Sharia standards
No consensus exists on the sharia-compliant interpretations of structured products, but the approval of more liberal structures is at least an attempt to make business easier for the end investor. The Structured Products Middle East conference found participants adamant that Islamic finance must learn from conventional finance in order to foster a sound sharia system. Matt Cameron reports
The inaugural Structured Products Middle East conference, held at the opulent Raffles Hotel in Wafi City, Dubai, opened with a thoughtful keynote speech from Simon Gray, director for supervision at the Dubai Financial Services Authority (DFSA). Gray used Rudyard Kipling's poem The Ballad of East and West as a metaphor for the perceived irreconcilability of conventional and sharia finance, but pointed out that the two financial systems are more alike than many people believe.
The speech served as
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