
What is the role of Shariah scholars in Islamic finance? Shariah scholars play a crucial role in Islamic finance by ensuring that financial practices comply with Islamic law. They provide expertise in interpreting Shariah principles related to finance. This includes assessing the permissibility of financial products and services. Shariah scholars evaluate contracts to ensure they do not involve prohibited elements, such as interest (riba) or excessive uncertainty (gharar). Their guidance helps financial institutions maintain ethical standards in their operations. Additionally, these scholars form Shariah boards to oversee compliance within organizations. They conduct reviews and audits to ensure ongoing adherence to Islamic law. Their involvement fosters trust among clients and stakeholders in the Islamic finance sector. How do Shariah scholars ensure ethical compliance? Shariah scholars ensure ethical compliance by interpreting Islamic…