If Shariah is a material part of SCF, the attorney must confront the very real likelihood that it is a material fact of SCF in the context of disclosure laws.
Thus, the analysis of exogenous structures and factors of SCF begin with disclosure of what it means to represent to the public that a financial institution or business has embraced SCF.
It is quite evident from even a cursory review of these most basic concepts of SCF that at least a rudimentary understanding of Shariah is required to grasp the implications of SCF relative to U.S. law.
The first order of business for the attorney providing advice in the context of disclosure laws to a U.S.financial institution interested in SCF should be the following question: How intimate is the connection between SCF and Shariah itself?
' The members of these committees are authorities in Sharia law and oversee the implementation of SCF products by reviewing AIG's operations, supervising the development of SCF products, and evaluating the compliance of these products with Sharia law.
For purposes of the analysis, rather than examine any particular fact situation, and to avoid an overbroad, far-ranging analysis of the plethora of compliance issues relative to the various SCF investments and transactions, this analysis will begin instead with those specific duties and obligations that might give rise to civil and criminal liability exposure implicated in SCF.
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.
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