Study on the Compliance of Islamic Investment Funds with the Provisions of Islamic Law (Sharia) within the Framework of French Legislation

Authors

Rasha Hattab, Professor of Commercial Law, College of Law, University of Sharjah, UAEFollow

Abstract

The religious nature of Islamic investment funds distinguishes them from the traditional ones by making their assets credible for Muslims investors on the one hand, and, on the other hand, obligating the Investment Services Providers to reassure investors about their effective religious compliance which constitutes a real challenge in the Occidental Countries. In this study, dedicated to the control of compliance of the Islamic Investment Funds with the Islamic Sharia in France, we will devote the first section for discussing the means of this control and simultaneously the role that the Sharia Supervisory Board could play in ensuring its effectiveness. This discussion can't be completed without illuminating the role of the Judiciary and Financial Markets Authorities in supervising the works of this board. In the second section, we will go over the civil and administrative sanctions for noncompliance of these funds with the Islamic Sharia that can ensure an effective protection for the funds' subscribers in France. Key Words Islamic Investment Fund, Sharia Supervisory, Sharia Supervisory Board, French Legislation, Islamic sharia, the Financial Markets Authority.

Recommended Citation

Hattab, Rasha (2017) "Study on the Compliance of Islamic Investment Funds with the Provisions of Islamic Law (Sharia) within the Framework of French Legislation," UAEU Law Journal: Vol. 2017: No. 72, Article 9.
Available at: https://scholarworks.uaeu.ac.ae/sharia_and_law/vol2017/iss72/9