Part III Innovation and Trade-Finance Challengers, 15 Islamic Trade Law and the Smart Contract Revolution

2021 ◽  
Author(s):  
Ercanbrack Jonathan
Keyword(s):  
Islamic Law ◽  
Comparative Law ◽  
Islamic Finance ◽  
Smart Contracts ◽  
Commercial Law ◽  
Trade Finance ◽  
Trade Law ◽  
Islamic Tradition ◽  
History Of ◽  
Basic Calculus

The history of Islam is inextricably connected to a celebrated history of trade and commerce which distinguishes it amongst monotheistic faiths. The modern incarnation of Islamic trade finance, however, bears only rudimentary similarity to the trade practices of old. Modern Islamic trade finance is devised to replicate conventional trade practices so that the barter-like immediacy of the Islamic contract of sale has been replaced with promissory attributes (wa’d). Yet Islamic law (sharia) has shown itself to be fully capable of adapting to modern trade practices so long as its major principles remain intact. The introduction of blockchain and smart contracts for Islamic trade finance does not change this basic calculus and yet these technologies promise to revolutionise Islamic trade practices in a way that compels the industry to operate in closer keeping with its commercial principles. Paradoxically, these technologies require substantive changes in the way in which Islamic trade finance is practiced, helping the industry to overcome its attachment to legal artifice (hiyal). Using comparative law methodology, this chapter briefly examines a short history of trade and commerce in the Islamic tradition, followed by the development of modern Islamic finance. It addresses the principles of Islamic commercial law as the basis for understanding the murabaha contract for trade finance, followed by an analysis of the legal and sharia-related issues that English courts have dealt with in the practice of Islamic trade finance. Finally, the chapter considers the transformative capacity of blockchain and smart contracts for Islamic trade finance, highlighting prominent legal and sharia-related issues that compel the industry to transform its trade practices markedly.

Part II Islamic Law and Contracts in Practice, 7 Murabaha and Tawarruq

2020 ◽  
Author(s):  
Nethercott Craig R
Keyword(s):  
Islamic Law ◽  
Islamic Finance ◽  
Islamic Banking ◽  
Fair Price ◽  
Current Application ◽  
Widespread Application ◽  
Liquidity Management ◽  
Islamic Tradition ◽  
Modern Application

This chapter focuses on the murabaha structure, which is probably the most commonly used Islamic finance structure in modern Islamic banking. The simplicity of structure in its current application has promoted its use as a popular and flexible Islamic financing instrument. Indeed, the use of the murabaha has been extended beyond a widespread application as a standalone instrument to a composite component of Sukuk issuance in modern application. The murabaha contract is understood within the Islamic tradition to have a pre-Islamic origin evidenced in pre-Islamic literature and characterized as a fiduciary contract with the objective to assist less knowledgeable buyers in the determination of the fair price of unfamiliar goods. Today, murabaha is commonly used as a mode of finance, in its variant structures, for the acquisition of assets, commodities, and goods in the ordinary course of trade. The structure is also used as a corporate finance tool for working capital and liquidity management. The chapter then considers commodity murabaha (tawarruq) and its application.

scholarly journals Commercial books under Turkish commercial laws concerning accounting

2010 ◽  
pp. 85
Author(s):  
Batuhan Güvemli ◽  
Fehmi Yildiz
Keyword(s):  
Ottoman Empire ◽  
Islamic Law ◽  
Legal Regulations ◽  
Commercial Law ◽  
Regulatory Changes ◽  
History Of ◽  
The Republic

La modernización de las leyes comerciales de Turquía tiene una historia de 160 años (1850-2010). Los movimientos de occidentalización (Imperial Edicto de 1839) dentro del Imperio Otomano trajeron consigo la creación de la primera ley comercial, Kanunname-i Ticaret (1850 a 1926). Desde 1926 otras tres leyes comerciales fueron promulgadas. En este estudio, examinamos los libros de comercio dentro de esas cuatro leyes comerciales en el ámbito de la contabilidad. Nuestro objetivo es entender los efectos de los cambios de reglamentación comercial sobre la evolución de la cultura turca de contabilidad. Los resultados indican que debido a la ley islámica (Sharia), la aplicación de la ley comercial de 1850 no se había extendido. Las disposiciones legales que entraron en vigor con el establecimiento de la República en 1923 han hecho posible la promulgación de nuevas leyes comerciales. Así, el estudio también se ocupa del proyecto de ley de Derecho Mercantil de Turquía de 2005.<br /><br />The modernization of the Turkish commercial laws has a history of 160 years (1850-2010). The westernization movements (Imperial Edict of 1839) within the Ottoman Empire effected the establishment of the first commercial law, Kanunname-i Ticaret (1850-1926). Since 1926, three other commercial laws were enacted. In this study, we examine the commercial books within those four commercial laws under the scope of accounting. Our aim is to understand the effects of the commercial regulatory changes on the evolution of the Turkish accounting culture. Findings indicate that due to the Islamic law (Sharia), the application the commercial law of 1850 was not widespread. The legal regulations which were put into force with the establishment of the Republic in 1923 have made the enactment of new commercial laws possible. Thus, the study also addresses to the bill of Turkish Commercial Law dated 2005.<br />

