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Abstract Fatwa plays a very significant role in Shariah by providing different resolutions and solutions to the Muslim community when it is needed to ensure the compliance with principles of Shariah and commends of God. It should be understood that fatwa is not confined to particular section in Islamic law but it covers the entire sections and subsection of Islamic law including business, finance and trade. Today, fatwa takes a different shape in Islamic finance; it is introduced and presented in the industry in the form of resolutions issued by Shariah board members who represent Shariah corporate governance body in the structure of the Islamic financial institutions. The resolution is further structured in the form of Shariah endorsement which is part and parcel of product approval as required by the regulators. The present paper discusses fatwa and its methodology in Islamic finance to ensure a sound process of issuing an accurate resolutions that comply with the rules and guidelines that have been set in Islamic jurisprudence. Key words: Fatwa, resolutions, methodology, sources of Shariah, Shariah board.

The Ṣukūk structure seems to be closer to bonds structure. Many jurisdictions have applied bonds rules on Ṣukūk to permit its issuance without a specific and adequate legal framework. Proper Ṣukūk legal and regulatory frameworks are quite needed to distinguish Ṣukūk from bonds. The purpose of this article is to compare the legal and regulatory frameworks of Ṣukūk issuance in different countries and to examine the core provisions that allow the direct issuance of Ṣukūk. This article is based on a comparative method which analyses the main legal and regulatory approaches that underpinned the issuance of Ṣukūk in some countries. The required data is gathered from the relevant laws and regulations of countries like Indonesia, Malaysia and U.K, law books, and articles. The findings of this article reveal that Ṣukūk has been regulated under two approaches, namely by enacting a separate law or amending the existing legislations. This study has also highlighted the models to follow in the event there was a need to regulate Ṣukūk at the same level as conventional bonds, so as to allow for Ṣukūk issuance. It provides a wide range of the best lessons of some jurisdictions that have implemented the regulatory framework of Ṣukūk in order to strengthen the local rules for Ṣukūk market position.

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