Thursday, 20 December 2007

Saleh Kamel Wants Financial Instruments to move from Sharia Compliant to become Sharia Based

The pioneer and driving force behind modern Islamic finance is Saleh Kamel.
However, he is now calling for Islamic finance to move from being Shari’ah compliant to that of being Shari’ah based.

At the heart of his concern, is a belief that Islamic finance has adopted in part Western models, rather than the purely shari’ah model. Sheik Kamel sees zakat as key to the transformation from Shari’ah compliant to Shari’ah based financial products..

In October 2006, Sheik Kamel called for the establishment of a single worldwide organization to collect and distribute zakat, both Zakat Al-Fitr and Zakat Al-Mal from the 20,000 or so organizations that are currently involved in its collection.

Significantly, the funds will be distributed under the supervision of a committee comprising experts from the IDB, ICCI and the OIC.

On November 28, 2006, the OIC approved Kamel’s proposal.
On December 4, 2006, it was announced that the International Commission for Zakat would be based in Malaysia.

On April 30, 2007, 20 OIC nations, including Saudi Arabia, endorsed the International Commission for Zakat.

-The whole post from the Shimron letters

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