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Legal Developments worldwide

Islamic finance update

May 2009 - Finance. Legal Developments by SNR Denton.

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On 30 April 2009 in Sharjah, United Arab Emirates, the International Islamic Fiqh Academy (Academy) of the Organisation of Islamic Conference (OIC) closed its 19th session. The Academy is composed of senior Shari’ah scholars representing Muslim member countries of the OIC. It is considered to be the most prestigious and high-ranking body of Shari’ah scholars in the Muslim world. Compliance with its resolutions, while not statutorily binding, is considered to be extremely important and persuasive.

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