The primary focus of my research is the Islamic finance industry in the Kingdom of Saudi Arabia (KSA) and the United Kingdom (UK). In particular, the applications of tawarruq-based and Murabaha -based personal finance schemes. The objective of the research is to explore mechanisms of ‘securing compliance’ with the collective goals of Islamic finance when implementing such instruments in these jurisdictions. It has been observed that many institutions in the industry claim to provide Islamic financial services on the basis that they are Shari’ah-compliant while in fact, such services or products undermine the spirit and the objectives of Islamic finance. My research seeks to examine the validity of such claims and critically examines the causes of this problem and considers appropriate measures and mechanisms through which regulators could deal with these issues in Saudi Arabia and the United Kingdom.
Dr Dalvinder Singh