International Shariah Scholars Forum (ISSF 2009)
"Islamic Financial Instruments: The Genuine and the Imitation"
1. It is important for scholars and mujtahids to remain in ongoing communication with expert practitioners of Islamic finance in order to stay abreast of the latest developments of financial instruments in order to study them and regulate them with precise Shari’ah parameters. This can take place by means of dialog forums for evaluating Islamic financial products, developing them further and innovating new products.
2. Research centers and universities specializing in Islamic finance should lay down rules for the development of financial products that committees of jurists and experts in the fiqh academies can rely upon and that supervisory and regulatory players can observe.
3. It is necessary to develop strategic plans that will guide the process of moving the Islamic finance industry from imitation to innovation and authenticity.
4.Training centers and Shari’ah supervisory boards in Islamic financial institutions and consulting services are called upon to bring about a creative cultural environment that will develop human resources.
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