Law Commons^™

Dispute Over The Legality Of Al-Ijārah Al-Mawṣūfah Fī Al-Dhimmah: A Survey Of Fiqhī Opinions, Abu Talib Mohammad Monawer, Akhtarzaite Abd Aziz

Abu Talib Mohammad Monawer

The Rise Of Customary Businesses In International Financial Markets: An Introduction To Islamic Finance And The Challenges Of International Integration, Ali Adnan Ibrahim

American University International Law Review

No abstract provided.

The Rise Of Customary Businesses In International Financial Markets: An Introduction To Islamic Finance And The Challenges Of International Integration, Ali Adnan Ibrahim

American University International Law Review

No abstract provided.

You Say You Want A Revolution: Interpretive Communities And The Origins Of Islamic Finance, Haider Ala Hamoudi

Haider Ala Hamoudi

Despite its currently conservative character, the modern practice of Islamic finance lies on a bedrock of social, cultural and economic revolution. Examination of these revolutionary origins and their attendant jurisprudential implications reveal much about the schizophrenia plaguing Islamic finance today, of a largely formalist practice repeating the functional aims of the early revolutionaries and falsely understood by substantial portions of the wider Muslim community to be achieving such aims. Though the revolution has not come to pass, some of the comparatively radical functional approaches conceived in the context of the anticipated upheaval, and in particular those of the Iraqi Shi'i …

You Say You Want A Revolution: Interpretive Communities And The Origins Of Islamic Finance, Haider Ala Hamoudi

Articles

Despite its currently conservative character, the modern practice of Islamic finance lies on a bedrock of social, cultural and economic revolution. Examination of these revolutionary origins and their attendant jurisprudential implications reveal much about the schizophrenia plaguing Islamic finance today, of a largely formalist practice repeating the functional aims of the early revolutionaries and falsely understood by substantial portions of the wider Muslim community to be achieving such aims. Though the revolution has not come to pass, some of the comparatively radical functional approaches conceived in the context of the anticipated upheaval, and in particular those of the Iraqi Shi'i …

The Muezzin's Call And The Dow Jones Bell: On The Necessity Of Realism In The Study Of Islamic Law, Haider Ala Hamoudi

Articles

The central flaw in the current approach to shari'a in the American legal academy is the reliance on the false assumption that contemporary Islamic rules are derived from classical doctrine. This has led both admirers and detractors of the manner in which shari'a is studied to focus their energies on obsolete medieval rules that bear no relationship to the manner in which modern Muslims approach shari'a. The reality is that given the structural pluralism of the rules of the classical era, there is no sensible way that modern rules could be derived from classical doctrine, either in letter or in …

Jurisprudential Schizophrenia: On Form And Function In Islamic Finance, Haider Ala Hamoudi

Haider Ala Hamoudi

No abstract provided.

Muhammad's Social Justice Or Muslim Cant: Langdellianism And The Origins Of Islamic Finance, Haider Ala Hamoudi

Haider Ala Hamoudi

Though it is advertised and promoted as the bulwark of an alternative economic system based on populist Muslim notions of social justice and fairness, Islamic finance as a practice has failed to meet these objectives. The causes of that failure and the question of whether alternative approaches are possible are the subject of this Article.

The failure of Islamic finance to provide that which it promotes is the direct consequence of the application of an Islamic logic driven interpretive system through which rules are derived, which its adherents claim was formalized and systematized by the early jurist Muhammad Ibn Idris …

Jurisprudential Schizophrenia: On Form And Function In Islamic Finance, Haider Ala Hamoudi

Articles

Despite its explosive growth over the past several decades, Islamic finance continues to have trouble attracting large numbers of otherwise pious Muslims as potential investors. The underlying reason for this is that the means that the practice employs to circumvent some of the central Muslim bans relating to finance (most notably, the ban on interest) are entirely formal in their structure and are equivalent to conventional structures both legally and economically. However, the practice purports to serve functional ends; namely, through offering Muslims alternative means of finance that are intended to further Islamic ideals of fairness and social justice. This …

Islamic Financial Structures As Alternatives To International Loan Agreements: Challenges For American Financial Institutions, Babback Sabahi

ExpressO

In the past few decades, the Muslim countries have witnessed considerable economic growth. The markets of these countries spanning from North Africa to South East Asia, are expanding at a fast pace, and gradually are turning into important international economic centers. The expansion and sophistication of the Islamic markets, as well as increasing demand for Islamic financial products by borrowers, have spurred a movement toward Islamization of different aspects of economic activities in these markets. This movement has resulted in the creation of an Islamic financial market alongside the conventional financial markets. The data on the size of the Islamic …