Islamic Center of Nashville v. State of Tennessee (6th Cir. 2017): Ijāra Financing Cancels Real Estate Tax Exemption for Financed Property

To fund construction for a new building without violating Islamic law's prohibition against interest, the Islamic Center of Nashville (ICN) entered into an ijāra agreement with Devon Bank; the bank created a subsidiary for the purpose of the ijāra agreement. Under the agreement, Devon Bank had legal ownership of the building's title until ICN could fully purchase the building. … Continue reading Islamic Center of Nashville v. State of Tennessee (6th Cir. 2017): Ijāra Financing Cancels Real Estate Tax Exemption for Financed Property

Islamic Center of Nashville: Ijāra Financing Cancels Religious Tax Exemption for Financed Property

U.S. Editor Abed Awad examines the implications of the 6th Circuit's decision in September regarding the financing of an Islamic Center through ijāra. Case: Islamic Center of Nashville v. Tennessee, et al., 872 F.3d 377 (6th Cir. 2017)  Established in 1979, the Islamic Center of Nashville is a religious not-for-profit that operates both a mosque … Continue reading Islamic Center of Nashville: Ijāra Financing Cancels Religious Tax Exemption for Financed Property

New Trends in Regulating Risk in Islamic Finance

UAE editor Paul Lee details how Western courts have married Western and Islamic finance without compromising the principle of fair competition. The regulation of Islamic finance has generally been an area to which Western jurisdictions have devoted limited attention, and courts and regulators have been forced to step in ad hoc to fill necessary gaps. This post … Continue reading New Trends in Regulating Risk in Islamic Finance