BANKING - Islamic finance mulls global sharia adviser platform

Aug 25 (Reuters) - A global authority may be set up to oversee Islamic finance sharia advisers, a religious scholar said, amid calls to address the fragmented regulation which threatens to slow the industry's growth.

The role of sharia scholars has been a growing point of debate as the $1 trillion industry's rapid rise raises issues such as the shortage of advisers, conflicts of interest and a lack of transparency in their rulings.  Sharia scholars shape the direction of the Islamic finance industry by issuing fatwas on financial instruments and banking practices.

BANKING - Malaysia c.bank sharia advisers forbid forward forex fee

Aug 26 (Reuters) - The Malaysian central bank's sharia advisers have outlawed the payment of a fee to support a pledge made in Islamic forward foreign currency transactions, saying such charges contravene the religion.

Islamic banks tend to levy a payment when a promise or "waad" is made to enter into a forward foreign currency hedging contract to reflect the parties' commitment to the transaction.