Amid Dana debacle, Islamic finance seeks safeguards against illegality claims | Reuters:
"The Islamic finance industry is seeking ways to safeguard deals against challenges to their religious permissibility, after a case in the United Arab Emirates raised the risk that issuers of Islamic bonds could refuse to redeem them after such a challenge. Bankers and lawyers say several mechanisms, new and old, could address the problem, though it may be impossible to remove the risk entirely. Legal provisions in contracts for financial instruments could prevent their sharia-compliance from being questioned after they are issued. Investors may also screen scholars who certify instruments as sharia-compliant more carefully, and pay more attention to what mechanisms, such as courts, exist to rule on potential disputes."
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