Jersey, or Claremont Graduate University in California. These graduates
should not only be well-versed in Islamic Law (Shari’aa) but also in the Jew-
ish Bible, rabbinical laws and traditions, and in the Christian Bible(s) and
traditions. These graduates should also have obtained a degree in econom-
ics, finance, and/or banking from an accredited university, making them
well-versed in finance as well as religious law. It is true that it will take
many years to achieve this, but the rewards will be worth the investment of
time, money, and effort. This process is reminiscent of preparing securities
lawyers in the United States. Securities lawyers specialize in the laws of the
Securities and Exchange Commission (SEC) in the United States. Many of
them start as graduates from universities in the fields of economics, busi-
ness, or even the sciences or history. They often work as financial consul-
tants or brokers in an investment bank to gain hands-on experience for a
few years, then return to college to study for another degree in law to qual-
ify as a securities attorney.
In addition to the requirements listed above, an operating license in the
fields of compliance with Shari’aa should be made necessary, as is done
when licensing a stockbroker or a medical doctor in the United States.
There are currently a number of pseudo-regulatory organizations like the
Accounting and Auditing Organization for Islamic Financial Institutions,
also known as AAOIFI, in Bahrain^12 and the Islamic Financial Services
Board(IFSB)inMalaysia.^13 My vision for the process of producing the
qualified scholar will be the same as that used to produce attorneys, medical
doctors, and certified public accountants in the United States. It also in-
volves annual or periodic renewal of licenses to keep all of them informed
of the latest developments in the field.
The Central Bank and the Regulatory Shari’aa
Compliance Committee
To minimize confusion and conflicting opinions passed by different Shari’aa
scholars and different Shari’aa Compliance Boards of different institutes,
the Malaysian model of having one Shari’aa Board appointed, run, and
supervised as an independent entity in the central bank of the country
involved represents an attractiveoption to emulate. This central bank
Shari’aa Compliance Board will issue legal opinions and will be in charge of
examining compliance in the same way banks are examined for compliance
by the central bank (or the Treasury Department’s Office of the Comptrol-
leroftheCurrency,OCC).However,in this case, testing for compliance
will be about adherence to the edicts and legal opinions that comply with
Shari’aa as stipulated in the charter of the bank.
Shari’aa 81