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Islamic Finance Law as an Emergent Legal System

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image of Arab Law Quarterly

The recent growth in Islamic finance has drawn attention to the alleged "uncertainty" of the sharia, highlighted in 2004 by the Beximco case. On the institutional level, various organisations are addressing the issue; there are also "organic" tendencies towards standardisation. These phenomena are combining with others to form a new legal system, albeit one with particular characteristics.This system has matured sufficiently to merit categorisation as a separate field of study and practice: Islamic Finance Law.

Affiliations: 1: School of Law, School of Oriental and African Studies, University of London


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