AAOIFI Continues Quest for Control of Shariah-Compliant Finance with Announcement of New Rules for Shariah Scholars
The Shariah finance standard-setting body AAOIFI (Accounting and Auditing Organization for Islamic Financial Institutions) said it would overhaul rules governing Islamic finance scholars whose role and potential conflicts of interest have come under increased scrutiny.
Most Shariah-Compliant financial institutions are vying to attract the same small number of influential scholars to their boards, and some of the top scholars sit on more than 50 boards, raising the question of conflicts of interest.
One can be certain, however, that the AAOIFI will not be seeking to sift out Jihadists from the ranks of Shariah scholars, since the chair of the AAOIFI’s Shariah board is a Jihadist himself: Mufti Taqi Usmani. Interestingly, Usmani also sits on the advisory board of numerous banks and other financial institutions, but was removed from the Dow Jones Shariah advisory board and the HSBC Shariah advisory board, after his Jihadist ties and activities came to light…