The Shariah Scholar Shortage Problem
Both opponents and proponents of Shariah finance recognize that there are relatively few Shariah scholars available to serve as advisers to financial institutions.
Proponents of Shariah finance see this as a problem in that it could inhibit the global growth of the industry.
Opponents see the shortage from a different perspective.
First of all, several of the most prominent Shariah advisers have either expressed hateful Jihadist views, have direct ties to Jihadists, or were educated in Jihadist-favored incubators.
We have detailed three in particular here on the pages of SFW:
• Sheikh Yusuf al-Qaradawi
• Mufti Taqi Usmani
• Sheikh Yusuf DeLorenzo
Secondly, the system of Shariah scholars has resulted in inherent conflicts of interest that would never be tolerated in any other aspect of finance and investment in the US, and probably much of the rest of the West.
For instance, the same scholars sit on the boards of as many as 20-25 financial institutions, many of which are in direct competition with one another. Moreover, often these same scholars head, direct or sit on the boards of self-regulating organizations, such as AAOIFI, at the same time that they are being paid by the institutions that are supposedly being regulated.
Finally, in as much as Shariah finance contains worrisome and nefarious aspects, the fact that these few Shariah advisors control so many financial institutions raises serious questions about possible RICO violations, something that America’s Justice department and financial regulators seem oblivious to…