Further, the Shariah authorities are clear: SCF is not some discreet or segregable component of Shariah.
Does Shariah recognize a SCF transaction even if it is utilized to undermine or destroy Shariah?
This is not the case when a lawyer confronts a high-stakes, complex SCF transaction.
Since its founding, the modern SCF world has been driven by essentially two groups.
The Scottish Crofting Federation (SCF) said ending confusion over the applications should be a priority.
In short, SCF is the practice of investing in conformity with Islamic law (Shariah).
Just as with Bernie Madoff and the sub-prime fiasco, the SEC has been warned about SCF.
This is accomplished by via legal support to an industry known as "Shariah-Compliant Finance" (SCF).
The answer, of course, is that they perceive in SCF a new way to make money.
The answer to this quandary is found in the second group of SCF advocates: the Western facilitators.
To this point, the civil liability and criminal exposure surrounding SCF have been ignored by legal academia.
But, what makes this collapse so problematic is precisely what makes SCF and sovereign wealth funds so dangerous.
U.S. mutual funds are poised to embrace SCF without a word about the risks associated specifically with Shariah.
These include civil and criminal exposure, as well as serious reputational risk for those engaged in SCF transactions.
CENTERFORSECURITYPOLICY: The perils of Shariah-compliant finance
Another exogenous factor has been addressed by the academic and professional SCF literature.
As the Critique makes plain, the flawed IOSCO report recommends merely to apply existing regulatory structures to SCF securities.
CENTERFORSECURITYPOLICY: Coalition to Stop Shariah warns Fed, SEC
Mr. Yerushalmi's memo makes a compelling case that there is both civil liability and criminal exposure associated with SCF.
As in the charitable contribution discussion, this purification process is typically not fully disclosed in public filings of U.S. SCF financial institutions.
Effectively, SCF is an attempt to embrace modern interest-based commerce and finance, but to do so within a framework of Shariah-approved structures.
SCF, which works to push conservative candidates, backed Ted Cruz, Deb Fischer and Jeff Flake in their successful Senate races last year.
Obama would have been that Allied Asset Advisors is one of a growing number of companies that engages in Shariah-Compliant Finance (SCF).
This is especially true given the legal implications in the areas of the duty to disclose for financial institutions contemplating a SCF transaction.
The challenges described above for the SCF transactional lawyer and other professionals advising clients on the intricacies of legal compliance are not inconsequential.
As noted previously, the SCF industry in the U.S.includes a panoply of businesses which fall within the regulatory sphere of the securities laws.
As such, it has a limited application to the issue of charitable contributions directed by Shariah authorities related to a given SCF financial institution.
Since the development of SCF, the debate among Islamic, economic, and Shariah scholars continues over the propriety of this new field of Shariah scholarship.
In the world of SCF, the disclosure statutes most obviously implicated in civil and criminal liability issues are the federal and state securities laws.
This monopolistic institutional control over the legal doctrine of Shariah by the recognized Shariah authorities is no better evidenced than in the world of SCF.
For example, while almost all Shariah authorities forbid any transaction or investment which provides for interest income, SCF rules allow for interest in two ways.
Furthermore, this analysis will limit the examination of the various kinds of businesses and transactions incorporating SCF to those used most prominently in theU.S.market today.
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