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Nicholas Dylan Ray

Over the last several decades the Islamic religious movement has steadily gained importance in the Muslim world, manifesting the desire to modify existing institutions so that they conform to the values of traditional Islamic culture. This new book examines the application of such values to modern finance: Islamic banking. It also attempts to address the surprising lack of familiarity with Islamic banking among Western bankers and lawyers. The Author provides a thorough overview of Islamic banking, its devlopmenty, participants, structure, and aims, goes on to study the Islamic legal contracts undelying it, and finally, by way of a cae study of the Faisal Islamic Bank of Egypt, assesses the financial viability of Islamic banks. He asserts that Arab Islamic banking is a financial system fundamentally different from the system currently dominant throughout the world, and further, is a viable financial phenomenon. The establishment of Islamic banking, which can be seen as a bold new development model for the Muslim world, has necessitated immense intellectual and financial commitments, as well as an empirical approach emphasizing teh adaptation of both modern finance and medieval Islamic law. The text is supplemeted by translations of selected fatwas, and also includes financial information on a large number of Islamic banks.

Carmen Geha

. This historical continuity is explained here as resilience to refer to a political system which exhibits capacity to absorb shocks, maintain its basic pillars and even to improve its functions in times of crisis. This article will unpack the mechanisms of learning and adaptation which reinforce the

Mohammed Jassem Mohammed, Rahmah Ismail and Ruzian Markom

specific jurisprudential adaptation for that transaction. Moreover, credit card transactions, along with the resulting relations and obligations, are considered to be a new type of contract in Islamic jurisprudence. A credit card transaction does not fall under any of the known categories for financial

Minas Khatchadourian

. Examples of this include placing the contract in the framework of a legislative act, granting the contract a supremacy on any contrary legislation, stabilization clause, adaptation of the contract through renegotiation, arbitration clause, etc. Keywords Egypt; oil and gas concessions; legislative act

Unity in Diversity

Mysticism, Messianism and the Construction of Religious Authority in Islam

Series:

Edited by Orkhan Mir-Kasimov

What are the mechanisms of change and adaptation in Islam, regarded as a living organism, and how do they work? How did these mechanisms preserve the integrity of Muslim civilization through the innumerable hazards, divisions and devastations of time? From the perspective of history and intellectual history, this book focuses on a significant, though still largely under studied, aspect of this immense issue, namely, the role of mystical and messianic ferment in the construction and re-construction of religious authority in Islam. Sixteen scholars address this topic with a variety of approaches, providing a fresh outlook on the trends underlying the evolution of Muslim societies and, in particular, the emergence and consolidation of the Ottoman, Safavid and Mughal Empires.

Contributors include: Abbas Amanat, Mohammad Ali Amir-Moezzi, Paul Ballanfat, Shahzad Bashir, Ilker Evrim Binbaş, Daniel De Smet, Devin DeWeese, Armin Eschraghi, Omid Ghaemmaghami, Ahmet T. Karamustafa, Todd Lawson, Pierre Lory, Matthew Melvin-Koushki, Orkhan Mir-Kasimov, A. Azfar Moin, William F. Tucker.

Palestine

The Palestinian Authority Ministry of Justice Rule of Law Strategic Development Plan August 1996*

Editors Yearbook of Islamic and Middle Eastern Law

technological environment, new possibilities regarding delivery and ac- cess to information will require adaptation of the Ministry's systems and services. Public Perceptions Closer scrutiny of the courts by the media, the international community and the Palestinian public, coupled with changing community views

arbitration under the auspices of the Centre are the UNCITRAL Arbitration Rules of 1976 with certain modifications and adaptations. Unlike other institutional arbitrations the rules of the Centre allow a great deal of flexibility in the conduct of proceedings of the arbitration. It leaves wide discretion to

phase. The duration is mainly subject to the liberality and transparency of the existing economic system of the applying state and to the seriousness of the adaptation. 2 U N I T E D A R A B E M I R A T E S The United Arab Emirates (UAE) joined GATT in 1994. The UAE then became a WTO member on 10 April

Butti Sultan Butti Ali Al-Muhairi

. 35 conditions. The term "the Westernisation of law" will be used in this article and others to refer to the former approach. The latter will be referred to as "the adaptation of Shari`a". The impact of Western civilisation on the Muslim people's concept of state and authority is evidence even today