In the News: The Challenge of Navigating Sharīʿa Financing for Education

Testimonies from Muslim students studying in the United Kingdom note the challenge of navigating sharīʿa financing with banks that are not sharīʿa-compliant. Metro UK reporter Faima Bakar writes, “the limitations put on borrowing can stop students from pursuing university altogether. Those who still choose to study via halal means, such as borrowing money from their … Continue reading In the News: The Challenge of Navigating Sharīʿa Financing for Education

In the News: Ethereum Deemed Sharīʿa-Compliant

Last month, Amanie Advisors, a sharīʿa advisory firm specializing in Islamic finance, published a white paper discussing the permissibility of Ethereum according to Islamic Law. Ethereum, an open source, public, blockchain-based distributed computing platform, is powered by the currency Ether (ETH), a “utility token.” The Muslim scholars and financial advisors who collaborated on the white … Continue reading In the News: Ethereum Deemed Sharīʿa-Compliant

In the News: Adnoc Distribution Granted Sharīʿa-Compliance Certification

This month, the UAE’s largest fuel and convenience retailer, Adnoc Distribution, was granted sharīʿa-compliance certification for its shares. As a result, brokerage units of Islamic banks will now be able to trade the company's stocks. As further elaborated in a SHARIAsource expert analysis authored by Paul Lee, there are three models of sharīʿa compliance: (1) the … Continue reading In the News: Adnoc Distribution Granted Sharīʿa-Compliance Certification

Recent Scholarship: Gómez-Rivas on the Development of Legal Institutions in the Far Maghrib

Law and the Islamization of Morocco under the Almoravids: The Fatwās of Ibn Rushd al-Jadd by Camilo Gómez-Rivas. From the publisher: "Law and the Islamization of Morocco under the Almoravids. The Fatwās of Ibn Rushd al-Jadd to the Far Maghrib investigates the development of legal institutions in the Far Maghrib during its unification with al-Andalus under the … Continue reading Recent Scholarship: Gómez-Rivas on the Development of Legal Institutions in the Far Maghrib

Commentary :: Gharar: The Origins of the Prohibition

By Katarzyna Sidło Gharar is arguably one of the least understood concepts in Islamic finance. In linguistic terms, it means jeopardy, risk, danger, or hazard, and is a verbal noun (maṣdar) from the word taghr, which in turn means exposing oneself or one’s property to danger. It may refer to ignorance, injustice, or deceit. As … Continue reading Commentary :: Gharar: The Origins of the Prohibition

Recent Scholarship: Kuran on Zakāt

This week’s issue of SSRN’s Islamic Law & Law of the Muslim World eJournal includes an article by Timur Kuran, Professor of Economics, Political Science, and Islamic Studies at Duke University, on the failure of early Islamic governments to use zakāt to advance personal liberties: "Zakat: Islam’s Missed Opportunity to Limit Predatory Taxation" Abstract One … Continue reading Recent Scholarship: Kuran on Zakāt

Recent Scholarship: Fadel on Islamic Financial Ethics

Mohammad Fadel, Professor of Law at the University of Toronto, wrote a chapter in Islam and Applied Ethics (Hamad bin Khalifa University Press, 2017) exploring the ethical principles that inform Islamic law in connection with finance: “Ethics and Finance: An Islamic Perspective in the Light of the Purposes of Islamic Sharia” The chapter was originally … Continue reading Recent Scholarship: Fadel on Islamic Financial Ethics

In the News: Ḥalāl Food

A few weeks ago, Germany's Interior Ministry apologized after serving pork at a conference on Islam in Berlin. Most of the attendees at the conference were apparently Muslim, and under Islamic law, pork is not considered permissible (ḥalāl) to eat. Like other aspects of Islamic law, there are some differences among Islamic legal scholars (and … Continue reading In the News: Ḥalāl Food

Islamic Law & Law of the Muslim World eJournal: Nov 30th

SSRN's logo featuring the letters "S" "S" "R" "N" in capital letters

This week’s issue of the Islamic Law & Law of the Muslim World eJournal includes: "Security Design, Incentives, and Islamic Microfinance: Cross Country Evidence" by Yaoyao Fan, Kose John, Hong Liu, and Luqyan Tamanni This study finds that Sharia-compliant microfinance institutions have less credit risk than conventional ones, have better poverty outreach, are less likely … Continue reading Islamic Law & Law of the Muslim World eJournal: Nov 30th

In the News: Islamic Banks and FinTech

Last month, a representative of the Malaysian Industry-Government Group for High Technology—a public-private taskforce overseen by the prime minister to examine ways of using new technology to promote business opportunities—suggested that Islamic banks could reduce legal and administrative costs by using "blockchain." Blockchain is a type of electronic ledger, and according to the representative, blockchain … Continue reading In the News: Islamic Banks and FinTech