Monday 11 April 2011

Islamic finance industry needs more experts

Islamic finance might be on a dizzying growth trajectory but Sharia scholars qualified to make rulings on complex banking and investment products remain a scarce commodity.

Often referred to as the industry's gatekeepers, scholars must give their approval before Islamic banks can launch savings schemes, offer financing and make many other business decisions.

They evaluate the compliance of all sorts of investment products including Islamic bonds and mortgages, and hold vast sway over an industry now estimated to be worth more than US$1 trillion (Dh3.67tn).

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