Is there any independent central body that regulates Shariah scholars globally, in order to maintain some degree of consistency within the Islamic banking industry?
There are global bodies of Shariah scholars that work towards promoting consistency and standardization. The Shariah Board of the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) is one example. The OIC (Organisation of Islamic Conference) Islamic Fiqh Academy is another. The Shariah Board of AAOIFI has issued Shariah Standards that are widely followed within the Islamic banking industry. However, the scholars are not regulated by a central authority and it is expected that the general acceptance of Shariah standards will create a market precedent and consistency.
Related Questions
- How does HSBC Amanah ensure that the Shariah scholars maintain objectivity, and safeguard all sensitive information, despite being present on the Shariah boards of competing institutions concurrently?
- Is there any independent central body that regulates Shariah scholars globally, in order to maintain some degree of consistency within the Islamic banking industry?
- Why is it necessary to maintain a constant internal environment in the body?
