Mg at 14:44, 18 December 2011

2011-12-18T14:44:26Z

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A financial product is deemed to be certified as [[Shariah]] compliant if it does not contravene [[Shariah]] principles in its legal documentation. Those principles could be qualified and/or agreed upon as law even if not related to a specific state as stipulated by the EU Rome convention. However, a contract governed by other jurisdictions could be Shariah compliant, too, if Shariah principles are not violated.

Which law is relevant in a [[contract]] is typically referred to in the Governing Law clause. The extent to which Shariah issues could and would be considered in a judgement in a certain jurisdiction differs between legal systems and jurisdictions as well as whether a court or an arbitration process was chosen.

==Reference==

*[http://currents.westlawbusiness.com/Articles/PDF/Shari%27ah%20Clauses%20in%20Financial%20Contracts.pdf Guest Analysis: Shari'ah Clauses in Financial Contracts], by Dr. jur. Klaus Peter Follak

Shariah clauses - Revision history

Mg at 14:44, 18 December 2011