The Socio-economic Aspects of hijra

2017 ◽  
Vol 5 (2-3) ◽  
pp. 161-178
Author(s):  
Latife Reda
Keyword(s):  
Economic Activity ◽  
Islamic Law ◽  
Economic Hardship ◽  
Economic Aspects ◽  
Ethical Values ◽  
Economic Deprivation ◽  
Islamic History ◽  
Islamic Tradition ◽  
History Of ◽  
Islamic Society

The paper highlights the socio-economic aspects of the concept of hijra or migration in the Islamic tradition. The paper argues that the conception of migration in the Islamic tradition has been shaped by not only religious and ethical values, but also social and economic motivations and consequences ever since the first migrations to Abyssinia and Medina. The paper addresses the notion and practice of hijra in Islamic history by highlighting its ethical and religious value as well as its nature and evolution into a socio-economic activity motivated by different forms of oppression, including social and political oppression as well as economic deprivation. The study draws on the history of Islam and the Islamic society, the sources of Islamic law and doctrines, and the thought of scholars in relation to the changes in approaches to migration, and the conceptualization of hijra as an activity motivated by oppression and economic hardship.

scholarly journals SYARIAT ISLAM PADA DINASTI DI ASIA Telaah Kritis Tipologi Mujtahid dan Geneologi Intelektual

2014 ◽  
Vol 3 (1) ◽  
Author(s):  
Hasnul Arifin Melayu
Keyword(s):  
Power System ◽  
Islamic Law ◽  
Historical Context ◽  
Social Conditions ◽  
Islamic Tradition ◽  
History Of ◽  
Religion And State

Implementation of Islamic law in Aceh is inseparable from its historical context in the history of Islam. Struggle of ideas between religion and state, the influence of the power system and outside the Islamic tradition and social conditions into one format forming Islamic law itself. In addition, the existence of a mujtahid in the struggle also gives an important role. This article will explore specifically about the existence of a mujtahid and their intellectual genealogy in dynasty in Asia, especially the Ottoman and Mughal. This study aims to describe the trip codification of Islamic law in some Muslim region. By doing so, there is the exposure of the expected phases of the codification of Islamic law that can be used as input in the process of implementation of Islamic law in Aceh. Kata kunci: syariat Islam, tipologi, geneologi mujitahid

Part I General Principles, 4 Comparative Law and its Relevance to Transnational Commercial Law

2015 ◽  
Keyword(s):  
Legal System ◽  
Comparative Law ◽  
Legal Systems ◽  
Commercial Law ◽  
History Of

Comparative law plays a key role in the harmonisation of commercial law. This chapter outlines the history of comparative law and the classification of legal systems and goes on to examine the aims of comparative law, with particular reference to the enhancement of an understanding of one's own legal system, the development of transnational commercial law and the role of comparative law in transnational practice. A key part of the chapter is devoted to the purpose and methodology of comparative law. Is the objective to find common solutions or best solutions? Should the approach be formal or functional? The chapter concludes with a discussion of the problems confronting the comparative lawyer: the pitfalls of comparison, the effectivess or otherwise of legal transplants and the extent to which all those engaged in the work of harmonisation can realistically be expected to to be fully equipped as comparative lawyers.

scholarly journals Mir'at al-Tullab by Syeikh Abdul Rauf Singkel: A Preliminary Study of Manuscripts Kept in the Special Collections, Leiden University Library

2013 ◽  
Vol 26 (2) ◽  
pp. 119-138
Author(s):  
Jelani Harun ◽  
Keyword(s):  
Seventeenth Century ◽  
Criminal Law ◽  
Islamic Law ◽  
Commercial Law ◽  
University Library ◽  
Special Collections ◽  
History Of ◽  
Preliminary Study ◽  
Basic Features

