SAUDI ARABIA: The International Islamic Fiqh Academy (IIFA) is working on a Shariah compliant standard on securitization to remove any uncertainties about the permissibility of the financial process. “Our stance is that financial institutions should act on the basis of interpretations that enjoy the consensus of the Muslim community,” said IIFA secretary general Abdul Salam Al-Ebadi. He also said Islamic banking operations should be in line with decisions made by IIFA, adding that such rulings are highly credible as they....