From Thelawyer.com: In November 2007 Islamic finance, which until then had been soaring on the back of a bullish economy and a climate of more liberal interpretation, hit its first snag.
Sheikh Muhammad Taqi Usmani, head of the religious board at the Accounting and Auditing Organisation for ­Islamic Financial Institutions - the body that sets standards for Islamic finance products - declared that around 85 per cent of the sukuk in issuance broke key principles of Islam and were not sharia-­compliant……………………………………….Full Article: Source