Its findings were alarming: Out of a sample of 50 cases, in 27 instances in 23 states, the courts involved allowed the use of shariah to adjudicate the dispute.
The brokerage industry is unique in that it has been permitted to self-regulate with limited SEC oversight, self-insure through the Securities Investor Protection Corporation, self-adjudicate through mandatory NASD Dispute Resolution arbitration, and even control, through the NASD Public Disclosure Program, the information the public receives about firms.