Legal and compliance reform for Islamic financial benchmarking
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Islamic financial benchmarking is an area that requires research and needs practical solutions to advance the Islamic finance industry to a greater level. From the inception of contemporary Islamic finance, criticisms have been made about the fact that in Islamic finance, financing rates are benchmarked against conventional interest rates. To respond to these criticisms, Sharī ͑ah scholars have given justifications from Sharī ͑ah perspectives and in this regard some scholars ask: “Does consumption of beef suddenly become forbidden if its price were based on the price of pork?” (Alshubaily, 2018).
Islamic finance , Financing rates , Benchmarks , Islamic financial benchmarking
Muneeza, Aishath and Mustapha, Zakariya. (2022). Legal and compliance reform for Islamic financial benchmarking. In Mohd Ma'Sum Billah (Ed.), Benchmarking Islamic finance: a framework for evaluating financial products and services (pp. 163-180). Abingdon, Oxon: Routledge.