Sharia Monitoring of the Investment Industry - The Most Prominent Challenges and The Most Appropriate Solutions

Abstract

The idea of this paper is centered on explaining the role of Sharia supervision in reviewing the business of the Islamic investment industry, and the extent of its compliance with the provisions of Islamic Sharia and focusing on the most important challenges facing Sharia monitoring in the development of the investment industry, with a mention of appropriate solutions to overcome these challenges, and the paper concluded that the most important of these are The challenges are represented in the duplication of work in some banks, the lack of independence in its comprehensive sense, the lack of accounting tools that enable them to review and control the Islamic banking business, the different and contradictory fatwas between one bank and another, the non-compulsion of the views of the Sharia board in some banks. The paper reached several conclusions, in the forefront of which is the need to be careful in appointing members of the Sharia supervisory board, with attention to the accounting aspect, and not to over-adopt the jurisprudential licenses, and to call for the formation of a global supervisory body that supervises the business of Islamic banks away from the hegemony of central banks.