Defining Harmonisation of Sharīʻah Rulings in Islamic Finance

in Arab Law Quarterly
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Having been applied for over four decades, the Islamic finance industry faces a divergence of opinions on the Sharīʻah, resulting from different interpretations adopted by Sharīʻah scholars when modifying classical fiqh doctrines to suit the current banking system. Although juristic disagreement is acceptable from a fiqh perspective, its practice in the financial industry brings more disadvantages than benefits. Recently the call for harmonising Sharīʻah rulings has become stronger. This article defines what is meant by harmonisation of Sharīʻah in the context of the Islamic finance industry, and outlines its scope and contribution. The discussion is pertinent due to confusion over the term ‘standardisation’. Contemporary Sharīʻah scholars and practitioners in the financial industry appear to be in disagreement when elaborating upon the issue. Hence, it is hoped that this article will help clarify the meaning of ‘harmonisation’ and shed light on how this can be accomplished to benefit the financial industry.

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References

6

Shamsad Akhtar, ‘Sharīʻah Compliant Corporate Governance’, Annual Corporate Governance Conference (Dubai, 2006).

7

Wafica Ali Ghoul, ‘The Standardization Debate in Islamic Finance: A Case Study’, 8th International Conference in Islamic Economics and Finance (Qatar, 2011).

10

Paul McMahon, Harmonisation of Laws (Dublin: Lavelle Coleman Solicitors, 2009).

11

Michael G. Faure, ‘Defining Harmonisation, Codification and Integration’, European Environmental Law Review (June 2000): 174-182.

12

Muhammad Ali al-Qari, ‘Governance Standards and Protocal on Shariah Decision and Making Process’, in Proceedings of Securities Commission of Malaysia-Oxford Centre for Islamic Studies Roundtable and Forum (Kuala Lumpur, 15-16 March 2010).

23

Muhammad Ali al-Qari, ‘Governance Standards and Protocal on Sharīʻah Decision and Making Process’, in Proceeding of Securities Commission of Malaysia-Oxford Centre for Islamic Studies Roundtable and Forum (Kuala Lumpur, 15-16 March 2010).

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