Mir’at al-Tullab by Syeikh Abdul Rauf Singkel is one of the masterpieces in the history of Malay writing in Aceh. The work written in 1661 demonstrates knowledge of Shari’ah law including the subjects on commercial law, matrimonial law and criminal law. The major idea that runs through the whole work is that of the role of sultan and ulama in preserving Islamic laws of the state. The importance of Mir’at al-Tullab is reflected in the large number of manuscripts that are available. In spite of its importance, there is still a lack of studies of the work especially those based on several Jawi manuscripts that are known to exist in Leiden University Library. This article is a preliminary study of five manuscripts of Mir’at al-Tullab kept in the Special Collections, Leiden University Library, and to identify basic features of the Islamic laws in Aceh in the mid-seventeenth century based on the manuscripts. Mir’at al-Tullab portray an early example of the implementation of Islamic law in Aceh as to replace the adat law practices that existed before. Keywords: Mir’at al-Tullab, Syeikh Abdul Rauf Singkel, history of Malay, Islamic law, manuscripts

scholarly journals Present at the Resurrection: Islamic Finance and Islamic Law

2018 ◽  
Author(s):  
Haider Ala Hamoudi
Keyword(s):  
International Law ◽  
Islamic Law ◽  
Comparative Law ◽  
Law School ◽  
Islamic Finance ◽  
Short Paper ◽  
Washington Dc ◽  
American University ◽  
Legal Studies ◽  
International Academy

26 American University International Law Review 1107 (2011)This short paper summarizes an extremely stimulating plenary session, held at the XVIIIth Congress of the International Academy of Comparative Law in Washington DC, dealing specifically with the topic of Islamic finance. The speakers were three renowned leaders in the field. Specifically, they were Kilian Balz, a partner at Amereller who has both practiced extensively in the field, and written about it while at the Harvard Islamic Legal Studies Program at Harvard Law School, Frank Vogel, coauthor of a leading book on Islamic finance and former director of the Islamic Legal Studies Program, and Mahmoud El Gamal, a prolific writer and fierce critic of the practice who also served as the appointed Islamic finance scholar in residence at the Department of the Treasury in 2004.

Using Blockchain and Smart Contracts for Waqf Institutions

2020 ◽  
pp. 225-244
Author(s):  
Farrukh Habib ◽  
Abu Umar Faruq Ahmad
Keyword(s):  
Economic Development ◽  
Muslim World ◽  
Pivotal Role ◽  
Islamic Finance ◽  
Smart Contracts ◽  
Historical Records ◽  
Muslim Society ◽  
History Of ◽  
Key Issues

The institution of Waqf always played a pivotal role of sustainable economic development in a Muslim society throughout the history of Islam. However, recently, even with the introduction of the modern Islamic finance a few decades ago, the institution has been struggling to rejuvenate its past glory. The key issues are lack of availability of data and historical records, weak transparency and public disclosure, improper audit and compliance practices. The advent of the blockchain has offered a ray of hope for the revival of the Waqf institution. The blockchain has already proved itself as a game changing breakthrough. Similarly, the Waqf institution could be invigorated with the innovative and efficient use of the blockchain. Moreover, the use of smart contracts on blockchain could further enhance the performance and efficacy of the Waqf institution. It is strongly believed that with the firm Islamic jurisprudential foundations of the Waqf, blockchain, and smart contracts will ensure that the Waqf institution could partake in the economic development of the whole Muslim world.

scholarly journals عروض مختصرة

2011 ◽  
Vol 16 (64) ◽  
pp. 222-211
Author(s):  
أسماء حسين ملكاوي
Keyword(s):  
New York ◽  
Islamic Law ◽  
Muslim Women ◽  
Islamic Theology ◽  
Islamic Movements ◽  
Islamic Tradition ◽  
History Of ◽  
The University ◽  
Relationship Of ◽  
The Impact

