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The legal implications of ‘Fatwā Shopping’ in the Islamic finance industry: problems, perceptions and prospects

Oseni, Umar Aimhanosi and Ahmad, Abu Umar Faruq and Hassan, M. Kabir (2016) The legal implications of ‘Fatwā Shopping’ in the Islamic finance industry: problems, perceptions and prospects. Arab Law Quarterly, 30 (2). pp. 107-137. ISSN 0268-0556

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Abstract

This article examines the occurrence and legal implications of ‘fatwā shopping’ in the Islamic finance industry and the need to put the proper legal mechanisms in place to regulate the phenomenon. It provides a case study of the existing legal restrictions in some jurisdictions with a centralised Sharīʿah Supervisory Board at the national level such as in Malaysia. As a preliminary review of the implications of ‘fatwā shopping’ in the industry, this study examines the consequential problems, current perceptions and prospects of such practice. The study finds that instances of ‘fatwā shopping’ are common in cross-border Islamic finance transactions such as cross-border ṣukūk transactions where there is less regulation.

Item Type: Article (Journal)
Additional Information: 6807/58149
Uncontrolled Keywords: Islamic finance; fatwā; fatwā shopping; Sharīʿah Supervisory Boards; Sharīʿah compliance
Subjects: H Social Sciences > HG Finance
K Law > KBP Islamic Law
Kulliyyahs/Centres/Divisions/Institutes: Ahmad Ibrahim Kulliyyah of Laws > Department of Civil Law
Depositing User: Mrs. Wan Salwati Wan Salleh
Date Deposited: 09 Oct 2017 08:49
Last Modified: 09 Oct 2017 08:49
URI: http://irep.iium.edu.my/id/eprint/58149

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