IslamicFinance.de

At least five years later than initially supposed, Saudi Arabian and Malaysian Islamic finance experts start again their efforts to create common regulations for scholars. Together with its Middle Eastern counterpart, the Malaysian International Shariah Research Academy for Islamic Finance has started its work on guidelines which will be targeted at the number of boards on which scholars can sit to reduce conflicts of interest. Also, an institution aiming to provide global accreditation will be established. Thus, the industry's need to boost confidence and improve transparency can be met.

An Egyptian professor of Islamic studies claims, it is allowed for Muslims to borrow non Shariah-compliant options, if there is an extreme need. However there are ultra-orthodox voices saying that such loans are violating Islam's beliefs. In their opinion Islamic countries should decry loans from International Monetary Fund and search other ways of covering debt.

See more under: http://www.bloomberg.com/news/2012-10-01/imf-aid-cheaper-than-aa-debt-wo...