اليقيني والظني من الأخبار؛ سجال بين الإمام أبي الحسن الأشعري والمحدثين، حاتم بن عارف العوني، بيروت: الشبكة العربية للأبحاث والنشر، 2011م، 142 صفحة. الخطاب الأشعري؛ مساهمة في دراسة العقل العربي الإسلامي، سعيد بن سعيد العلوي، بيروت: منتدى المعارف، 2010م، 311 صفحة. الوسطية في السُّنة النبوية، عقيلة حسين، بيروت: دار ابن حزم، 2011م، 298 صفحة. مقالات في المرأة المسلمة والمرأة في الغرب، صلاح عبد الرزاق، بيروت: منتدى المعارف، 2010م، 144 صفحة. الإسلام والمرأة، سعيد الأفغاني، دمشق: دار البشائر للطباعة والنشر، 2010م، 144 صفحة. النساء العربيات في العشرينيات حضوراً وهوية، مجموعة من الباحثين، بيروت: مركز دراسات الوحدة العربية، 2010م، 574 صفحة. The Qur'an: Modern Muslim Interpretations, Massimo Campanini, USA: Routledge; 1 edition, 2010, 160 pages. Being Human in Islam: The Impact of the Evolutionary Worldview (Culture and Civilization in the Middle East), Damian Howard, USA: Routledge, 2011, 240 pages. The Relationship of Philosophy to Religion Today, Paolo Diego Bubbio and Philip Andrew Quadrio, UK- Cambridge Scholars Publishing; New edition, 2011, 240 pages. Early Islamic Theology: the Mu`tazilites and Al-ash`ari: Texts and Studies on the Development and History of Kalam (Variorum Collected Studies Series), Richard M. Frank (Author), Dimitri Gutas (Editor), UK: Ashgate Variorum, 2007, 400 pages. Hardship and Deliverance in the Islamic Tradition: Mu'tazilism, Theology and Spirituality in the Writings of Al-Tanukhi, Nouha Khalifa, UK: Tauris Academic Studies, 2010, 304 pages. Isma'ili Modern: Globalization and Identity in a Muslim Community, Jonah Steinberg, The University of North Carolina Press, 2011, 256 pages. Islam and Science: The Intellectual Career of Nizam Al-din Al-nisaburi, Robert G. Morrison, Routledge; 2011, 312 pages. God and Logic in Islam: The Caliphate of Reason, John Walbridge, Cambridge University Press, 2010, 228 pages. Muslim Women of Power: Gender, Politics and Culture in Islam, Clinton Bennett, London: Continuum, 2010, 256 pages. An Islam of Her Own: Reconsidering Religion and Secularism in Women's Islamic Movements, Sherine Hafez, New York: NYU Press, 2011, 208 pages. When Muslim Marriage Fails: Divorce Chronicles and Commentaries, Suzy Ismail, USA: amana publications; First edition, 2010, 136 pages. Women Under Islam: Gender, Justice and the Politics of Islamic Law, by Chris Jones-Pauly and Abir Dajani Tuqan UK: I. B. Tauris, 2011, 232 pages. Citizenship, Faith, and Feminism: Jewish and Muslim Women Reclaim Their Rights Jan Feldman, USA: Brandeis, 2011, 256 pages. للحصول على كامل المقالة مجانا يرجى النّقر على ملف ال PDF  في اعلى يمين الصفحة.

Preserving Islamic Tradition

2019 ◽  
Author(s):  
Nathan Spannaus
Keyword(s):  
20Th Century ◽  
Islamic Law ◽  
18Th Century ◽  
Legal Interpretation ◽  
Islamic Tradition ◽  
Late 18Th Century ◽  
History Of ◽  
The Russian Empire ◽  
Muslim Communities ◽  
Imperial State

Abu Nasr Qursawi (1776–1812) was a major figure in the history of the Muslim communities of the Russian Empire. An important religious scholar, he wrote works calling for the reform of the Islamic scholarly tradition that shaped the religious discourse of these communities into the 20th century. Qursawi focused on the construction of Islamic scholarship in the postclassical period (14th–19th centuries), criticizing scholars’ overreliance on taqlid, which had led them to hold incorrect theological views and prevented them from engaging with scripture in legal interpretation (through ijtihad). He argued that all scholarly positions must be verified (tahqiq) to ensure their correctness, and ijtihad was an obligation upon all Muslims to determine their own actions. Though critical, his reformism was grounded within the existing scholarly tradition, and its content was not subject to European influence. Nevertheless, it can be seen as a response to the incorporation of Islamic institutions into the bureaucracy of the Russian imperial state in the late 18th century, which remade the exercise of Islamic law and religious authority in the empire. This book analyzes his reformism in reference to its antecedents and sources and in light of these historical shifts. It also addresses the issue of modernity, arguing that although his reformism is grounded in the postclassical tradition, it is also an early example of Islamic modernism. It is, however, distinct from Jadidism, the 20th-century reform movement, despite frequent claims to contrary, as Jadidism instead grew out of transformations in the Volga-Ural religious environment postdating Qursawi.

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