Islamic Finance Law as an Emergent Legal System

2007 ◽  
Vol 21 (2) ◽  
pp. 170-188 ◽  
Author(s):  
Nicholas Foster
Keyword(s):  
Legal System ◽  
Islamic Finance ◽  
Field Of Study ◽  
Institutional Level ◽  
Recent Growth ◽  
Finance Law

AbstractThe recent growth in Islamic finance has drawn attention to the alleged "uncertainty" of the sharia, highlighted in 2004 by the Beximco case. On the institutional level, various organisations are addressing the issue; there are also "organic" tendencies towards standardisation. These phenomena are combining with others to form a new legal system, albeit one with particular characteristics.This system has matured sufficiently to merit categorisation as a separate field of study and practice: Islamic Finance Law.

Legal Origin, Institutional Quality, and Islamic Finance Development: Does Shari’a Matter?

2020 ◽  
Vol 13 (2) ◽  
pp. 345-369
Author(s):  
Rihab Grassa
Keyword(s):  
Financial Development ◽  
Legal System ◽  
Civil Law ◽  
Islamic Finance ◽  
Islamic Banking ◽  
Financial Industry ◽  
Legal Origin ◽  
Muslim Population ◽  
Legal Origins ◽  
Shari'a Law

AbstractPrevious studies on financial development have shown that differences in the legal origin explain differences in financial development. Using historical comparisons and cross-country regressions for 40 countries observed for the period from 2005 to 2018, our research assesses how different legal origins have affected the development of Islamic finance worldwide. More particularly, our research assesses empirically why and how the adoption of Shari’a, wholly or partially (combined with common or civil law), could explain the level of development of Islamic finance in different jurisdictions. Our primary results show that countries adopting a Shari’a legal system have a very well-developed Islamic financial system. Moreover, countries adopting a mixed legal system based on common law and Shari’a law have sufficient flexibility within their legal systems to make changes to their laws in response to the changing socioeconomic conditions, and this has helped the development of the Islamic financial industry. However, countries adopting a mixed legal system based on both civil law and Shari’a law appear less flexible in making changes to their old laws and this thwarted the development of the Islamic financial industry in these countries. Furthermore, we have found that the concentration of a Muslim population (the percentage of Muslim population) along with the level of income have both had a positive effect on the development of Islamic banking assets and on the development of Islamic banking as a whole.

scholarly journals Finansų ir mokesčių teisė kaip mokslinio tyrimo objektas. Būklė ir perspektyvos

Teisė ◽  
2011 ◽  
Vol 78 ◽  
pp. 104-118
Author(s):  
Aistė Medelienė ◽  
B Ronius Sudavičius
Keyword(s):  
Legal System ◽  
Scientific Research ◽  
Tax Law ◽  
Constituent Part ◽  
Legal Method ◽  
Finance Law ◽  
The Status ◽  
Vilnius University

Straipsnyje analizuojama finansų teisė kaip sudedamoji Lietuvos teisinės sistemos dalis, savarankiška teisės šaka, apibrėžiamos jos galiojimo ribos, reguliavimo metodas, įvertinama vieta bendrojoje teisės sistemoje, atskleidžiama mokesčių teisės vieta visoje finansų teisės sistemoje. Finansų teisė straipsnyje nagrinėjama ir vertinama kaip mokslinio tyrimo objektas. Todėl straipsnyje yra analizuojama mokslinių tyrimų finansų ir mokesčių teisės srityje būklė ir pasiekimai Vilniaus universiteto Teisės fakultete, tolesnės šios teisės mokslo srities vystymosi galimybės. The article deals with the problem of finance law as a constituent part of the legal system of Lithu­ania, with it‘s status as an origimal branch of law. The limits of validity of finance law, it‘s legal method and the place of finance law in the system of national law and the status of tax law is analysed in the article. Particular attention is given to the problem of scientific research in the field of finance and tax law in the Faculkty of law of Vilnius university.

scholarly journals عروض مختصرة

2010 ◽  
Vol 16 (62) ◽  
pp. 208-197
Author(s):  
أسماء حسين ملكاوي
Keyword(s):  
Economic History ◽  
Islamic Finance ◽  
Capital Theory ◽  
Cambridge University ◽  
Role Of The State ◽  
Law And Ethics ◽  
Finance Law ◽  
Globalized Economy ◽  
History Of

