The Harmonization of the Islamic and Professional Criteria in the Islamic Financial Industry
Prof. Kamal Tawfeeq Hattab
College of Sharia and Islamic Studies – Kuwait University
Abstract:
This study aims to finding common ground among Islamic financial industry supporting institutions and reaching a compromise between professional and Islamic criteria governing this industry. To this objective, the article reviews the roles of institutions supporting the Islamic financial industry as for finding common criteria and principles that professionally and legitimately maintain the institutions and authorities. After that, the researcher tries to compromise between the professional and Islamic criteria governing this industry. The article concludes that it is quite demanding to establish Islamic coordinative banking council that works on organizing the efforts and eliminates the state of chaos on one hand, and to bridge the gap between Islamic and professional criteria governing the Islamic financial industry on the other hand.
Although GCC countries encounter a number of challenges that affect the volume of direct foreign investment, they keep working on legislations aiming at eliminating such obstacles.