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

BANKING - TAWARRUQ - Tawarruq in Islamic banking is usury: IDB - ongoing controversy

Islamic banks which enforce Tawarruq in their financial and investment operations are involved in usury, which is prohibited in Islam, a senior scholar from the Islamic Development Bank (IDB) has said.

Sheikh Mohammed Mukhtar Al Salami, Head of the Sharia (Islamic) Panel in the Jeddah-based IDB, said many Islamic banks have been involved in such an investment tool in the Islamic banking industry.

ISLAMIC LAW - Organised tawarruq valid under Shariah : Nazim Yakubi

 published 28.07.2009 

The use of the organised tawarruq financing structure does not contradict Islamic law, prominent scholar Sheikh Nizam Yaquby said, disagreeing with a Saudi-based ruling to the contrary, reports Reuters.Tawarruq is a key financing structure of the $1 trillion Islamic finance industry. But whether or not the way it is organised in modern banks contradicts sharia, or Islamic law, has triggered fiery debates between scholars as the industry is struggling with a decline in business during the global financial crisis, the report said.