Who are these “Shariah Authorities” who sit on bank boards directing where and how Middle East oil wealth is invested?
Here are four of the most sought-after “Shari’a Authorities” in the industry, all of whom are highly paid to sit on individual corporate bank Shariah Advisory Boards. Each also sits on the AAOIFI (Accounting and Auditing Organization for Islamic Financial Institutions) Board, an international body that parallels western regulatory agencies. Incredibly, the SEC embraced the legitimacy and members of the AAOIFI.
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