Abstract
Abstract This chapter discusses the regulatory regime for Islamic financial services. It begins by providing a background on Islamic finance firms (IFFs), which are governed by the Shari'a, and the services they offer. It then considers the scope and limits of Islamic financial services regulation before analysing the regulation of IFFs in the UK by the Financial Conduct Authority and the Prudential Regulation Authority as well as the regulation of Islamic capital markets. It also looks at international bodies that have been established to set and develop regulatory and Shari'a standards for IFFs, focusing in particular on the Accounting and Auditing Organisation for Islamic Financial Institutions and the Islamic Financial Services Board. The chapter concludes with an assessment of Islamic finance regulation in other jurisdictions; the legal effect of international standards on IFFs; Shari'a principles, including those relevant to Islamic finance; and the listing and public offer of Shari'a-compliant securities.
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