Sherin Kunhibava

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Court referral and Nigeria’s Financial Regulation Advisory Council of Experts (FRACE)

Purpose – This paper aims to highlight resolution of Islamic finance dispute by common law-oriented courts in Nigeria with respect to Sharīʿah non-compliance and legal risks thereof, as well as the lesson to learn from Malaysia in that regard. This…

Journal (English)

Shariah and Conventional Law Objections to Derivatives: A Comparison

In Islamic finance, many scholars advise against the use of derivatives, which is still in its infancy. Conventional law even voiced its objections to derivatives as early as the 17th century. This article surveys and compares the relationship between present-day…


Reasons on the Similarity of Objections with Regards to Gambling and Speculation in Islamic Finance and Conventional Finance

Gambling and speculation which leads to zero-sum outcomes are prohibited in Islamic finance and condemned in conventional finance. This article explores the reasons for the similarity of objections towards gambling and speculation. Three probable reasons are explored namely the concept…


Legal Issues in Shari’ah Governance in The Islamic Finance Industry in Malaysia

In Malaysia, the Islamic Financial Services Act 2013 (IFSA), the Central Bank of Malaysia Act 2009 (CBMA) and the Shariah Governance Framework (SGF) prescribe the structures and processes required for the Islamic finance industry to ensure compliance with the Sharīʿah…

Journal (English)


Global Islamic Economic Magazine

Application of Options in Islamic Finance

The objective of this research is to provide a clearer understanding of the options contract in Islamic finance. Option contracts provide economic benefits of hedging and flexibility of use; however, they are also used for speculative purposes that contravene the…

Research Paper

Derivatives in Islamic Finance

The main objective of this paper is to review the use and status of derivatives in Islamic finance. This is done by first explaining the basic derivative contracts of forwards, futures, options and swaps. Thereafter, the discussion turns to the…

Research Paper

Musharakah Mutanaqisah and Legal Issues: Case Study of Malaysia

This paper explores home financing through musharakah mutanaqisah in Malaysia and possible legal issues. This paper explains that there are a few methods in the practice of implementing musharakah mutanaqisah legally. The first is where the customer is registered as…

Journal (English)

Shari'ah Parameters of Islamic Derivatives in Islamic Banking and Finance

Although highly controversial, Islamic derivatives have been created and offered in the Islamic space. The note highlights the objective and the approach of the research. It also offers some preliminary findings on the most common type of derivatives instrument used…

Journal (English)