The first, and the best known, is a fact that we are still some way from developing standard documentation which is recognised as Shari’a compliant by scholars from different jurisdictions and from different schools of Islamic jurisprudence.
As long as there is a risk that a contract which is recognised as Shari’a compliant by some scholars will not be recognised as such by others, there exists a lack of legal certainty in the industry. It might be argued that this lack of certainty has not inhibited the industry’s growth to-date.