Islamic finance in Europe (122)

Continuation

Specific measures that can be undertaken to mitigate this risk would include amending:

-      existing laws

-      or guidelines.

These amendments are realizing in favour of the industry.

These legal amendments:

-      appointing Shari’ah experts provide advice on IIFS’s (Institutions Offering Islamic Financial Services) operations

-      preparing legal documentation that is:

o   enforceable

o   and conforms with existing laws and the Shari’ah;

-      and ensuring that the talent behind Islamic finance operations is well-versed in Islamic contracts.

From the research paper of European Central Bank

(Authors: F.Mauro, P.Caristi, S.Couderc, A.D.Maria, L.Ho, B.K.Grewal, S.Masciantonio, S. Ongena and S.Zaher)