The Legality of Consumer Financing Products
Type
E-journal
Date
25 May 2016
Jurisdiction
Bahrain, Egypt, Iran, Iraq, Jordan, Kuwait, Lebanon, Libya, Oman, Qatar, Saudi Arabia, United Arab Emirates
Taxonomy
Islamic Finance
Copyright
LexisNexis
Relevant company
Al Tamimi & Company
Analysis
One of the primary issues in Islamic finance transactions is the determination of the Shariah compliance of the financial instruments. As a market practice, this role to confirm whether or not a financial instrument complies with the requirements of Shariah is commonly taken by the Shariah Board or Shariah Council of an entity, usually the financial institution.