hat tip-Margo I.

Posted: 15-07-2008

Failaka publishes guide exploring world of influential scholars behind
high-growth Islamic finance industry; Failaka Advisors today announced the publication of the world’s first book profiling the Shariah scholars responsible for ensuring the permissibility of the rapidly growing numbers of Islamic financial products worldwide.

Failaka’s book, The Shariah Report 2008, provides a detailed listing of over 250 Shariah scholars along with profiles of the 100 most active scholars in the field of Islamic finance. The scholarly profiles include, for the first time, biographical information on the most active 100 Shariah scholars, including information on their education and experience, board memberships, publications, and affiliations. Also included is a cross-referenced index of financial institutions and their Shariah boards.
Bahrain-based Sheikh Nizam Yaquby, writing in the introduction to the book, describes idea of publishing The Shariah Report 2008 as “a brilliant one!”
Traditionally, the world of Shariah scholars has been perceived as opaque, with many outsiders and practitioners questioning the basis of scholarly interpretations as well as the qualifications, remuneration and business methods of the elite scholars who increasingly give their stamp of approval on very large capital market transactions.
Mark Smyth, Managing Director of Failaka, a United Arab Emirates based consultancy, said,” “As the field of Islamic finance continues to grow and mature, many have developed an interest in the world of Shariah scholars. While the questions are many, the answers have often been hard to find.
“Our goal has always been to increase transparency and disclosure in this niche and with so many enquiring about the role of scholars, we felt that a book would be just the thing.”
The Shariah Report 2008 has been sponsored by Yasaar, the Shariah consultancy, in association with the FTSE Group.
Yasaar and FTSE Group are recent collaborators on the FTSE Shariah Global Equity Index Series, which comprises the large and mid cap stocks from the FTSE Global Equity Index Series which are screened conservatively for their adherence to Shariah-law.  The series includes 96 indices covering developed and emerging markets.
Paul Hoff, Managing Director, Asia Pacific of FTSE Group, said:  “FTSE’s ability to partner with experts in niche areas, such as Yasaar in the development of the FTSE Shariah Global Equity Index Series, ensures that we produce tools that meet the needs of the most conservative end investor.  We are happy to join Yasaar again, this time in supporting this invaluable industry guide.”
© 2008 Al Bawaba (http://www.albawaba.com/)
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