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  • Author or Editor: M. Kabir Hassan x
  • Primary Language: eng x
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In: Arab Law Quarterly

Abstract

This study examines different dimensions and permutations of invaluable judicial support to Islamic financial services and products and identifies specific areas where the judiciary has helped to shape the industry in line with the original value proposition of Islamic financial intermediation. While relying on qualitative legal methods with comparative case analysis from different jurisdictions, this study conducts cross-jurisdiction case analyses and identifies the role of judiciary in introducing sustainable practices. It concludes that the judicial function has played a significant role in ensuring justice and fairness through purposive interpretation of contracts, recognition and enforcement of foreign arbitral awards and judgments, consistency and predictability of outcomes, legal risk mitigation, and facilitation of mediation and arbitral proceedings, thereby positively reshaping the future of Islamic financial services industry. Above all, the availability of binding judicial precedents, which is hitherto not common for Islamic law matters, is a welcome development in the Islamic financial services industry.

In: Arab Law Quarterly

Abstract

The contention surrounding Bitcoin’s acceptability and usage has an unsettled premise in both conventional and Sharīʿah law, although digital and cryptocurrencies reflect a lasting reality. This research analyses this contention by examining the concept of currency and/or money and the underpinning trust reposed on its issuing authority against the notion that cryptocurrencies and fiat money differ only in form but share the same substance and purport. Qualitative methodology provides an analysis from conventional as well as Sharīʿah viewpoints to examine the extent cryptocurrencies can gain admittance in contemporary conventional and Islamic finance and economy. The methodology entails non-empirical secondary data sourced from libraries and online databases comprising journal articles, textbooks, newspapers and reports subjected to doctrinal content analysis. Research outcomes show division among stakeholders, including conventional and Sharīʿah scholars, regarding Bitcoin and cryptocurrencies. Further research is recommended inter alia on ways to adopt Shariah-compliant cryptocurrencies worldwide.

In: Arab Law Quarterly