The following question and answer by Sheikh Yusuf Talal DeLorenzo attendees of the Dow Jones University Courses on Islamic Investement.
Question:: How does one goes about understanding the ruling of the different schools of thought (madhaahib) when so few people (in my world) know about the subject of finance?
Answer: This is a very good question. In fact, there are very few people qualified to help out in these matters at the present time. This is why Islamic financial institutions, if they are serious about Shari`ah compliance, will be sure to appoint Shari`ah Supervisory Boards. My advice to individual Muslim investors is that they invest with Islamic mutual funds having reputable Shari`ah Supervisory Boards. That way, every aspect of their investing will be sure to comply with Shari`ah teachings. If you are unsure as to whether or not such Islamic mutual funds are available to you in your country, I will suggest that you contact failaka.com, or search the internet for Islamic financial news. As the demand for Shari`ah compliant investment products among Muslim consumers grows, it will only be a matter of time before supply catches up.