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 Publisher
2016
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| Online Access: | http://irep.iium.edu.my/58149/ http://irep.iium.edu.my/58149/2/58149_The%20Legal%20Implications%20of%20%27Fatw%C4%81_SCOPUS.pdf http://irep.iium.edu.my/58149/3/58149_The%20Legal%20Implications%20of%20%27Fatw%C4%81_WOS.pdf http://irep.iium.edu.my/58149/19/58149_The%20Legal%20Implications%20of%20%E2%80%98Fatw%C4%81%20Shopping%E2%80%99.pdf |
| _version_ | 1848785059372335104 |
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| author | Oseni, Umar Aimhanosi Ahmad, Abu Umar Faruq Hassan, M. Kabir |
| author_facet | Oseni, Umar Aimhanosi Ahmad, Abu Umar Faruq Hassan, M. 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 | 2025-11-14T16:47:07Z |
| format | Article |
| id | iium-58149 |
| institution | International Islamic University Malaysia |
| institution_category | Local University |
| language | English English English |
| last_indexed | 2025-11-14T16:47:07Z |
| publishDate | 2016 |
| publisher | Brill Academic Publisher |
| recordtype | eprints |
| repository_type | Digital Repository |
| spelling | iium-581492019-10-14T01:29:43Z http://irep.iium.edu.my/58149/ The legal implications of ‘Fatwā Shopping’ in the Islamic finance industry: problems, perceptions and prospects Oseni, Umar Aimhanosi Ahmad, Abu Umar Faruq Hassan, M. Kabir HG Finance 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 Publisher 2016 Article PeerReviewed application/pdf en http://irep.iium.edu.my/58149/2/58149_The%20Legal%20Implications%20of%20%27Fatw%C4%81_SCOPUS.pdf application/pdf en http://irep.iium.edu.my/58149/3/58149_The%20Legal%20Implications%20of%20%27Fatw%C4%81_WOS.pdf application/pdf en http://irep.iium.edu.my/58149/19/58149_The%20Legal%20Implications%20of%20%E2%80%98Fatw%C4%81%20Shopping%E2%80%99.pdf Oseni, Umar Aimhanosi and Ahmad, Abu Umar Faruq and Hassan, M. 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 | HG Finance KBP Islamic Law Oseni, Umar Aimhanosi Ahmad, Abu Umar Faruq Hassan, M. 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 | HG Finance KBP Islamic Law |
| url | http://irep.iium.edu.my/58149/ http://irep.iium.edu.my/58149/ http://irep.iium.edu.my/58149/ http://irep.iium.edu.my/58149/2/58149_The%20Legal%20Implications%20of%20%27Fatw%C4%81_SCOPUS.pdf http://irep.iium.edu.my/58149/3/58149_The%20Legal%20Implications%20of%20%27Fatw%C4%81_WOS.pdf http://irep.iium.edu.my/58149/19/58149_The%20Legal%20Implications%20of%20%E2%80%98Fatw%C4%81%20Shopping%E2%80%99.pdf |