Description
This book examines the legal and regulatory aspects of Islamic finance, looking at how it has developed in Muslim countries and the impact it has had on the development of Islamic banking in the UK. The book explores company, contract, and tax law and traces the impact it has had on the development of Islamic banking in the UK, before arguing that the current legal and regulatory framework which affects the Islamic banking sector has often had a negative impact on Islamic banking in the UK.
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 Sharia law, but 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 and international banking regulatory frameworks which impact on this sector. The book examines the historical genesis of Islamic banking, looking at how it has developed in Muslim countries before going on to consider the development of Islamic banking in the UK and the legal position of Islamic banks within English law. The book explores company, contract, and tax law and traces the impact it has had on the development of Islamic banking in the UK, before going on to argue that the current legal and regulatory framework which affects the Islamic banking sector has often had a negative impact on Islamic banking in the UK.
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