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Four Initiatives Islamic Finance Must Undertake to Keep Itself Relevant in Changing Times

Click here to see Part 1 of 6: Climate of Change — Four Initiatives Islamic Finance Must Undertake

Click here to see Part 2 of 6: Launching a Gold-Based Currency

Click here to see Part 3 of 6: Environmental Shariah Standards

Click here to see Part 4 of 6: Supporting Community-Based Finance

Part 5 of 6: Regulating Shariah Standards

Governments must now empower regulators to begin revoking Islamic banking licenses for Shariah non-compliance, just as they revoke Islamic banking licenses for violating conventional law. At the moment, in most jurisdictions around the world, for something to be labeled “Shariah-compliant,” it merely has to be called that, regardless of the qualification of the one making the claim.

This is unacceptable.

Unless we are prepared to relive the phantasmagoric mess the financial crisis of 2008 left us, complete with paperless, assetless, fly-by-night projects vanishing overnight, and unless we understand that there is a connection between bad banking and environmental degradation, we would do well to put some teeth into Shariah regulation.

Despite its economic woes, Pakistan does an excellent job of fostering Shariah compliance in its burgeoning Islamic finance sector where the specter of license revocation looms ever large and has on occasion been used to good effect. To this end, AAOIFI’s “Shariah Standards,” a document compiling rulings agreed upon by some of the world’s leading Islamic finance scholars, offers a minimum fiqh a product or practice must comply with and could be a good starting point for a given jurisdiction’s financial services authority to deem mandatory.

Click here to see Part 1 of 6: Climate of Change — Four Initiatives Islamic Finance Must Undertake

Click here to see Part 2 of 6: Launching a Gold-Based Currency

Click here to see Part 3 of 6: Environmental Shariah Standards

Click here to see Part 4 of 6: Supporting Community-Based Finance

(Approved by Ethica’s Shariah Board)

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