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IRTI Releases New Collection of Fatawa on Islamic Finance Contracts

JEDDAH, KSA, 2 November 2016 — The Islamic Research and Training Institute (IRTI) has formally launched a new compendium of jurisprudential opinions on partnership-based modes of Islamic finance.

The book—titled, Fatawa Al-Musharakat—published in Arabic language, is the first volume from a new IRTI series of Islamic finance Fatawa (jurisprudential opinions) issued by the Jeddah-based International Islamic Fiqh Academy.

This volume covers Musharakat (partnership-based contracts in Islamic finance) through extraction, classification and interpretation of rulings, as well as identification of the choice of different Islamic doctrines. The book provides in-depth analysis of and draws comparisons between the Fatawa issued by the Academy and those by various other authorities.

Speaking during the launching ceremony at the IsDB Headquarters in Jeddah, IRTI Director of Islamic Finance Capacity Development, Dr. Ahmed Iskanderani, said the new publication is a useful guidebook for Islamic financial institutions, especially banks. He said the book was timely, coming in the wake of rapid increase in numbers of partnership-based Islamic finance companies.

"This publication is part of IRTI's determination to continue leading the development of the Islamic finance industry globally, through research, capacity development, knowledge dissemination, and technical assistance," he added.

The book, the first of its kind, is presented in a language easily understandable not only to professionals but also to non-experts in the field.

IRTI Releases New Collection of Fatawa on Islamic Finance Contracts