Shariah-compliant or Shariah-based? Yes, that old chestnut...
The debate whether there should be a move from Shariah-compliant to
Shariah-based products has renewed vigour. Bryan Camoens of
International Quality and Productivity Centre asked the question
following an interview he conducted with Mohammed Shodiq, academic head
for Bank Rakyat Indonesia Syariah, who said Shariah-compliant products
are based on "mirroring conventional products with the elimination
of prohibited items", with compliance criteria based on aqad
assessment, whereas Shariah-based products are based on "both aqad
assessment and objectives of Shariah assessment."
The argument is that banks' Islamic products are simply
Shariah compliant-conventional products in Islamic wrappers tweaked to
not violate Shariah rulings instead of new products that hold true to
the teachings of the Quran and Hadith. These are Shariah-based
products-those that seek to observe the real spirit of Shariah and
observe Shariah principles in substance.
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