FINANCE -Turkish Parliament approves bill for Islamic production deal

A bill that allows Turkey to join an Islamic production deal was postponed in 2004. DAILY NEWS photo (source)

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.

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.