UK: Local investors should consider carrying out their own research on Shariah compliant investment products to avoid the lengthy approval process by Shariah boards, said Trevor Norman, a director of Jersey-based fiduciary specialist Volaw Trust and Corporate Services.
Meanwhile Mahmood Faruqui, a senior advisor for the Bank of London and The Middle East, said another issue related to scholars is the lack of transparency from the Shariah boards in providing their judgements.
However, he acknowledged that the Fatwa process provides legitimacy to a product.