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Book Cover
E-book
Author Aldohni, Abdul Karim Karim

Title The Legal and Regulatory Aspects of Islamic Banking : a Comparative Look at the United Kingdom and Malaysia
Published Hoboken : Taylor & Francis, 2012

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Description 1 online resource (261 pages)
Series Routledge Research in Finance and Banking Law
Routledge research in finance and banking law.
Contents Front Cover; The Legal and Regulatory Aspects of Islamic Banking; Copyright Page; Contents; Acknowledgements; Table of cases; Table of legislation; Table of statutory instruments; Table of European legislation; 1. Introduction; 1.1 An overview; 1.1.1 Why is the legal aspect important and challenging?; 1.1.2 What this book aims to do; 1.2 Structure of the book; 1.3 A note on terminology and methods; 2. The historical and ideological background of Islamic banks; 2.1 Introduction; Part One: The history and development of Islamic banking; 2.2 Islamic banking development: an overview
2.3 Islamic banking in Muslim countries: back to the roots2.3.1 The role of the religious and political factors; 2.3.2 The role of the economic factor (the oil wealth of the Gulf countries); 2.3.3 The economic adoption of the Islamic banking system in Muslim countries; 2.4 The growth of Islamic banking in the West: the case of the United Kingdom; 2.4.1 The unique financial position of London; 2.4.2 The danger of the informal Islamic financial institutions (terrorist finance); 2.4.3 The attraction of oil wealth; 2.4.4 Investing and saving the growing wealth of the Muslim minorities
2.4.5 Economic globalisationPart Two: The theoretical foundation of Islamic banking -- the religious, economic and ethical aspects; 2.5 The ideological background of Islamic banking; 2.5.1 Islamic theory of the market, money and economy; 2.5.2 The religious justification of Islamic banking: the prohibition of interest; 2.5.3 The economic justification of Islamic banking; 2.5.4 The ethical dimension of Islamic banking; 3. Legal analysis of the English legal system in comparison to the Islamic legal system; 3.1 Introduction; 3.2 The legal structure of both systems: an overview
3.3 The legal sources of both systems: some basic similarities3.3.1 The customary origins of the legal rules; 3.3.2 The role of the judges (the judicial precedents); 3.3.3 The meaning and role of equity principles in both systems; 3.3.4 Legal presumption as an integrated division of both systems; 3.4 The role of logic in legal reasoning in both systems; 3.4.1 Deductive logic; 3.4.2 Legal analogy; 3.5 A possible legal interaction between both systems; 4. The legal description and classification of Islamic banks under the English law; 4.1 Introduction; Part One: The legal definition of a 'bank'
4.2 The meaning of 'bank' under the UK banking legal framework4.3 The common law definition of a 'bank'; 4.3.1 The development of the definition of 'banking business'; 4.3.2 The distinctive characteristics of 'banking business'; 4.3.3 The elements imposed by the factual circumstances of the business; 4.4 The statutory definition of 'bank'; 4.4.1 The UK dimension; 4.4.2 The EU dimension; 4.5 The legal status of Islamic banks under the UK banking legal framework; 4.5.1 Defining Islamic banks in the light of the English case law; 4.5.2 The description of Islamic banks in view of the statute
Summary During the last ten years the Islamic banking sector has grown rapidly, at an international level, as well as in individual jurisdictions including the UK. Islamic finance differs quite substantially from conventional banking, using very different mechanisms, and operating according to a different theory as it is based on Islamic law. Yet at the same time it is always subject to the law of the particular financial market in which it operates. This book takes a much-needed and comprehensive look at the legal and regulatory aspects which affect Islamic finance law, and examines the current UK
Notes Part Two: Locating Islamic banks in the main banking categories of the UK banking sector
Print version record
Form Electronic book
ISBN 9780203813874
0203813871