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The Impossible, Highly Desired Islamic Bank, Haider Ala Hamoudi
The Impossible, Highly Desired Islamic Bank, Haider Ala Hamoudi
William & Mary Business Law Review
The purpose of this Article is to explore, and explain the stubborn persistence of, a central paradox that is endemic to the retail Islamic bank as it operates in the United States. The paradox is that retail Islamic banking in the United States is impossible, and yet it remains highly desired. It is impossible because central features of modern banking regulation conflict with fundamental aspects of shari’a as it is understood in modernity in the context of finance. It is unimaginable that regulators will create exceptions to, or somehow significantly amend, the modern financial regulatory system in the radical fashion …