The news item headed ‘Sharia "could have averted crisis"’ is inaccurate because it suggests 85% of all transactions approved by financial institutions’ own sharia boards are not compliant with the standards of the Accounting and Auditing Organization for Islamic Financial Institutions in Bahrain (AAOIFI) (see [2008] Gazette, 27 November, 6). The 85% figure refers to a quote by one scholar who said that a certain new type of sukuk structure may be non-compliant with the AAOIFI standards. Sukuk (which are similar to conventional bonds) are only one of numerous Islamic finance instruments in use and the quote should be seen in that context.

MA Mohaimin Chowdhury Legal and Sharia’a, European Islamic Investment Bank, London