Soft law, self-regulation and cultural sensitivity: The case of regulating Islamic banking in the UK

Abdul Karim Aldohni

Journal of Banking Regulation, 2014, vol. 15, issue 2, 164-179

Abstract: The Islamic banking sector has grown significantly over the last three decades and reached many international financial markets. As their name suggests Islamic banks are governed by the rules of Islamic law (Sharia). The Sharia compliance requirement has its implication on the nature of Islamic banks’ operations. The prohibition of interest prevents Islamic banks from using conventional financial products. Instead, Islamic financial products are based on the principle of profit-loss sharing. Therefore, the Islamic feature of these banks has brought certain regulatory challenges. This article is concerned with the UK Islamic retail banking market and it focuses on the role of soft law and self-regulation in minimising these regulatory challenges.

Date: 2014
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