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Over the past four decades, Islamic finance (IF) has successfully
carved out a niche within the global financial system. It has done so
by reconciling the financial and theological needs of an expanding
Muslim population. One of the largest concentrations of this growth
has been in the Middle East, where the industry has been invigorated
by liquidity owing to inflows of petrodollars from record high oil prices.
Shari'a compliance
Both organisations mentioned above emphasise the need for IFIs to
attain Shari'a advisory and supervisory functions that can guide their
business operations. To this end, AAOIFI states that every IFI shall have
an independent Shari'a supervisory board, recommended by the board
of directors and appointed by its shareholders, consisting of at least
three specialised jurists in Islamic commercial jurisprudence (fiqh
almua'malat).
Moreover, the PER is subject to what the IFSB refers to as an intergenerational problem, in that a build-up of reserves during periods of
above-average profits may leave unrestricted investment account
holders with forgone and unrealised benefits if they withdraw their
investment before such a time when reserves are used. It is this
ambiguity, surrounding the rights of the investment account holder, that
the governance committee will seek to address. The committee will
provide the board of directors with reports and recommendations,
closely liaise with the management, the audit committee, and the
Shari'a supervisory board, and ensure disclosure and the proper
implementation of investment contracts.