The Islamic Finance Contract between Indifference, Recharacterisation, and Invalidation: A Look at the Judicial Trends in Light of Economic and Regulatory Backgrounds in Egypt, Kuwait, and Oman

IF 0.5 Q3 LAW Arab Law Quarterly Pub Date : 2022-01-14 DOI:10.1163/15730255-bja10102
Hussein M. Azmy
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Abstract

Despite the prominent role that the Islamic faith plays in shaping the social and regulatory aspects of Arab countries and the constitutional recognition of Islamic law (Sharīʿah) as a main source of legislation in most of these countries, judicial precedents regarding Islamic finance contracts remain scarce in the Arab world. This article sheds light on the judicial treatment of the validity and characterisation of Islamic finance contracts. It examines the economic and regulatory backgrounds of the Islamic finance industry in Egypt, Kuwait, and Oman. This examination provides a necessary prelude to the article’s discussion of the Islamic finance contract from jurisprudential and regulatory standpoints. It also provides a foundation for the analysis of noteworthy judicial precedents on the validity and characterisation of the Islamic finance contract. Following such analysis, this article makes recommendations to enhance the regulatory and judicial appreciation for the distinctiveness of Islamic finance.
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冷漠、重塑和无效之间的伊斯兰金融契约:从埃及、科威特和阿曼的经济和监管背景看司法趋势
尽管伊斯兰信仰在塑造阿拉伯国家的社会和监管方面发挥着突出作用,而且宪法承认伊斯兰法(Sharīʿah)是这些国家的主要立法来源,但在阿拉伯世界,有关伊斯兰金融合同的司法先例仍然很少。本文阐述了伊斯兰金融合同的有效性和特征的司法处理。它考察了埃及、科威特和阿曼伊斯兰金融业的经济和监管背景。这一审查为本文从法理和监管角度讨论伊斯兰金融合同提供了必要的前奏。它还为分析关于伊斯兰金融合同有效性和特征的值得注意的司法判例提供了基础。根据这些分析,本文提出了加强监管和司法部门对伊斯兰金融独特性的认识的建议。
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来源期刊
CiteScore
0.50
自引率
33.30%
发文量
23
期刊介绍: The leading English-language legal publication in its field, Arab Law Quarterly covers all aspects of Arab laws, both Shari"a and secular. Now in its third decade, it provides an important forum of authoritative articles on the laws and legal developments throughout the twenty countries of the Arab world, notes on recent legislation and case law, guidelines on future changes, and reviews of the latest literature in the field. Particular subject areas covered are Arab laws in trans-national affairs, commercial law, Islamic law (the Shari´a), and international comparative law.
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