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Shari'ah's Black Box: Civil Liability And Criminal Exposure Surrounding Shari'ah-Compliant Finance, David Yerushalmi
Shari'ah's Black Box: Civil Liability And Criminal Exposure Surrounding Shari'ah-Compliant Finance, David Yerushalmi
David Yerushalmi
This article examines the multitude of legal issues - both criminal and civil - that Shari'ah-compliant finance (SCF) presents to U.S. financial institutions and their professional advisers. In short, SCF is the practice of investing in conformity with Islamic law (Shari'ah). Such investment appears at first glance innocuous. With only a modicum of probing, however, SCF turns out to be a black box, where the financial industry and their legal professionals have hidden a doctrine at war with the West and have ignored the dangers and risks posed by Shari'ah authorities who determine the rules and principles of this industry. …