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entertainment6 hours ago
According to Islamic financial experts, Islamic banking sector does not have uniform Shariah standards. Although Islam has four main schools of law that can differ in their interpretations, they are all unanimous on the basics relating to financial and investment principles. Therefore, it is imperative that there should be a set of codified laws, experts contend.
In the Gulf countries, where Islamic banking is gaining a new vibrancy, it is vital to have in place the basic principles, they point out. According to Trowers & Hamlins, experts in Islamic finance, further improvements are needed to the infrastructure of the Islamic finance market in order to underpin its growth and safeguard its future. "There needs to be greater standardisation of approach and consistency of interpretation adopted by the Shariah boards." They point out that there is a shortage of experienced Islamic banking professionals in the Gulf region. "Islamic financial centres need to work harder to close the knowledge gap and end scarcity of skilled Islamic banking professionals. While there are thousands of experienced and knowledgable bankers, lawyers and accountants operating within the conventional banking markets, by comparison, the number of genuine Islamic experts is relatively small."
Experts say with only minor changes in their practices, Islamic banks can get rid of all their cumbersome and burdensome forms of financing and offer a clean and efficient interest-free banking. "All the necessary ingredients are already there. The modified system will make use of only two forms of financing - loans with a service charge and Mudaraba participatory financing - both of which are fully accepted by all Islamic experts on the subject.
‘Such a system will offer an effective banking system where Islamic banking is obligatory and a powerful alternative to conventional banking where both co-exist. Additionally, such a system will have no problem in obtaining authorisation to operate in non-Muslim countries."
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