Shariah’s Black Box

[151] 31 U.S.C. §§ 5311-5332 (2006).

[152] See infra Part II.F.3.i.

[153] See infra Part II.F.3.ii.

[154] “Shariah rules and principles” is a term of art among Shariah authorities. Various standards publications are available to the public through the Islamic Financial Services Board (“IFSB”), one of the premier standards institutes of SCF.  See IFSB Published Standards, Islamic Financial Services Board,, (last visited Jan. 28, 2008) [hereinafter IFSB Standards].

[155] Excepting of course the non-Muslim facilitators and financial institutions who desire to exploit it for purely pecuniary gain.

[156] As the literature makes clear, consensus among Shariah authorities is an important part of the tradition and integrity of Shariah. In some Muslim countries, however, there is actual government oversight and regulation. See, e.g., The Politics of Islamic Finance, supra note 4; see also Islamic Financial Services Board, Guidance on Key Elements of the Supervisory Review Process of Institutions Offering Islamic Financial Services (Excluding Islamic Insurance (Takaful) Institutions and Islamic Mutual Funds), at ¶¶ 110-118 at 24-25 (Dec. 2007),  available at (last visited Jan. 28, 2008) [hereinafter IFSB Standard].

[157] Supra note 58 and accompanying text.

[158] Supra note 59 and accompanying text.

[159] See, e.g.,  Stahnke & Blitt, Religious Freedom Shariah Report, supra note 93. Recently, northern Nigeria has been added to this list. See Nigeria Turns From Harsher Side of Islamic Law, N.Y. Times, Dec. 1, 2007, available at (last visited Jan. 28, 2008).

[160] Supra note 156; see Freedom Survey 2007, supra note 93.

About David Yerushalmi

Mr. Yerushalmi is a lawyer specializing in litigation and risk analysis, especially as it relates to geo-strategic policy, national security, international business relations, securities law, disclosure and due diligence requirements for domestic and international concerns. David Yerushalmi has been involved in international legal and constitutional matters for over 25 years. David Yerushalmi is today considered an expert on Islamic law and its intersection with Islamic terrorism and national security. In this capacity, he has published widely on the subject including the principle critical scholarship on Shariah-compliant finance published in the Utah Law Review (2008, Issue 3). This work and the empirical investigation known as the Mapping Shariah project in America was the focus of a recent monograph published by the McCormack Foundation and the Center for Security Policy.