Islamic Law in the News Roundup

Criticism of French President Macron, who recently described Islam as “a religion in crisis” and vowed to pass legislation in the coming weeks to allow for greater government control over mosques and their clerics, continued, as some legal scholars have contended that his statements violated both the French Constitution and international law. Others have noted … Continue reading Islamic Law in the News Roundup

Islamic Law in the News Roundup

Sudan’s bishops celebrated Sudanese Prime Minister Abdalla Hamdok’s declaration officially forbidding the state from establishing a religion, which had been Islam prior to the declaration. While some Muslims in Malaysia called for making it mandatory for women to wear the ḥijāb (or the tudung, as it is called in Malaysia), Maryam Lee, a prominent human … Continue reading Islamic Law in the News Roundup

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)