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The purpose of this paper is to discuss various situations in the Islamic financial services industry that are asserted to facilitate money laundering and the counter-arguments to the assertions.

The approach adopted by this paper is a review of literature and of several practices of Islamic financial institutions in a number of countries.

There is no evidence to support the contentions that Islamic financial institutions facilitate money laundering. Further, Islamic financial institutions are not any more susceptible to money laundering than conventional financial institutions are.

This paper demonstrates that Islamic financial institutions are not conduits for money laundering.

The purpose of this paper is to establish that financial crimes are unlawful (haram) in Islam and accordingly, the responsibilities of the Sharia's Supervisory Boards of Islamic financial institutions include the prevention and control of financial crimes.

The paper presents an analogy (qiyas) of the injunctions in the Qur'an and Sunna.

Financial crimes are prohibited in Islam as much as, if not more than, their prohibition by temporal laws.

The responsibilities of the Shari'a Supervisory Boards in ensuring “Shari'a‐compliance” on the part of the Islamic financial institutions include a wider ambit. It includes the prevention and control of financial crimes.

The paper provides additional dimension to Sharia's governance framework for the Islamic financial services industry.

The purpose of this paper is to examine whether insider dealing is fraud from the perspective of Islam.

The paper uses analogy (qiyas) of the injunctions in the Qur'an and Sunnah and critical analysis of literature on Islam.

The paper finds that insider dealing is fraud (taghrir) in Islam and the defrauded party has the option to rescind the transaction for fraud (khiyar al‐tadlis) as well as for latent defect (khiyar al‐‘aib).

The paper is practical as a source of reference in legislating laws relating to insider dealing particularly where Shari'ah is the principal source of law.

The paper presents a novel attempt in establishing that insider dealing is fraud from the perspective of Islam.

The purpose of this paper is to examine corruption from the perspective of Islam.

The paper takes the form of a critical analysis of the primary sources of Islamic law and extant literature.

In Islam, corruption is vehemently condemned; the meaning and scope of corruption is wide; and Islamic internal constraint is a significant tool against corruption.

The paper suggests a manner by which Muslim countries may effectively combat corruption.

This paper contributes to a discourse on corruption from an Islamic perspective, which is currently lacking.

The purpose of this paper is to analyse the criminalisation of money laundering, corporate criminal liability for money laundering, equitable liability of professional intermediaries for money laundering and defence of disclosure from the perspective of Shari'ah.

The approach is to interpret and analogise the injunctions in the primary sources of Shari'ah, namely the Qur'an and Sunnah.

In Islam, money laundering can be classified as a criminal offence of ta'zir, corporations cannot be made criminally liable for money laundering, professional intermediaries can be made equitably liable for money laundering and defence of disclosure is acceptable.

Money laundering laws can be adopted with some modifications by Muslim jurisdictions where Shari'ah is the principal source of law.

The paper presents novel insights into the compatibility of money laundering laws with the principles of Shari'ah.