Overview

Ahmad Alkhamees defines Creative Shari'ah compliance as compliance with the letter but not the objectives of Shari'ah. In recent years, Islamic finance industry practises have come under scrutiny, with strong critiques levelled against many institutions that claim to provide Shari'ah-compliant products and services, which in fact undermine the spirit and the objectives of Shari'ah. This book significantly contributes to the sphere of Islamic finance in three main ways. First, it critically appraises justifications of creative Shari'ah compliance practises. Second, it examines how Shari'ah supervisory board (SSB) governance practises, and the inconsistent fatwas issued by SSBs, contribute to the issue of creative Shari'ah compliance. Most importantly, it suggests regulatory mechanisms which regulators can employ in Islamic countries such as Saudi Arabia and in secular countries such as the United Kingdom to deal with the issue of creative Shari'ah compliance.

Full Product Details

Author:   Ahmad Alkhamees
Publisher:   Brill
Imprint:   Martinus Nijhoff
Volume:   11
Weight:   0.001kg
ISBN:  

9789004344396

ISBN 10:   900434439
Pages:   282
Publication Date:   16 August 2017
Audience:   Professional and scholarly ,  Professional & Vocational
Format:   Hardback
Publisher's Status:   Active
Availability:   Available To Order  
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Table of Contents

Acknowledgements Brill's Simple Arabic Transliteration System Glossary of Arabic Terms Table of Cases List of Statutes List of Figures and Tables Abbreviations Introduction 1 An Overview of Shari'ah 1.1 Introduction 1.2 Overview of Shari'ah and Its Foundation 1.3 Schools of Thought 1.4 Islamic Legal Ruling 1.5 Main Features of Islamic Finance 1.6 Shari'ah-Compliant Financial Instruments 1.7 The Objectives of Islamic Law 1.8 Conclusion 2 The Form Versus Substance Debate and the Roots of Creative Shari'ah Compliance in Islamic Finance: Why Reinvent the Wheel? 2.1 Introduction 2.2 The Definition of Hilah 2.3 The Origins and the Evolution of Hilah 2.4 Positions on Hilah of Islamic Schools of Thought 2.5 Refuting the Pro-Hilah Arguments 2.6 Conclusion 3 Tawarruq as a Case Study of Creative Shari'ah Compliance 3.1 Introduction 3.2 Definition of Tawarruq and Selection Rationale 3.3 The Development of Tawarruq 3.4 The Differences between Jurisprudential and Organised Tawarruq 3.5 Forms of Tawarruq 3.6 Shari'ah Jurists' Views on Tawarruq 3.7 Conclusion 4 Standardisation of Fatwas to Reduce Creative Shari'ah Compliance 4.1 Introduction 4.2 Standardisation: A Definition 4.3 Why Is Standardisation Needed? 4.4 Causes of Juristic Differences 4.5 Remedies for Inconsistency 4.6 Conclusion 5 The Impact of Shari'ah Governance Practises on Shari'ah Compliance in Contemporary Islamic Finance 5.1 Introduction 5.2 Shari'ah Supervisory Board Definition 5.3 The Importance of SSBs 5.4 Regulatory Issues Surrounding Shari'ah Supervisory Boards 5.5 Conclusion 6 Public Mechanisms to Remedy Creative Shari'ah Compliance 6.1 Introduction 6.2 Overview and Justification of CSSBs 6.3 Tasks of CSSBs 6.4 The Central Shari'ah Board in Sudan 6.5 The Central Shari'ah Board in Malaysia 6.6 UK Regulators' Approach towards Shari'ah Governance 6.7 Saudi Regulators' Approach towards Shari'ah Governance 6.8 Compulsory Disclosure 6.9 Conclusion 7 Private Mechanisms to Remedy Creative Shari'ah Compliance 7.1 Introduction 7.2 Shari'ah Compliance Rating 7.3 Shari'ah Indices 7.4 Private External Shari'ah Auditing Firms 7.5 International Islamic Financial Standards 7.6 Whistle Blowing 7.7 Characterising the Articles of Association 7.8 Conclusion Conclusion Bibliography

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Author Information

Ahmad Alkhamees (Ph.D. (2014), University of Warwick), holds degrees in both Islamic law and English law. He is a published author on comparative law and Islamic law. He is a Co-founder of Harasani & Alkhamees Law Firm in Jeddah, Saudi Arabia, certified arbitrator, and a former judge in Riyadh's General Court.

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