This commentary, by SHARIAsource U.A.E. and Malaysia editor Paul Lee, examines the U.S. and the U.K. as an example of a model of competitive equality for the regulation of sharīʿa compliance in Islamic finance. The regulation of Islamic finance has generally been an area to which Western jurisdictions have devoted limited attention, and courts and regulators have … Continue reading Commentary: The US, the UK, and the Model of Competitive Equality
UAE and Malaysia editor Paul Lee's commentary examines Malaysia as an example of a centralized model of regulating Sharīʿah compliance in Islamic finance. "When parties seek to engage in Islamic finance in a jurisdiction, that jurisdiction must make a determination as to whether, and how, to regulate Islamic finance. Beyond those issues arising in conventional finance, Islamic … Continue reading Malaysia and the Centralized Model of Islamic Finance Regulation
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
Student editor Alicia Daniel reviews Mohammad H. Fadel, Ribâ, Efficiency and Prudential Regulation: Preliminary Thoughts, 25 Wisconsin Journal of International Law 655 (2008). Islamic finance creates financial products specifically aimed at Muslims that are sharīʿa compliant. Many scholars have condemned Islamic finance for condemning ribā (interest) on the one hand, particularly where usurious, but then many others have … Continue reading Review :: Fadel on the Function of the “Interest Ban” in Islamic Finance
UAE editor Paul Lee explains how the Dubai International Financial Centre's systems-based model is one solution for creating a sharīʿa-compliant financial system. The Dubai International Financial Centre (“DIFC”) is a parallel legal system to the legal systems of the Emirate of Dubai and the UAE as provided for by a series of federal and local laws. … Continue reading The Dubai International Financial Centre and a Systems-Based Model for the Regulation of Islamic Finance
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))
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