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,, http://www.ifsb.org/index.php?ch=4&pg=140 (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 http://www.ifsb.org/view.php?ch=4&pg=257&ac=36&fname=file&dbIndex=0&ex=1201533270&md=%C1h%D5%BB%AA%B9zc%C3%9E%7CV%29%0A%BA%3C (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 http://www.nytimes.com/2007/12/01/world/africa/01shariah.html?_r=1&oref=login (last visited Jan. 28, 2008).

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