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Post by fireopal on Nov 21, 2013 11:17:38 GMT 4
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Post by resistk on Nov 27, 2013 4:30:17 GMT 4
It is really quite simple, add a Shariah Audit Committee. |
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Post by fireopal on Nov 27, 2013 11:08:14 GMT 4
it involves a little more than a Sharia Audit Committee and a Board, the day to day and the legal structure has a lot of fine tuning need
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Post by resistk on Dec 7, 2013 6:45:09 GMT 4
it involves a little more than a Sharia Audit Committee and a Board, the day to day and the legal structure has a lot of fine tuning need Perhaps but is there an overarching Sharia complaint regulatory authority? And if it goes out of compliance who knows? Isn't it more self regulating than not? |
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Post by Sapphire Capital on Dec 7, 2013 10:46:02 GMT 4
No Sharia has no central regulatory authority beside the Quran and the other sources, it is in fact like case law, and there are like rating agencies, organizations which will look if you stay within the rules. In regards of self regulatory regime it depends where ou are, there are rules and laws in Malaysia, Pakistan, UAE, Saudi, Sudan etc, if the bank is in the US it is more or less their communities which police them, bad reputation means less business and if that would apply to Wallstreet, aeh there would be no Wallstreet, but they have us over the barrel. I'm waiting for the first set of lawsuits in this for the US example: www.sbp.org.pk/departments/ibd/Regulation_Supervision.pdf; www.cbk.gov.kw/pdf/book6eng/sub2.pdf; www.isdb.org/irj/go/km/docs/documents/IDBDevelopments/Internet/English/IDB/CM/Publications/Occasional%20Papers/Islamic%20Banking%20and%20Finance/Regulations_Supervision_of_Islamic_Banks.pdf; |
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Post by resistk on Dec 18, 2013 3:27:36 GMT 4
I agree, I am skeptical of high priced experts on Sharia compliance.
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