CONTEMPORARY ISLAMIC FINANCING MODES BETWEEN CONTRACT TECHNICALITIES AND SHAR AH OBJECTIVES

Abdulazeem Abozaid
Additional contact information
Abdulazeem Abozaid: Damascus University, Syria, Postal: Consultant to Islamic financial institutions and a Shar ah trainer at Emirates Islamic Bank, Dubai.

Islamic Economic Studies, 2010, vol. 17-2, 55-75

Abstract: Some contemporary Islamic banking and finance practices have raised legal controversies that arguably eliminate any substantial differences between them and their conventional counterparts. These practices seek their legitimacy from adherence to merely contractual requirements in terms of form and structure, far from considering and looking into the contractual substance and content. These controversial practices of Islamic banks are thought to pose a threat to this emerging industry, and they have somehow led to the distortion of the religion in the eyes of the discerning public and the non-Muslims. This paper examines, through a maq idi approach, the most controversial financing modes adopted by different Islamic financial institutions, and discusses the various justifications provided to support their legitimacy. The paper also outlines the prospectus of what constitutes a genuine Shar ah compatible product.

Date: 2010
References: View complete reference list from CitEc
Citations: View citations in EconPapers (2)

Downloads: (external link)
http://www.irti.org/English/Research/Documents/IES/069.pdf Full text (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:ris:isecst:0044

Access Statistics for this article

Islamic Economic Studies is currently edited by Salman Syed Ali and Anis Ben Khedher

More articles in Islamic Economic Studies from The Islamic Research and Training Institute (IRTI) Contact information at EDIRC.
Bibliographic data for series maintained by IRTI Staff () and ().