The legal implications of 'Fatwā Shopping' in the Islamic finance industry: Problems, perceptions and prospects
This article examines the occurrence and legal implications of ‘fatwā shopping’ in the Islamic finance industry and the need to put the proper legal mechanisms in place to regulate the phenomenon. It provides a case study of the existing legal restrictions in some jurisdictions with a centralised Sh...
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| Format: | Article |
| Language: | English English English |
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Brill Academic Publishers
2016
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| Online Access: | http://irep.iium.edu.my/56587/ http://irep.iium.edu.my/56587/1/56587_The%20legal%20implications%20of%20%27Fatw%C4%81%20Shopping%27%20in%20the%20Islamic%20finance%20industry.pdf http://irep.iium.edu.my/56587/2/56587_The%20legal%20implications%20of%20%27Fatw%C4%81%20Shopping%27%20in%20the%20Islamic%20finance%20industry_Scopus.pdf http://irep.iium.edu.my/56587/3/56587_The%20legal%20implications%20of%20%27Fatw%C4%81%20Shopping%27%20in%20the%20Islamic%20finance%20industry_WoS.pdf |
| _version_ | 1848784766853185536 |
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| author | Oseni, Umar Aimhanosi Ahmad, Abu Umar Faruq Hassan, Mohammad Kabir |
| author_facet | Oseni, Umar Aimhanosi Ahmad, Abu Umar Faruq Hassan, Mohammad Kabir |
| author_sort | Oseni, Umar Aimhanosi |
| building | IIUM Repository |
| collection | Online Access |
| description | This article examines the occurrence and legal implications of ‘fatwā shopping’ in the Islamic finance industry and the need to put the proper legal mechanisms in place to regulate the phenomenon. It provides a case study of the existing legal restrictions in some jurisdictions with a centralised Sharīʿah Supervisory Board at the national level such as in Malaysia. As a preliminary review of the implications of ‘fatwā shopping’ in the industry, this study examines the consequential problems, current perceptions and prospects of such practice. The study finds that instances of ‘fatwā shopping’ are common in cross-border Islamic finance transactions such as cross-border ṣukūk transactions where there is less regulation. |
| first_indexed | 2025-11-14T16:42:28Z |
| format | Article |
| id | iium-56587 |
| institution | International Islamic University Malaysia |
| institution_category | Local University |
| language | English English English |
| last_indexed | 2025-11-14T16:42:28Z |
| publishDate | 2016 |
| publisher | Brill Academic Publishers |
| recordtype | eprints |
| repository_type | Digital Repository |
| spelling | iium-565872017-04-27T07:15:54Z http://irep.iium.edu.my/56587/ The legal implications of 'Fatwā Shopping' in the Islamic finance industry: Problems, perceptions and prospects Oseni, Umar Aimhanosi Ahmad, Abu Umar Faruq Hassan, Mohammad Kabir KBP Islamic Law This article examines the occurrence and legal implications of ‘fatwā shopping’ in the Islamic finance industry and the need to put the proper legal mechanisms in place to regulate the phenomenon. It provides a case study of the existing legal restrictions in some jurisdictions with a centralised Sharīʿah Supervisory Board at the national level such as in Malaysia. As a preliminary review of the implications of ‘fatwā shopping’ in the industry, this study examines the consequential problems, current perceptions and prospects of such practice. The study finds that instances of ‘fatwā shopping’ are common in cross-border Islamic finance transactions such as cross-border ṣukūk transactions where there is less regulation. Brill Academic Publishers 2016 Article PeerReviewed application/pdf en http://irep.iium.edu.my/56587/1/56587_The%20legal%20implications%20of%20%27Fatw%C4%81%20Shopping%27%20in%20the%20Islamic%20finance%20industry.pdf application/pdf en http://irep.iium.edu.my/56587/2/56587_The%20legal%20implications%20of%20%27Fatw%C4%81%20Shopping%27%20in%20the%20Islamic%20finance%20industry_Scopus.pdf application/pdf en http://irep.iium.edu.my/56587/3/56587_The%20legal%20implications%20of%20%27Fatw%C4%81%20Shopping%27%20in%20the%20Islamic%20finance%20industry_WoS.pdf Oseni, Umar Aimhanosi and Ahmad, Abu Umar Faruq and Hassan, Mohammad Kabir (2016) The legal implications of 'Fatwā Shopping' in the Islamic finance industry: Problems, perceptions and prospects. Arab Law Quarterly, 30 (2). pp. 107-137. ISSN 0268-0556 E-ISSN 1573-0255 http://booksandjournals.brillonline.com/content/journals/10.1163/15730255-12341319 10.1163/15730255-12341319 |
| spellingShingle | KBP Islamic Law Oseni, Umar Aimhanosi Ahmad, Abu Umar Faruq Hassan, Mohammad Kabir The legal implications of 'Fatwā Shopping' in the Islamic finance industry: Problems, perceptions and prospects |
| title | The legal implications of 'Fatwā Shopping' in the Islamic finance industry: Problems, perceptions and prospects |
| title_full | The legal implications of 'Fatwā Shopping' in the Islamic finance industry: Problems, perceptions and prospects |
| title_fullStr | The legal implications of 'Fatwā Shopping' in the Islamic finance industry: Problems, perceptions and prospects |
| title_full_unstemmed | The legal implications of 'Fatwā Shopping' in the Islamic finance industry: Problems, perceptions and prospects |
| title_short | The legal implications of 'Fatwā Shopping' in the Islamic finance industry: Problems, perceptions and prospects |
| title_sort | legal implications of 'fatwā shopping' in the islamic finance industry: problems, perceptions and prospects |
| topic | KBP Islamic Law |
| url | http://irep.iium.edu.my/56587/ http://irep.iium.edu.my/56587/ http://irep.iium.edu.my/56587/ http://irep.iium.edu.my/56587/1/56587_The%20legal%20implications%20of%20%27Fatw%C4%81%20Shopping%27%20in%20the%20Islamic%20finance%20industry.pdf http://irep.iium.edu.my/56587/2/56587_The%20legal%20implications%20of%20%27Fatw%C4%81%20Shopping%27%20in%20the%20Islamic%20finance%20industry_Scopus.pdf http://irep.iium.edu.my/56587/3/56587_The%20legal%20implications%20of%20%27Fatw%C4%81%20Shopping%27%20in%20the%20Islamic%20finance%20industry_WoS.pdf |