Review :: Powers on the Role of Endowments, waqf, in Inheritance

Centuries before the trust was developed in English common law, Islamic law developed the waqf, or endowment. The waqf allowed a property owner to separate the title to a property from the entitlement to its revenues. Through the waqf ahli, or family endowment, created either during life or as part of a will, a Muslim could gain greater … Continue reading Review :: Powers on the Role of Endowments, waqf, in Inheritance

Review :: Clark Lombardi on Sharīʿa as a Source of Legislation

The constitutions of many Muslim-majority countries contain clauses that declare sharīʿa a source of legislation. These “sharīʿaclauses” may name sharīʿa as “a chief source,” “the chief source,” or “the only source,” among others, of national laws. Though the phrasing of these clauses seems quite similar, some scholars and government officials have ascribed importance to the differences between them. By … Continue reading Review :: Clark Lombardi on Sharīʿa as a Source of Legislation

Review :: Fadel on the Function of the “Interest Ban” in Islamic Finance

Islamic finance creates financial products specifically aimed at Muslims that are sharīʿa compliant. Many scholars have condemned Islamic finance for condemning ribā (interest) on the one hand, particularly where usurious, but then many others have created workarounds that allow modern big-finance firms to avoid it in name only on the other hand. Those who argue against the workaround argue … Continue reading Review :: Fadel on the Function of the “Interest Ban” in Islamic Finance