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 … 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 … Continue reading STANDARDS:: Auditing and Accounting Organisation for Islamic Financial Institutions’ (AAOIFI) Sharīʿa Standards for Financial Institutions (2010)
Review :: Gianluca Parolin on Al-Azhar and Egypt’s 2012 Constitution
By Helena Swanson-Nystrom Summary Egypt’s 2012 Constitution included the principles of Islamic law as the “principal source” of national legislation. This clause had been in the country’s constitution since 1980, … Continue reading Review :: Gianluca Parolin on Al-Azhar and Egypt’s 2012 Constitution
Islamic Finance in a New Key, or Is Regulation the Answer?
By Meagan Froemming Many identify the absence of clear regulatory standards as the most significant challenge to the Islamic finance industry’s continued growth.[1] Yet, is the development of a uniform … Continue reading Islamic Finance in a New Key, or Is Regulation the Answer?