Seeking to understand the legal and regulatory concepts in islamic finance

• What is the difference between law and regulation?
• What is the legal definition of money in terms of property? (What about electronic money?)
• Which laws affect the activities that financial institutions can undertake?
• Should laws govern morality and ethics?
• Can regulations be used to induce ethical behavior?
• Is Islamic society defined only by Islamic law or it is more than that?
• Is there any difference between a conventional contract from Islamic contract?
• What are the legal and accounting implications of transfer of property and possession during contemporary times?
• Can the principle of permissibility be applied to adopting contemporary Western commercial laws?
• Are the traditional nominate contracts sufficient to satisfy contemporary financial needs or there is a need to re-define fundamental concepts in Islamic contract law?
• Is the legal culture for Islamic law different from the Western legal culture?
– What are the implications of adopting a legal system with a different legal culture?
• Is having an Islamic banking law a necessary condition for the growth of Islamic finance?
– Is it different for a common law and civil law country?
• Can Islamic banking law be considered Islamic commercial law (Fiqh Al-muamulat, i.e. or Islamic jurisprudence of transactions)?
• What issues can arise in application of Islamic finance in any Middle Eastern country’s jurisdictions?

 

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