After at least five years of delays, Islamic finance experts in Saudi Arabia and Malaysia are renewing efforts to create common regulations for schola (more)
After at least five years of delays, Islamic finance experts in Saudi Arabia
and Malaysia are renewing efforts to create common regulations for scholars.
Malaysia's International Shariah Research Academy for Islamic Finance is working with its Middle Eastern counterpart on guidelines that will address the number of boards on which scholars can sit to reduce conflicts of interest, according to Executive Director Mohamad Akram Laldin in Kuala Lumpur. An institution will also be established to provide global accreditation, said Akram, who helped set up a body last year to oversee advisers' activities in the Southeast Asian nation.
The industry needs such measures to boost confidence and improve transparency, Abas A. Jalil, Kuala Lumpur-based chief executive officer of Amanah Capital Group Ltd., said in an interview yesterday. Discussions have faltered in the past because of Persian Gulf experts' more stringent interpretations of Shariah law, which could still hinder progress, he said.
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