In 1992, the Pakistani Federal Shariat Court (FSC) declared riba[1] un-Islamic.[2] The Shariat Appellate Bench (SAB I) of the Pakistani Supreme Court upheld this decision in 1999,[3] and stated that … Continue reading Case Study: The Shariat Appellate Bench of Pakistan and the Review of the Federal Shariat Court’s Riba Decision
The Sharifian Decree of May 16, 1930 – The “Berber Decree” of Morocco
The Sharifian Decree of May 16, 1930 (the “Berber Decree”) promulgated eight articles that specified the administration of civil and penal justice for Moroccan Berber tribes. Interpreted by Moroccan nationalists … Continue reading The Sharifian Decree of May 16, 1930 – The “Berber Decree” of Morocco
Reconciling the Impermissibility of Conventional Options Contracts with the Bai’ al-Urbun
One need not look far to find critics of modern Islamic finance practice. Many have opined on its ineffectiveness, whether real or perceived, and on the inability (or unwillingness) of … Continue reading Reconciling the Impermissibility of Conventional Options Contracts with the Bai’ al-Urbun