Weekend Scholarship Roundup

SCHOLARSHIP ROUNDUP On Islamic Law In "Iran Isn’t the Only Country With Morality Police" (Council on Foreign Relations (January 11, 2023)), Kali Robinson (Council on Foreign Relations) writes that it is not only Iran, but that "[m]ultiple countries have special police that enforce Islamic moral codes." In "Islamic Economics: Comparisons" (Annual Review of Islamic Finance … Continue reading Weekend Scholarship Roundup

Weekend Scholarship Roundup

SCHOLARSHIP ROUNDUP On Islamic Law In "The Role and Potential of Blockchain Technology in Islamic Finance" (European Business Law Review 33, no. 2 (2022)), Andrew Dahdal, Jon Druby, and Otabek Ismailov (Qatar University) "argue that blockchain has the ability to mediate and harmonise differing shariacompliance regimes thus opening up a single digital market for Islamic … Continue reading Weekend Scholarship Roundup

Weekend Scholarship Roundup

SCHOLARSHIP ROUNDUP On Islamic Law: In "Maintaining the Plurality and Sacred Value of Islamic Law through the Existence of the Sharia Banking Law" (Al-Ahkam 31, no. 1 (April 2022)), Waldi Nopriansyah (Sekolah Tinggi Ekonomi dan Bisnis Syariah, Indonesia) and others discuss Indonesia's Sharia Banking Law, finding it to be capacious enough "as a legal product … Continue reading Weekend Scholarship Roundup

Xinjiang Uyghur Autonomous Region Regulation on De-Radicalization

By Limeng Sun This post is part of the Digital Islamic Law Lab (DILL) series, in which a Harvard student analyzes a primary source of Islamic law, previously workshopped in the DIL Lab. Regulation Summary: In March 2017, Xinjiang, a territory in northwest China, enacted the Xinjiang Uyghur Autonomous Region Regulation on De-Radicalization (“2017 Regulation”), which designated … Continue reading Xinjiang Uyghur Autonomous Region Regulation on De-Radicalization

Commentary :: The US, the UK, and the Model of Competitive Equality

This commentary, by SHARIAsource U.A.E. and Malaysia editor Paul Lee, examines the U.S. and the U.K. as an example of a model of competitive equality for the regulation of sharīʿa compliance in Islamic finance. The regulation of Islamic finance has generally been an area to which Western jurisdictions have devoted limited attention, and courts and regulators have … Continue reading Commentary :: The US, the UK, and the Model of Competitive Equality

Commentary :: Malaysia and the Centralized Model of Islamic Finance Regulation

UAE and Malaysia editor Paul Lee's commentary examines Malaysia as an example of a centralized model of regulating sharīʿa compliance in Islamic finance. When parties seek to engage in Islamic finance in a jurisdiction, that jurisdiction must make a determination as to whether, and how, to regulate Islamic finance. Beyond those issues arising in conventional finance, … Continue reading Commentary :: Malaysia and the Centralized Model of Islamic Finance Regulation

The Need for an Islamic Bankruptcy Code

Student editor Esther Agbaje (HLS ’17) suggests that sukuk (commonly called Islamic bonds) are insufficient to handle bankruptcy in financial systems operating with respect to Islamic law, or sharīʿa compliance. Banks and other financial institutions or municipalities that issue sukuk intend for these instrument to organize debt and therefore to be insulated from default. This idea seeks to implement the Islamic law financial principle of profit/loss sharing, designed to … Continue reading The Need for an Islamic Bankruptcy Code

STANDARDS:: Auditing and Accounting Organisation for Islamic Financial Institutions’ (AAOIFI) Sharīʿa Standards for Financial Institutions (2010)

In 2007, the Auditing and Accounting Organisation for Islamic Financial Institutions (AAOIFI) considered about 85% of sukuk (commonly called Islamic bonds) to be non-sharīʿa-compliant. In 2010 they released these comprehensive guidelines on Islamic finance, including a section on sukuk (pg. 303), which outlines factors to consider when creating Islamic bonds. One such factor is industry, … Continue reading STANDARDS:: Auditing and Accounting Organisation for Islamic Financial Institutions’ (AAOIFI) Sharīʿa Standards for Financial Institutions (2010)

Debt and Bankruptcy in Classical Islamic Law

Student editor Esther Agbaje (Harvard Law School) explores classical Islamic law's basic conceptions of debt and bankruptcy. While the main Islamic texts, the Qur’ān and Sunna (records of the Prophet Muhammad's teachings), provide principles for fiscal  matters, these principles are not enough to establish systems as complex as those in modern finance with a guarantee of soundness in … Continue reading Debt and Bankruptcy in Classical Islamic Law

Commentary :: The Comparative Costs and Benefits of Models of Islamic Finance Regulation

Islamic finance is under increased scrutiny. Just last week, the Accounting and Auditing Organization for Islamic Finance Institutions (AAOIFI) announced plans to more aggressively develop centralized standards to regulate the boards responsible for assessing sharīʿa-compliance among banks and financial institutions doing business in GCC countries. UAE editor Paul Lee provides some context. From a series … Continue reading Commentary :: The Comparative Costs and Benefits of Models of Islamic Finance Regulation