Craig R. Nethercott & David M. Eisenberg (eds): Islamic finance: law and practice

Oseni, Umar Aimhanosi (2012) Craig R. Nethercott & David M. Eisenberg (eds): Islamic finance: law and practice. European Journal of Law and Economics, 36 (1). pp. 231-235. ISSN 0929-1261

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Abstract

With the phenomenal growth in Sharī‘ah compliant products across the world, the application of Islamic law in commercial transactions has now transcended the natural borders of the Muslim world. Islamic finance has continued to grow in an amazing manner with the latest data on Sharī‘ah compliant assets put at $USD 1.3 trillion by the end of 2011. As a consequence of the tremendous growth witnessed in the Islamic finance industry within the past two decades, scholars have continued to provide the conceptual framework to guide current practices in the industry. Therefore, this book is one of the most detailed analyses of different aspects of Islamic finance from the legal and regulatory perspectives. More often than not, the legal dynamics of Islamic finance products have been a neglected field in Islamic finance. Though scholarship on Islamic finance has mushroomed within the past decade, there is a subtle neglect of this area of research, which in the final analysis has far-reaching implications on the future of the entire industry. Craig R. Nethercott and David M. Eisenberg, two prominent Islamic finance legal practitioners, edited this book—a first of its kind on the law and practice of Islamic finance in the past decade. The work is presented in twelve chapters written by leading scholars in the field who represent a diverse array of Islamic finance experts, legal practitioners, and scholars from the academia. In order to pre-empt the critical review of the volume, the editors observe in the Preface to the book, “that certain areas of current learning, practice, and debate are either missed entirely or oversimplified” (p. viii). Despite this humble acknowledgement on the part of the editors, the book touches on significant areas, which are often neglected, downplayed, or understated in books, and academic and professional conferences on Islamic finance. For instance, the chapter on Dispute Resolution and Specialized ADR for Islamic Finance (chapter 12) adds significant value to the book, as it is presented as a preliminary overview of current trends and the enumeration of future directions in such a specialized field in Islamic finance. More often than not, this indispensable aspect of the continuum of transactions in a typical Islamic finance contract has been inadvertently left out in related works. Essentially, the idea of emphasising the relevance of law and practice of Islamic finance is worth acknowledging in an industry that is dominated by Islamic economists who set the tone for the conceptual foundations of the modern practice of Islamic finance.

Item Type:	Article (Book Review)
Additional Information:	6807/27070
Uncontrolled Keywords:	Islamic finance, law
Subjects:	K Law > K Law (General) K Law > KBP Islamic Law > KBP1 Islamic law.Shariah.Fiqh
Kulliyyahs/Centres/Divisions/Institutes (Can select more than one option. Press CONTROL button):	Ahmad Ibrahim Kulliyyah of Laws > Department of Civil Law
Depositing User:	Dr. Umar Aimhanosi Oseni
Date Deposited:	30 Jul 2013 10:45
Last Modified:	03 Aug 2013 13:59
URI:	http://irep.iium.edu.my/id/eprint/30831

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