Need for deeper look into Islamic financial products
We agree with the basic premise of the article linked below, but for different reasons.
We absolutely agree that there is a great need for a “deeper look” into “Islamic financial products,” but not merely to make them competitive and integrate them into the conventional financial system.
We believe that a deeper look should involve looking into the purpose of Shariah-Compliant Finance, which is to promote Shariah itself. We also believe that a deeper look should involve demanding greater transparency in the Shariah-Compliant financial industry, including full disclosure about the backgrounds and roles of Shariah scholars and details about zakat payments to Islamic charities.
Somehow we doubt that Dr Hatem El-Karanshawy, founding dean of the Qatar Faculty of Islamic Studies, who is quoted in the article linked below, would agree with our assessment…