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, Mohammad 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 E-ISSN 1573-0255

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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 (Review)
Additional Information:	6807/56587
Uncontrolled Keywords:	fatwā; fatwā shopping; Islamic finance; Shari'ah compliance; Shari'ah Supervisory Boards
Subjects:	K Law > KBP Islamic Law
Kulliyyahs/Centres/Divisions/Institutes (Can select more than one option. Press CONTROL button):	Ahmad Ibrahim Kulliyyah of Laws > Department of Civil Law
Depositing User:	Dr. Umar Aimhanosi Oseni
Date Deposited:	27 Apr 2017 15:15
Last Modified:	27 Apr 2017 15:15
URI:	http://irep.iium.edu.my/id/eprint/56587

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