Rationalizing Hybrid Financial Instruments from an Uṣūlī Perspective

in Arab Law Quarterly
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This article attributes the prime reason for the underdevelopment of the Arab and Muslim world to the lack of advancement of their financial intermediation systems. We instigate the employment of hybrid financial instruments to re-invigorate their financial architecture. Not only does this solution satisfy the economic efficiency prerequisites, it is also in congruent with uṣūl al-fiqh (principles of Islamic jurisprudence).

Rationalizing Hybrid Financial Instruments from an Uṣūlī Perspective

in Arab Law Quarterly

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References

1

Raymond W. GoldsmithFinancial Structure and Development (New Haven: Yale University Press1969) 390.

6

Mahmoud A. El-GamalIslamic Finance: Law Economics and Practice (Cambridge: Cambridge University Press2006).

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Abdul Hamid SiddiquiSahih Muslim-Translation (New Delhi: Kitab Bhavan1986) iv: 1259–60 (Ḥadīth No. 5831).

18

Salleh et al. (2013) extends the studies of Iqbal (2010) and Harasani (2013). (Salleh et al.Ibid. Muhammad Mazhar Iqbal ‟Prohibition of Interest and Economic Rationalityˮ Arab Law Quart. 24 (2010): 293–308. Hamid Harasani ‟Analysing the Islamic Prohibition on Ribā: A Prohibition on Substance or Form?ˮ Arab Law Quart. 27 (2013): 289–296.)

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Fazlur RahmanIslam and Modernity: Transformation of an Intellectual Tradition (Chicago: University of Chicago Press1982).

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Taqī al-Dīn Ibn TaymiyyaMajmūʿ al-Fatāwā (37 vols.) (Beirut: Dār al-Kutub al-ʿIlmiyya2000) xvii: 65.

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46

See Kamali (2002) for other views on the issue; Mohammad Hashim Kamali Islamic Commercial Law: An Analysis of Futures and Options (Selangor Malaysia: ‛Ilmiah Publ. Sdn Bhd. 2002) 66–83.

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