Certifying Shari’ah Compliance in Financial Products: The Role of Islamic Values in Financial Decision- Making

UAE Laws and Islamic Finance

 

 

Dubai Ramadan Nights on the Creek (2010)

 

Certifying Shariah Compliance in Financial Products:  The Role of Islamic Values in Financial Decision Making

Yusuf Talal DeLorenzo

Summary

This study will look at Islamic values in financial decision making by considering whether or not Shariah Supervisory Boards will approve any financial product that is delivered by halal means, even if what is delivered by those means, the end product, is derived from non-compliant investments. This may be characterized as a quasi-philosophical question. Yet, it is one that carries a myriad of practical implications, not to mention far-reaching ramifications for the growing Islamic financial industry. This is a case study, and not a theoretical study. The focus of the study is a particular product; and in studying it, we shall attempt to shed light on the place of law and morality in the deliberations of modern Shariah supervisory boards…

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