LONDON –  Some of the world’s most well-known Islamic scholars are launching a self-regulating professional association that will develop training and professional conduct standards for the gatekeepers of Islamic finance.

The Association of Shariah Scholars in Islamic Finance (ASSIF), a British-registered charity, will address a longstanding problem in the industry: the lack of a clear, commonly recognized set of qualifications for scholars.

Boards of Shariah scholars at financial institutions rule on whether activities and products follow religious principles such as bans on interest payments and monetary speculation.