This is a memorandum (circulaire) issued by the shari'a board of the Central Bank of Morocco (Bank al-Maghrib) in January 2017. The document contains fatwās pertaining to Islamic financial instruments such as murābaḥa and regulations concerning its practice and penalties. See document and see the interview with a sharīʿa auditor at Dar Assafaa.
Interview conducted by Ari Schriber, Morocco Editor Nour-Eddine Qaouar is a PhD Candidate in the Faculty of Letters and Humanities at Muhammad V University (Rabat, Morocco) where he studies the applicability of finance-related fatwās from classical sharīʿa to contemporary questions of Islamic finance. He is also Sharīʿa Auditor at Dar Assafaa, the Islamic window of … Continue reading Islamic Finance: New Developments in Morocco’s Sharīʿa-Compliant Banking
In their paper Classical Islamic Law and Modern Bankruptcy (2010), U.S. editor Abed Awad and his co-author Robert E. Michael compares bankruptcy in classical Islamic law to American bankruptcy pre and post the enactment of Chapter 11. Bankruptcy in classical Islamic law is "strongly analogous to the traditional civil and common law treatment of bankrupts prior to … Continue reading REVIEW:: Classical Islamic Law and Modern Bankruptcy (A Review of Abed Awad, “Classical Islamic Law and Modern Bankruptcy” (2010))
Islamic finance is under increased scrutiny. Just last week, the Accounting and Auditing Organization for Islamic Finance Institutions (AAOIFI) announced plans to more aggressively develop centralized standards to regulate the boards responsible for assessing sharīʿa-compliance among banks and financial institutions doing business in GCC countries. UAE editor Paul Lee provides some context. From a series … Continue reading The Comparative Costs and Benefits of Models of Islamic Finance Regulation
On election day 2016, Professor Intisar Rabb, SHARIAsource founding editor-in-chief, reflects on the notion of “civil rights sharīʿa”: the role that Islamic law has historically played in honoring and pressing for shared commitments to justice and equality under the law. Modern American history already exemplifies this notion in the legacy of boxing legend Muhammad Ali, who died as … Continue reading ELECTION DAY 2016 :: Civil Rights Sharīʿa and the Elections as a Part of the American Political Process
South Asia editor Jeff Redding argues that the "state vs. non-state character of talaq" is too often overlooked as a factor influencing the Indian Supreme Court's decision in the landmark case Shamim Ara v. State of U.P. (2002). While the decision's positive effect on Muslim women's welfare in India cannot be denied, the contemporary Indian state's concerns about presenting itself as a … Continue reading CASE COMMENT: Shamim Ara and the Divorce Politics of a Secular and Modern India
Guest contributors Vidusha Mardi and Bhaira Acharya examine issues of privacy and the state in Islamic law with the baseline argument that privacy is the default rule in Islamic law and that the public sphere, into which the state may intrude, is the exception to this rule. As they put it, Islamic law recognizes that "every society [must] impose certain requirements … Continue reading Privacy in Islamic Law in the Modern State
Osama Siddique, the Henry J. Steiner Visiting Professor in Human Rights at Harvard Law School, led a discussion on Friday, September 30th at the International and Comparative Law Workshop on the link between failures in legal institutions and the rise of the Taliban in the Swat region in Pakistan. The discussion was based on research … Continue reading IN SUMMARY :: The Other Pakistan: Special Laws, Diminished Citizenship, and the Gathering Storm (Workshop with Osama Siddique)
U.S. editor Abed Awad contextualizes a recent case in which a Muslim inmate filed suit against an American prison for failing to provide a halal meal. On August 17, 2016, the American Civil Liberties Union, on behalf of a Muslim inmate, filed suit against Boone County Sheriff. Gannon Thomas v. Boon County Sheriff, No. 1:16-cv-2189. Gannon Thomas … Continue reading Does a Muslim Inmate Have a First Amendment Right to a Halal Meal?
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