Islamic Finance

Idris Mojaddidi on “Shariah Supervisory Board”

According to the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), Shariah Supervisory Board is an independent legal body of scholars who are specialised in Fiqh ul Muamalat, Islamic jurisprudence law and Shariah Supervisory Board shall consist of at least 3 members appointed by the shareholders in their General Annual Meeting upon recommendation by …

Idris Mojaddidi on “Shariah Supervisory Board” Read More »

Wan Hafizi Wan Halim on “Why Conventional Insurance is not compatible in Islam”

Let us start by understanding some of the “main” elements which are prohibited from the Shariah point of view. Let us discuss here just three of them which are riba, gharar and maysir. What is riba? Riba occurs in 2 different scenarios. In trading, which is “riba buyu’”, and in lending, which is “riba duyun”.  …

Wan Hafizi Wan Halim on “Why Conventional Insurance is not compatible in Islam” Read More »

Dr. Mohd Daud Bakar on “Shariah Scholars and Shariah Boards”

Some stakeholders of the Islamic Finance industry somehow believe that a Shariah scholar cannot sit on more than one Shariah board. They have to confine themselves to only one bank or one company or one product. And the argument is based on the assumption, perhaps an assumption that a Shariah scholar should observe the potential …

Dr. Mohd Daud Bakar on “Shariah Scholars and Shariah Boards” Read More »