The legal implications of 'Fatwā Shopping' in the Islamic finance industry: Problems, perceptions and prospects

This article examines the occurrence and legal implications of ‘fatwā shopping’ in the Islamic finance industry and the need to put the proper legal mechanisms in place to regulate the phenomenon. It provides a case study of the existing legal restrictions in some jurisdictions with a centralised Sh...

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Main Authors:	Oseni, Umar Aimhanosi, Ahmad, Abu Umar Faruq, Hassan, Mohammad Kabir
Format:	Article
Language:	English English English
Published:	Brill Academic Publishers 2016
Subjects:	KBP Islamic Law
Online Access:	http://irep.iium.edu.my/56587/ http://irep.iium.edu.my/56587/ http://irep.iium.edu.my/56587/ http://irep.iium.edu.my/56587/1/56587_The%20legal%20implications%20of%20%27Fatw%C4%81%20Shopping%27%20in%20the%20Islamic%20finance%20industry.pdf http://irep.iium.edu.my/56587/2/56587_The%20legal%20implications%20of%20%27Fatw%C4%81%20Shopping%27%20in%20the%20Islamic%20finance%20industry_Scopus.pdf http://irep.iium.edu.my/56587/3/56587_The%20legal%20implications%20of%20%27Fatw%C4%81%20Shopping%27%20in%20the%20Islamic%20finance%20industry_WoS.pdf

id	iium-56587
recordtype	eprints
spelling	iium-565872017-04-27T07:15:54Z http://irep.iium.edu.my/56587/ The legal implications of 'Fatwā Shopping' in the Islamic finance industry: Problems, perceptions and prospects Oseni, Umar Aimhanosi Ahmad, Abu Umar Faruq Hassan, Mohammad Kabir KBP Islamic Law This article examines the occurrence and legal implications of ‘fatwā shopping’ in the Islamic finance industry and the need to put the proper legal mechanisms in place to regulate the phenomenon. It provides a case study of the existing legal restrictions in some jurisdictions with a centralised Sharīʿah Supervisory Board at the national level such as in Malaysia. As a preliminary review of the implications of ‘fatwā shopping’ in the industry, this study examines the consequential problems, current perceptions and prospects of such practice. The study finds that instances of ‘fatwā shopping’ are common in cross-border Islamic finance transactions such as cross-border ṣukūk transactions where there is less regulation. Brill Academic Publishers 2016 Article PeerReviewed application/pdf en http://irep.iium.edu.my/56587/1/56587_The%20legal%20implications%20of%20%27Fatw%C4%81%20Shopping%27%20in%20the%20Islamic%20finance%20industry.pdf application/pdf en http://irep.iium.edu.my/56587/2/56587_The%20legal%20implications%20of%20%27Fatw%C4%81%20Shopping%27%20in%20the%20Islamic%20finance%20industry_Scopus.pdf application/pdf en http://irep.iium.edu.my/56587/3/56587_The%20legal%20implications%20of%20%27Fatw%C4%81%20Shopping%27%20in%20the%20Islamic%20finance%20industry_WoS.pdf Oseni, Umar Aimhanosi and Ahmad, Abu Umar Faruq and Hassan, Mohammad Kabir (2016) The legal implications of 'Fatwā Shopping' in the Islamic finance industry: Problems, perceptions and prospects. Arab Law Quarterly, 30 (2). pp. 107-137. ISSN 0268-0556 E-ISSN 1573-0255 http://booksandjournals.brillonline.com/content/journals/10.1163/15730255-12341319 10.1163/15730255-12341319
repository_type	Digital Repository
institution_category	Local University
institution	International Islamic University Malaysia
building	IIUM Repository
collection	Online Access
language	English English English
topic	KBP Islamic Law
spellingShingle	KBP Islamic Law Oseni, Umar Aimhanosi Ahmad, Abu Umar Faruq Hassan, Mohammad Kabir The legal implications of 'Fatwā Shopping' in the Islamic finance industry: Problems, perceptions and prospects
description	This article examines the occurrence and legal implications of ‘fatwā shopping’ in the Islamic finance industry and the need to put the proper legal mechanisms in place to regulate the phenomenon. It provides a case study of the existing legal restrictions in some jurisdictions with a centralised Sharīʿah Supervisory Board at the national level such as in Malaysia. As a preliminary review of the implications of ‘fatwā shopping’ in the industry, this study examines the consequential problems, current perceptions and prospects of such practice. The study finds that instances of ‘fatwā shopping’ are common in cross-border Islamic finance transactions such as cross-border ṣukūk transactions where there is less regulation.
format	Article
author	Oseni, Umar Aimhanosi Ahmad, Abu Umar Faruq Hassan, Mohammad Kabir
author_facet	Oseni, Umar Aimhanosi Ahmad, Abu Umar Faruq Hassan, Mohammad Kabir
author_sort	Oseni, Umar Aimhanosi
title	The legal implications of 'Fatwā Shopping' in the Islamic finance industry: Problems, perceptions and prospects
title_short	The legal implications of 'Fatwā Shopping' in the Islamic finance industry: Problems, perceptions and prospects
title_full	The legal implications of 'Fatwā Shopping' in the Islamic finance industry: Problems, perceptions and prospects
title_fullStr	The legal implications of 'Fatwā Shopping' in the Islamic finance industry: Problems, perceptions and prospects
title_full_unstemmed	The legal implications of 'Fatwā Shopping' in the Islamic finance industry: Problems, perceptions and prospects
title_sort	legal implications of 'fatwā shopping' in the islamic finance industry: problems, perceptions and prospects
publisher	Brill Academic Publishers
publishDate	2016
url	http://irep.iium.edu.my/56587/ http://irep.iium.edu.my/56587/ http://irep.iium.edu.my/56587/ http://irep.iium.edu.my/56587/1/56587_The%20legal%20implications%20of%20%27Fatw%C4%81%20Shopping%27%20in%20the%20Islamic%20finance%20industry.pdf http://irep.iium.edu.my/56587/2/56587_The%20legal%20implications%20of%20%27Fatw%C4%81%20Shopping%27%20in%20the%20Islamic%20finance%20industry_Scopus.pdf http://irep.iium.edu.my/56587/3/56587_The%20legal%20implications%20of%20%27Fatw%C4%81%20Shopping%27%20in%20the%20Islamic%20finance%20industry_WoS.pdf
first_indexed	2023-09-18T21:19:51Z
last_indexed	2023-09-18T21:19:51Z
_version_	1777411808165888000

The legal implications of 'Fatwā Shopping' in the Islamic finance industry: Problems, perceptions and prospects

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