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.
UAE editor Paul Lee details how Western courts have married Western and Islamic finance without compromising the principle of fair competition. The regulation of Islamic finance has generally been an area to which Western jurisdictions have devoted limited attention, and courts and regulators have been forced to step in ad hoc to fill necessary gaps. This post … Continue reading New Trends in Regulating Risk in Islamic Finance