‘Convergence in global syariah interpretation’
Differences seen in interpretation of syariah compliance among various Islamic finance markets are disappearing as there has been inter-market convergence of respective interpretations on a global scale moving forward. According to the chief executive officer of Standard Chartered Saadiq Bhd (Saadiq) Wasim Saifi, convergence between Middle East interpretation of syariah compliance and the interpretation seen in Islamic finance institutions in Malaysia is happening. Many transactions are being structured using Islamic structures which have strong Middle Eastern acceptability. Furthermore, convergence is also happening regarding the syariah-compliant filters announced by the Securities Commission for equities.