You may recall reading this here on 5 March 2010.
Today my favorite financial newspaper, The Financial Times, ran an article entitled "Court concession raises Islamic finance risk".
I think I may have scooped the FT.
Friday 26 March 2010
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2 comments:
Well done :-)
Ive been arguing for a centralized sharia board to islamic banks for awhile now.
Its not enough to have islamic accounting standards that can be selectively applied by an in-house board.
Too many conflicts of interest imo
Ali
Thanks your comment.
Wouldn't this be a bit difficult though, given that there are four recognized legal mathhabs?
And that even within a single mathhab there might be differences of opinion.
It also seems to me that in this case there is a more fundamental problem.
Basic ethics.
I don't think TID is challenging the right to "profit" on similar structures as long as the investor has decided to participate in its restructuring.
And I think that basic ethics is how we tell the Islamic bankers from the "Islamic bankers". Sura 2 Ayat 8 would seem to be relevant here.
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