Sunday 16th March 2014

When is Shari’a not Shari’a?

29th January 2010

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.”

Iain Published by Iain 29th January 2010
Posted in:  Arabic
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