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21.6.09

Scholars call for Shariah board under Central Bank

Lets all discuss the following points: Dr. Abozaid pointed out that there is currently a lack of a centralised control on Islamic banking products. Some products that are cleared as "Islamic" are sometimes controversial.

Until such time a central board is created, measures must be undertaken to ensure that the salaries of Shariah board members do not come from their individual retaining banks, but from a central pool. This would ensure neutrality, transparency and above-board decision-making, experts pointed out.

Scholars call for Shariah board under Central Bank
Emirates Business 24/7
By Eman Al Baik
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