A critique of creative Shari'ah compliance in the Islamic finance industry / / by Ahmad Alkhamees.

• Superior document: Brill's Arab and Islamic Laws, Volume 11
• VerfasserIn: Alkhamees, Ahmad
• Place / Publishing House: Leiden, The Netherlands ;, Boston, [Massachusetts] : : Brill Nijhoff,, 2017.; ©2017
• Year of Publication: 2017
• Language: English
• Series: Brill's Arab and Islamic laws series ; Volume 11.
• Physical Description: 1 online resource (301 pages) :; illustrations (some color), tables.

Ahmad Alkhamees defines Creative Shari‘ah compliance as compliance with the letter but not the objectives of Shari‘ah. In recent years, Islamic finance industry practises have come under scrutiny, with strong critiques levelled against many institutions that claim to provide Shari‘ah-compliant products and services, which in fact undermine the spirit and the objectives of Shari‘ah. This book significantly contributes to the sphere of Islamic finance in three main ways. First, it critically appraises justifications of creative Shari‘ah compliance practises. Second, it examines how Shari‘ah supervisory board (SSB) governance practises, and the inconsistent fatwas issued by SSBs, contribute to the issue of creative Shari‘ah compliance. Most importantly, it suggests regulatory mechanisms which regulators can employ in Islamic countries such as Saudi Arabia and in secular countries such as the United Kingdom to deal with the issue of creative Shari‘ah compliance.

Table of Contents

Preliminary Material / Ahmad Alkhamees -- Introduction / Ahmad Alkhamees -- An Overview of Sharīʿah / Ahmad Alkhamees -- The Form Versus Substance Debate and the Roots of Creative Sharīʿah Compliance in Islamic Finance: Why Reinvent the Wheel? / Ahmad Alkhamees -- Tawarruq as a Case Study of Creative Sharīʿah Compliance / Ahmad Alkhamees -- Standardisation of Fatwās to Reduce Creative Sharīʿah Compliance / Ahmad Alkhamees -- The Impact of Sharīʿah Governance Practises on Sharīʿah Compliance in Contemporary Islamic Finance / Ahmad Alkhamees -- Public Mechanisms to Remedy Creative Sharīʿah Compliance / Ahmad Alkhamees -- Private Mechanisms to Remedy Creative Sharīʿah Compliance / Ahmad Alkhamees -- Conclusion / Ahmad Alkhamees -- Bibliography / Ahmad Alkhamees -- Index / Ahmad Alkhamees.