Standardization of Shari'ah Rulings

Another hindrance to the development of the Islamic financial system is the different interpretations of Shari'ah among Shari'ah scholars on what is Shari'ah-compliant. The different opinions among Shari'ah scholars on relatively similar issues may create
confusion among the general public as well as practitioners of Islamic finance. In order to avoid the confusion among the market participants, there is a need for some sort of standardisation. In other words, standardising the rulings would make it easier for both companies and ordinary people to understand them better. In addition, the standardisation of the practices across the globe may bring about further growth and strength to the Islamic financial industry. For further details see: ISRA, Islamic Financial System; Principles and Operations.

قرار رقم 190 (5/20) بشأن دور المجامع الفقهية في ترشيد مسيرة المؤسسات المالية الإسلامية: آليات وصيغ
قرار رقم: 202 (8/21) بشأن الحوار بين أتباع المذاهب الإسلامية
Revisiting The Rulings On Bai' 'Inah

Islamic Financial System ©



I-FIKR Sponsors