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The Quest for a Better Legal and Regulatory Framework for Islamic Banking

Lookup NU author(s): Dr Abdul Karim Aldohni

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Abstract

The legal and regulatory aspects of Islamic banking present a challenge to most financial and regulatory authorities. To many observers, legal and regulatory complexity in this respect stems from the link between the banking business and Islamic law. Compliance with some Islamic rulings forces the sector to operate an unusual business model, which is different from that of their conventional counterparts. After expounding the ideological foundation of Islamic banking and the sector's evolution, this article examines the genesis of the legal and regulatory challenge by conducting a compatibility analysis between Islam and banking. It will be argued that the conceptions of Islam and banking ought not to conflict, which means that achieving regulatory equilibrium in relation to Islamic banking is possible.

Publication metadata

Author(s): Aldohni AK

Publication type: Article

Publication status: Published

Journal: Ecclesiastical Law Journal

Year: 2015

Volume: 17

Issue: 1

Pages: 15-35

Print publication date: 01/01/2015

Online publication date: 11/12/2014

Acceptance date: 01/01/1900

ISSN (print): 0956-618X

ISSN (electronic): 1751-8539

Publisher: Cambridge University Press

URL: http://dx.doi.org/10.1017/S0956618X14000878

DOI: 10.1017/S0956618X14000878

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