موسوعة الاقتصاد الإسلامي في المصارف والنقود والأسواق المالية، تحرير رفعت السيد العوضي، القاهرة: المعهد العالمي للفكر الإسلامي ودار السلام للطباعة والنشر والتوزيع والترجمة، 2010م، 12مجلداً، 6560 صفحة. نظرية الحسم الزمني في الاقتصاد الإسلامي، مجدي علي غيث، الولايات المتحدة الأمريكية: المعهد العالمي للفكر الإسلامي، 2010م، 288 صفحة. نظرية المخاطرة في الاقتصاد الإسلامي دراسة تأصيلية تطبيقية، عدنان عبد الله عويضة، الولايات المتحدة الأمريكية: المعهد العالمي للفكر الإسلامي، 2010م، 351 صفحة. مدخل في مدارس الفكر الاقتصادي؛ نظرة تحليلية للتطورات الاقتصادية المعاصرة من منظور الاقتصاد الإسلامي والاقتصاد الرأسمالي، عمرو هشام محمد، دمشق: دار طلاس للدراسات والنشر، ط1، 2009م، 152 صفحة. الحقوق الاقتصادية والاجتماعية والسياسية في الشريعة الإسلامية، محمد علي السالم الحلبي، عمان: مؤسسة الوراق للنشر والتوزيع، 2009م، 434 صفحة. الأزمة المالية العالمية (رؤية إسلامية)، أشرف محمد دوابة، القاهرة: دار السلام، 2009م، 160 صفحة. قضايا اقتصادية عربية، سميح مسعود، عمان: دار الشروق للنشر، 2009م، 560 صفحة. المعاملات المالية المعاصرة وأثر نظرية الذرائع في تطبيقاتها، أختر زيتي بنت عبد العزيز، دمشق: دار الفكر المعاصر، 2008م، 383 صفحة. التداول الإلكتروني للعملات- أحكامها الشرعية، بشر محمد لطفي، عمان: دار النفائس، 2009م، 232 صفحة. الآثار الاقتصادية لأسواق الأوراق المالية من منظور الاقتصاد الإسلامي، زكريا سلامة عيسى شطناوي، عمان: دار النفائس، 2009م، 272 صفحة. First Principles of Islamic Economics, Sayyid Abul A'la Mawdudi (Author), Shafaq Hashmi (Translator), UK: Islamic Foundation (15 Oct 2009). Islamic Money and Banking: Integrating Money in Capital Theory, Iraj Toutounchian, NJ: Wiley (July 7, 2009), 350 pages. Role of the State in the Economy: An Islamic Perspective (Islamic Economics), Muhammad Nejatullah Siddiqi, UK: The Islamic Foundation (March 1, 2010), 175 pages. Islamic Capitalism: Presentation of an Alternative Economic System, Maher D. Kababji, Wordclay (January 21, 2009), 72 pages. False Economy: A Surprising Economic History of the World, Alan Beattie, Riverhead Hardcover (April 16, 2009), 336 pages. The Role of Law and Ethics in the Globalized Economy (MPI Studies on Intellectual Property, Competition and Tax Law), Joseph Straus, Springer; 1 edition (May 11, 2009), 177 pages. Economic Liberalization, Social Capital and Islamic Welfare Provision, Jane R. Harrigan, Hamid El-Said, Palgrave Macmillan (June 23, 2009), 272 pages. New Issues in Islamic Finance and Economics: Progress and Challenges, Hossein Askari, Zamir Iqbal, Abbas Mirakhor, Wiley (June 27, 2008), 373 pages. Islamic Finance: Law, Economics, and Practice, Mahmoud A. El-Gamal, Cambridge University Press; 1 edition (November 24, 2008), 240 pages. Understanding Islamic Finance, Muhammad Ayub, Wiley (January 2, 2008), 542 pages. A Comparative Study of Banking in the West and in Islam, Cheikh A. Soumare, Vantage Press (October 6, 2008), 77 pages. للحصول على كامل المقالة مجانا يرجى النّقر على ملف ال PDF  في اعلى يمين الصفحة.

The Law of the Dubai International Financial Centre: Common Law Oasis or Mirage Within the UAE?

2007 ◽  
Vol 21 (1) ◽  
pp. 91-104 ◽  
Author(s):  
Alejandro Carballo
Keyword(s):  
Legal System ◽  
Arab World ◽  
Common Law ◽  
Judicial System ◽  
Islamic Finance ◽  
National Legislation ◽  
Mandatory Rule ◽  
Financial Centre ◽  
World Class ◽  
Increasing Trends

AbstractDespite the increasing trends towards a reassertion of Shari'a within the Arab world, the Emirate of Dubai has recently created a world-class financial hub, the Dubai International Financial Centre (DIFC). DIFC is under an independent, common law-based, parallel legal system (outside the Dubai and the UAE federal legal systems) which is backed by an independent judicial system. However, there are still certain hindrances, such as the financial dependence of the DIFC courts and the harmful requirement (controlled by the Dubai judge) of "appropriate for enforcement" of DIFC decisions seeking outside enforcement.Furthermore, although DIFC legislation allows the application of a Shari'a-based national legislation (except for any provision contrary to any mandatory rule of a law in force in the DIFC), problems arise regarding the application of a-national Shari'a principles, mainly in Islamic Finance. Will common law oriented DIFC courts refer to recent British cases? In any case, it must be stated that even in the very unlikely situation of a challenge against DIFC laws on grounds of unconstitutionality (for being contrary to Art. 7), the pro-commercial approach of the Constitutional Chamber of the UAE Supreme Court, leads to conclude that no DIFC law would be strike down.

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