Islamic finance scholars should be regulated in line with other professionals such as lawyers and accountants, says David Gray, the director of supervision at the Dubai Financial Services Authority (DFSA).
Under DFSA rules, which apply to companies operating within the Dubai International Financial Centre framework, firms offering Islamic services must have a Sharia supervisory board made up of "competent" scholars.
The firms are subject to annual Sharia reviews and audits, and must follow standards set by the Accounting and Auditing Organisation for Islamic Financial Institutions. TheDFSA supervises these arrangements.
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