia scholars at financial institutions rule on whether activities and products follow religious principles such as bans on interest payments and monetary speculation.

But scholars’ rulings can contradict each other, confusing investors, and the approval process is open to accusations of conflicts of interest, since scholars are paid by the institutions whose products they vet.

The new association aims to work with the industry’s existing bodies around the globe rather than replace them, Mufti Abdul Kadir Barkatullah, ASSIF’s deputy president, said on the sidelines of the World Islamic Economic Forum in London.

Read the full story by Bernardo Vizcaino here.

Follow RTRFaithWorld via Twitter Follow all posts on Twitter @ RTRFaithWorld

rss button Follow all posts via RSS

No comments so far

We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/