New products require scholars to cast sharia in fresh, and occasionally uncomfortable, directions. Some investors express surprise at the very idea of Islamic hedge funds, for example, because of prohibitions in sharia on selling something that an investor does not actually own. (…) Industry insiders describe an iterative process, in which scholars, lawyers and bankers work together to understand new instruments and adapt them to the requirements of sharia.Dieser Prozess ist aufwendig und weltweit gibt es offensichtlich nur eine Handvoll Spezialisten, die den anspruchsvollen Job machen können. Der Economist dazu:
Scholars are the industry’s central figures, but recognised ones are in short supply. A small cadre of 15-20 scholars repeatedly crops up on the boards of Islamic banks that do international business. That partly reflects the role, which demands a knowledge of Islamic law and Western finance, as well as fluency in Arabic and English.Große Sorge haben die westlichen Finanzinstitutionen, die an dem Markt teilhaben, dass das Vertrauen in die Qualität ihr Produkte erschüttert werden dürfe. Schließlich stehe der Ruf der gesamten Industrie auf dem Spiel.
Das grundlegende Dilemma bleibe aber, dass
if the industry introduces too many new products, cynics will argue that sharia is being twisted for economic ends—the scholars are being paid for their services, after all. But if it fails to innovate, the industry may look too medieval to play a full part in modern finance.
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