Corpus ID: 5736188

"Interest" and the Paradox of Contemporary Islamic Law and Finance

  title={"Interest" and the Paradox of Contemporary Islamic Law and Finance},
  author={Mahmoud A. El-Gamal},
  journal={Fordham International Law Journal},
... [T]he manner in which an act was qualified as morally good or bad in the spiritual domain of Islamic religion was quite different from the manner in which that same act was qualified as legally valid or invalid in the temporal domain of Islamic law. Islamic law was secular, not canonical... Thus, it was a system focused on ensuring that an individual received justice, not that one be a good person. 
Islamic Commercial Law: An Overview (I)
"Islamic law" covers all aspects of human behaviour. It is much wider than the Western understanding of ?law?, and governs ?the Muslim?s way of life in literally every detail and, of course, it alsoExpand
Why Islamic Institutions Function Best in The West
The gist of this paper is that the once superb Islamic institutions of the past nowadays function best in the West but stagnate in their very birthplace. I argue that this is because pre-conditionsExpand
Islamic finance: a review of the literature
In recent years, a number of Islamic banks have been created to cater to the growing demand, driven by globalization and the vast wealth of some Muslim states in the Middle East and Southeast Asia,Expand
Riba and Recognition: Religion, Finance and Multiculturalism
This article utilises the contemporary political theory of Nancy Fraser to explore the seemingly disparate issues of religious diversity and financial regulation in multicultural late capitalism,Expand
Globalization of Islamic Finance: Myth or Reality?
This paper investigates the question of whether the phenomenon of Islamic finance or Islamic Banking 1 is truly globalizing, that is, spreading as a universal alternative to conventional finance andExpand
Beyond Religion and Culture: The Economic Consequences of the Institutionalization of Sharia Law
Religious and cultural practices have major implications for a Country’s economic performance. However, it is not clear if the institutionalization of these social norms within a country’s legalExpand
Fragmentation of Islamic Financial Products – An Exploratory Study of Islamic Schools of Thought
The international emergence and expansion of Islamic finance is an undeniable fact. Significant efforts from all stakeholders including regulatory bodies are currently under way to formulateExpand
Exploring the “social failures” of Islamic banks: a historical dialectics analysis
Purpose This paper aims to argue that the current environment in which the Islamic banking system is situated is not ideal for the system’s pursuance of its socioeconomic ideals, thusExpand
Critical Muslim Intellectuals’ discourse and the issue of ‘Interest’ (ribā): Implications for Islamic accounting and banking
Abstract This article introduces and employs Critical Muslim Intellectuals’ (CMIs) methodological approaches and debates to discuss the issue of bank-interest/ribā in Islam. It builds specifically onExpand
Principles of Islamic Finance and Principles of Corporate Social Responsibility: What Convergence?
Islamic Finance, among its other features, figures as a financial and economic model based on principles and ethical values in which sustainable development and social responsibility play anExpand


Studies in Modern Islamic Law and Jurisprudence
Muhammad 'Abduh and the Modern Demands on Islamic Law Contract Stipulations (Shurut) in Islamic Law: The Ottomon Majalla and Ibn Taymiyya Al-Sanhuri's Reconstruction of the Islamic Law of ContractExpand
Islamic Economics and the Islamic Subeconomy
Although Islamic economics was developed to serve cultural and political ends, efforts have been made to put its ideals into practice. There now exist Islamic banks, which claim to offer anExpand
The Discontents of Islamic Economic Morality
Islamic economics, which is dedicated to restructuring economic thought and practice on the basis of fundamental Islamic teachings, has been criticized extensively for its incoherence,Expand
And God Knows the Soldiers: The Authoritative and Authoritarian in Islamic Discourses
1 The Short Legacy of a Short Book: Justification and Confession 2 The Problem of Authority: An Anecdotal Experience 3 The Text and Authority: A Case Study 4 The Case Study: The Fatwa 5 TheExpand
Islamic Law and Finance: Religion, Risk, and Return
1. Introduction. Part I: The Islamic Law of Finance. 2. Islamic Finance as the Application of Islamic Law. 3. Qur'an and Sunna on Contract and Commerce. 4. Islamic Laws of Usury, Risk, and Property.Expand
An Introduction to Islamic Finance
Although the principles of Shari'ah require banks and financial institutions to be structured on an interest-free basis, this does not mean that such institutions are charitable concerns. As long asExpand
Islamic Banking
With an increasing number of cultural minorities in the West, and the growing importance of emerging markets, banks need to pay more attention to cultural differences. Traditional banks that want toExpand
An Economic Explication of the Prohibition of Gharar in Classical Islamic Jurisprudence
The forbidden bay[ al-gharar can best be translated as “trading in risk”. Any trade would involve some degree of trading in risk. Jurists disagree over whether a specific contract is forbidden or notExpand
The genesis of Islamic economics : A chapter in the politics of Muslim identity
  • T. Kuran
  • Sociology, Political Science
  • 1997
L'A. met en lumiere le developpement d'une perspective economique musulmane. Il estime que celle-ci a emerge en Inde a la fin de la periode coloniale dans le but de preserver l'identite religieuseExpand
A Monetary History of the Ottoman Empire
The Ottoman empire stood at the crossroads of intercontinental trade at the dawn of the era of capitalism. This volume examines the monetary history of that empire from its beginnings in theExpand