Failaka publishes guide exploring world of influential scholars behind high-growth Islamic finance industry

Failaka Advisors today announced the publication of the world's first book profiling the Shariah scholars responsible for ensuring the permissibility of the rapidly growing numbers of Islamic financial products worldwide.

Failaka's book, The Shariah Report 2008, provides a detailed listing of over 250 Shariah scholars along with profiles of the 100 most active scholars in the field of Islamic finance.

The scholarly profiles include, for the first time, biographical information on the most active 100 Shariah scholars, including information on their education and experience, board memberships, publications, and affiliations. Also included is a cross-referenced index of financial institutions and their Shariah boards.

Bahrain-based Sheikh Nizam Yaquby, writing in the introduction to the book, describes idea of publishing The Shariah Report 2008 as 'a brilliant one!'

Traditionally, the world of Shariah scholars has been perceived as opaque, with many outsiders and practitioners questioning the basis of scholarly interpretations as well as the qualifications, remuneration and business methods of the elite scholars who increasingly give their stamp of approval on very large capital market transactions.

Mark Smyth, Managing Director of Failaka, a United Arab Emirates based consultancy, said:

'As the field of Islamic finance continues to grow and mature, many have developed an interest in the world of Shariah scholars. While the questions are many, the answers have often been hard to find.'

'Our goal has always been to increase transparency and disclosure in this niche and with so many enquiring about the role of scholars, we felt that a book would be just the thing,' he added.

The Shariah Report 2008 has been sponsored by Yasaar, the Shariah consultancy, in association with the FTSE Group.

Yasaar and FTSE Group are recent collaborators on the FTSE Shariah Global Equity Index Series, which comprises the large and mid cap stocks from the FTSE Global Equity Index Series which are screened conservatively for their adherence to Shariah-law. The series includes 96 indices covering developed and emerging markets.

Paul Hoff, Managing Director, Asia Pacific of FTSE Group, said:

'FTSE's ability to partner with experts in niche areas, such as Yasaar in the development of the FTSE Shariah Global Equity Index Series, ensures that we produce tools that meet the needs of the most conservative end investor. We are happy to join Yasaar again, this time in supporting this invaluable industry guide.'

Sharia scholars to review challenges

MANAMA: Leading Sharia scholars will gather in Bahrain for the annual Sharia Conference. It is being organised by the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI).
The conference is being held under the patronage of Central Bank of Bahrain and will take place on May 27 and 28 at the Bahrain Conference Centre, Crowne Plaza Hotel.

Discussion at the conference will be led by members of AAOIFI Sharia Board, which is acknowledged to be the foremost authority on Sharia for the international Islamic finance industry. Other imminent scholars as well as senior representatives of international Islamic finance industry, accounting and legal professions, and academics, will also attend.

"This conference, which is a premier event for the international Islamic finance industry, brings together the leading Sharia scholars and Islamic finance practitioners to discuss the challenges and opportunities for the industry," said AAOIFI secretary general Dr Mohamad Nedal Alchaar.

AAOIFI has also launched a Contract Certification Programme to certify financial contracts between Islamic financial institutions and their customers comply to international Islamic finance standards and Sharia principles.

In addition, AAOIFI offers professional development programmes such as the Certified Sharia Adviser and Auditor and Certified Islamic Professional Accountant.

The major partner for the conference is National Commercial Bank. The conference is supported by Abu Dhabi Islamic Bank, Albaraka Banking Group, Albaraka Islamic Bank, Egyptian Saudi Finance Bank, and Jordan Islamic Bank, being members of the Group. It is also supported by Al Salam Bank, Arcapita, Bahrain Islamic Bank, Dar Al Maal Al Islami Group, Ernst & Young, Gulf Finance House, Gulf International Bank, Jadwa Investment, International Turnkey Solutions, Investment Dar, Kuwait Finance House, Path Solutions, Shamil Bank, Shiekan Insurance & Reinsurance, Unicorn Investment Bank and United International Bank.