Islamic finance outsources scholars’ supervision to grow

By Reuters Staff
November 3, 2010

finance ammanBankers in Islamic finance are increasingly outsourcing sharia supervision due to a lack of scholars in the industry, but critics say this is making the sector even less transparent and slowing its development.

Islamic finance relies on too few of its scholars

By Reuters Staff
October 6, 2010

saudi traderThe Islamic finance industry is not short of qualified sharia scholars to meet growing demand, but it relies too heavily on a handful of them, limiting growth potential and raising regulatory concerns, experts say.

Sharia boards face scrutiny amid financial crisis

By Reuters Staff
March 11, 2010
bank sharia

A teller at Bank Syariah Mandiri in Jakarta February 17, 2010/Supri

Sharia boards face increased scrutiny and criticism as high-profile corporate defaults and cautionary comments from respected scholars cast a harsh light on the fast growth of financial products touted as Islamic.

from Summit Notebook:

Fatwa shopping? Not for Barclays

February 17, 2010

The limited number of Sharia scholars has meant the same
group of men are on various advisory boards which has led to criticism
that people can go "fatwa shopping" and that scholars are in it for the money.