Fatwas as Feedback Loops: Authenticity, Education, and Dialogue

Umar F. Moghul

Chapter Chapter 4 in A Socially Responsible Islamic Finance, 2017, pp 155-207 from Palgrave Macmillan

Abstract: Abstract This chapter considers the Islamic finance market using systems thinking, a key method of sustainability thought. It presents (1) a historical and conceptual overview of fatwas (Islamic ethical–legal opinions), (2) criticisms of contemporary Islamic finance with specific reference to sukuk, and (3) shura (consultative governance), the Shari’ah’s method for inclusive decision-making. These seemingly unrelated subjects are integrated to recommend “enhanced” fatwas, those that transparently explain their rationale, as a balancing feedback mechanism to counter reinforcing feedback actions to increase resilience and self-organizing capabilities—and reputation and market share. Such fatwas represent a tool of good governance of, and for, the religion of Islam and its adherents designed to bring about greater justice, balance, and moderation in Muslim communities.

Keywords: Corporate Governance; Supervisory Board; Muslim Community; Islamic Bank; Muslim World (search for similar items in EconPapers)
Date: 2017
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Persistent link: https://EconPapers.repec.org/RePEc:pal:psibcp:978-3-319-48841-7_4

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DOI: 10.1007/978-3-319-48841-7_4

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