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.
