By Professor Mohammad Fadel (University of Toronto, Faculty of Law) In a recent attempt to control religious discourse in Egypt, the chairperson of Egypt’s Supreme Media Regulatory Council (al-majlis al-aʿlā li-tanẓīm al-iʿlām), Makram Muhammad Ahmad, announced that only 50 people would be permitted to give an opinion (fatwā) pertaining to Islamic law. According to various … Continue reading Commentary: Religious Opinions within Civil Discourse
This commentary, by SHARIAsource Southeast Asia editor Jeff Redding, explains crucial aspects of the 2014 Indian Supreme Court decision in Vishwa Lochan Madan v. Union of India, arguing that this highly-anticipated and long-delayed opinion left much unresolved about whether non-state Muslim legal actors have a role, along with state courts, in announcing and enforcing Muslim Personal … Continue reading Commentary: Vishwa Lochan Madan v. Union of India (2014) and the Uncertain Boundaries of Muslim Personal Law in India
Decided by the Supreme Court of India, Vishwa Lochan Madan v. Union of India decreed that fatwas issued by sharīʿa courts hold no legal leverage. Read the case.
This is a memorandum (circulaire) issued by the shari'a board of the Central Bank of Morocco (Bank al-Maghrib) in January 2017. The document contains fatwās pertaining to Islamic financial instruments such as murābaḥa and regulations concerning its practice and penalties. See document and see the interview with a sharīʿa auditor at Dar Assafaa.
Interview conducted by Ari Schriber, Morocco Editor Nour-Eddine Qaouar is a PhD Candidate in the Faculty of Letters and Humanities at Muhammad V University (Rabat, Morocco) where he studies the applicability of finance-related fatwās from classical sharīʿa to contemporary questions of Islamic finance. He is also Sharīʿa Auditor at Dar Assafaa, the Islamic window of … Continue reading Islamic Finance: New Developments in Morocco’s Sharīʿa-Compliant Banking
In 2007, the Auditing and Accounting Organisation for Islamic Financial Institutions (AAOIFI) considered about 85% of sukuk (commonly called Islamic bonds) to be non-sharīʿa-compliant. In 2010 they released these comprehensive guidelines on Islamic finance, including a section on sukuk (pg. 303), which outlines factors to consider when creating Islamic bonds. One such factor is industry, … Continue reading STANDARDS:: Auditing and Accounting Organisation for Islamic Financial Institutions’ (AAOIFI) Sharīʿa Standards for Financial Institutions (2010)
Islamic finance is under increased scrutiny. Just last week, the Accounting and Auditing Organization for Islamic Finance Institutions (AAOIFI) announced plans to more aggressively develop centralized standards to regulate the boards responsible for assessing sharīʿa-compliance among banks and financial institutions doing business in GCC countries. UAE editor Paul Lee provides some context. From a series … Continue reading The Comparative Costs and Benefits of Models of Islamic Finance Regulation