Toby Birch
Articles:
Hedge funds seen unsuitable for Islamic finance
By Martin de Sa'Pinto April 2009 Reuters
Also, the theological ground is shaky.structuring might obey the letter of sharia, it is not compatible with the spirit," said Birch.
The same is true of some structured products, said Rochat. "I have seen products judged sharia-compliant even though they were based on funds of hedge funds whose underlying investments were not compliant," he said.
Such ambiguities would persist until a recognized regulatory body could be established to sanction, or otherwise, products designed to be sharia-compliant.
(Editing by Erica Billingham)
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