Interstate of Mind » Finance http://www.interstateofmind.com Ideas from the heart. Creative minds for the driven and uncompromising. Interstate Creative Partners. Thu, 02 Jun 2016 08:22:03 +0000 en-US hourly 1 http://wordpress.org/?v=4.1.1 When is Shari’a not Shari’a? http://www.interstateofmind.com/when-is-sharia-not-sharia/ http://www.interstateofmind.com/when-is-sharia-not-sharia/#comments Fri, 29 Jan 2010 12:03:23 +0000 http://www.interstateofmind.com/?p=31 As a financial product offering needs to have a seal of approval or Fatwa from a Shari’a scholar, interesting anomalies can occur. In a recent BBC News article (read the full story here) whether a product gets approved or not depends on the individual scholar’s view on the matter. If a scholar refused a product, the bankers would practice ‘Fatwa Shopping’ by going to another, “If he doesn’t give it to us, we phone up another scholar, offer him a sum of money for his services and ask him for a Fatwa. We do this until we get Shari’a compliance. Then we are free to distribute the product as Islamic.”

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As a financial product offering needs to have a seal of approval or Fatwa from a Shari’a scholar, interesting anomalies can occur. In a recent BBC News article (read the full story here) whether a product gets approved or not depends on the individual scholar’s view on the matter. If a scholar refused a product, the bankers would practice ‘Fatwa Shopping’ by going to another, “If he doesn’t give it to us, we phone up another scholar, offer him a sum of money for his services and ask him for a Fatwa. We do this until we get Shari’a compliance. Then we are free to distribute the product as Islamic.”

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