Leading Islamic finance scholars are preparing the first global certification for Shariah experts, seeking to bolster the industry’s reputation and make it easier for banks to find qualified advisers.
A permanent committee will be selected by year-end that will work on setting up a body to issue permits for those qualified to sit on Shariah boards, said Aznan Hasan, the president of the oversight committee. The Kuala Lumpur-based International Shariah Research Academy for Islamic Finance is assisting with the process, executive director Mohamad Akram Laldin said, adding that there is no timeframe for completion. Scholars decide whether financial products meet the religion’s precepts, including a ban on interest payments.
“We are worried that people who aren’t qualified to be Shariah scholars may enter and become members of the advisory boards as the market flourishes,” Hasan of the oversight committee said in an Aug. 30 interview in Kuala Lumpur. “Banks try to search for competent advisers, sometimes they get the right person, sometimes they get the wrong person.”
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