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There have long been questions around the rigour of Islamic finance as practised in the Middle East.
Without an overarching regulatory body in place to establish the Shariah compliance standards used in every Islamic transaction, issuers of, and investors in, Islamic instruments rely on the determination made by individual Shariah scholars.
These are complex theological assessments that could, at least in theory, be contradicted at any time by any scholar.
That means the religious premises upon which each deal rests could be brought into question.
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