ARTICLE - the use of the contract of sale in Islamic finance

LAW - CONTRACTS - No Shariah Rules for Breaking Deals Gets Regulator Review: Islamic Finance

The leading global Islamic Finance accounting regulator is introducing conditions for contracts that comply with religious laws, seeking to standardize an industry with $1 trillion in assets under management.

The Bahrain-based Accounting & Auditing Organization for Islamic Financial Institutions will for the first time provide a “Shariah-compliant way” for parties to enter and exit contracts, Mohamad Nedal Alchaar, secretary-general of the agency, based in Manama, Bahrain, said in a phone interview Sept. 30. The rules will be enforced by December after approval by the advisory board, he said.

PUBLICATIONS - FIQH - ISRA - new titles

New titles :

Reshaping the Islamic Finance Industry Applying the Lessons Learnt from the Global Financial Crisis (No 11/2010) - Rafe Haneef, Research Fellow, ISRA & Edib Smolo, Researcher, ISRA

The Issue of sequence and Pre-Signingin Contract Execution : A Comparison of Shari'ah Rules and Current Practice (No 12/2010) - Assoc. Prof. Dr. Asmadi Mohamed Naim, Islamic Finance and Banking Unit, College of Business, Universiti Utara Malaysia (UUM)

Can Bursa Malaysia’s Suq al-Sila’ (Commodity Murabahah House) Resolve the Controversy over Tawarruq? (No 10/2010) - Assoc. Prof. Dr. Asyraf Wajdi Dusuki, Head of Research Affairs Department, ISRA

LAW - Malaysia sets up committee to enhance its legal framework as ‘The Laws of Choice’ for Islamic finance transactions

IN a move to position and strengthen its existing legal framework as ‘the Laws of Choice’ for Islamic financial transactions, Bank Negara Malaysia, the central bank, last week established a Law Harmonization Committee (LHC) comprising members from among key government stakeholders, including the Attorney General's Chambers as well as industry players and experienced Islamic finance legal practitioners.