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legal development
Deconstructing Islamic Law – Categories of Islamic Law
Continuing along the lines of deconstructing Islamic Law, I thought I would outline here the high-level categories of Islamic law as laid out in most Islamic legal texts. #1 – Binary Islamic law can be look at in a binary sense, i.e. with two main categories: ‘Ibadat – Acts of Devotion This includes prayer, purity …
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Binding Contracts – Formation of Islamic Financial Law
A question seldom asked when investigating the intricacies of Islamic Law is how Islamic law came to be. Sure we all can look to the legal compendiums and the minutiae mentioned therein; review the marginalia and the facets of edge issues and dimensions of a particular position. But what is seldom seen is an analysis …
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Disguised Security Interests: Two articles
Two articles I hope to get my hands on soon: 26 Rutgers L. Rev. 1 (1972-1973) Disguised Real Estate Security Transactions as Mortgages in Substance; Cunningham, Roger A.; Tischler, Saul 95 Yale L.J. 506 (1985-1986) Interest in Disguise: Taxing the Time Value of Money; Halperin, Daniel I.
Sukuk: Too many moving parts?
Having done research on the structuring of Sukuk, I’ve been thinking lately on the ability of a Sukuk market to actually flourish. What incentives does any Sukuk issuer have to assure the success of their Sukuk? With exception of one type of obligation underlying the Sukuk (that being debt from murabaha), there can be no …
Consultation, Moral Hazard, & Shariah Boards
While preparing my Masters thesis, I came a across an interesting quote from Muhammad b. Idris al-Shafi’i, the famous jurist and author of the first work of Islamic legal theory, al-Risalah. After explaining the need to consult others before issuing juristic opinion: [Consultation should be sought] regardless of whether those consulted agree or disagree; in …
Islamic legal development: In spite of vs. in light of
On issues of Islamic legal development theory, one point popped in my mind today when thinking about Ahkam al-Sharikat that is the Law of business partnerships. This point is, and hence the title, is “In spite of vs. in light of”. What I mean by this is that in the development of Islamic Law, certain …
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