Islamic funding faces dilemma in finding unified code

KUNA : Islamic funding face numerous challenges and the main one is to find a unified code for procedures when dealing with investment products, said an expert on Monday. Manager of Islamic Banking in Eversheds LLP International law firm Amjad Hussein told KUNA that the diversity in religious sources prevented investment products from taking an initial step for development, adding that the four Sunni Islamic schools of thought must find a way to unite opinion in order to deal with deal with these products.

Finding a unified code for Islamic funding and financing would develop these economic branches for the better, said Hussein, adding that Islamic investment has been gathering international attention. The Malaysian venture in Islamic industry and financing could be taken as a example of profitable application of Islamic law (Sharia), he said, revealing that facilities provided by Islamic banks could used as an alternative for regular banking operations.

Hussein affirmed that Islamic funding was in it first stages and said that development needs more time and effort. Meanwhile, attorney Haifa Khanji said it was difficult to issue a unified code for Islamic funding because it very tough to find a code that would satisfy all Islamic sects. She called for an innovative solution for the matter, stressing Islamic products could compete with others products.