I have been saying all along that if the various scholars do not come up with a standardised sharia, then somebody else will come and do it for them. And that will happen very soon. One step was taken when the Chartered Institute of Management Accountants announced that it will launch an Islamic finance qualification. I dont think people realise what that means. It means that a professional body with global standards will come up with a standard for islamic finance. That will further mean that the power devolved to those sheikhs and mullahs in the Gulf and South East Asian countries will evaporate and will be in the hands of the CIMA and other professional bodies. Not to mention the attempts by the FSA to establish regulatory facts on ground.
Read and consider.
All this to be taken with a grain of piquant salt!!!