Islamic Banking and Finance: a Novel and Increasingly Significant Expression of Islamic Law and Faith
Thu 23 November 2017 — 18:00 – 19:30 GMT
A neglected feature of contemporary Muslim life, society and culture, banking and financial services compatible with Islamic law represents a global industry of growing importance.
This lecture comprises an introduction to the history, sources, principles and practices of this industry. It distinguishes Islamic banking and finance law from its conventional counterpart by comparing, for example, conventional bank accounts with Islamic bank accounts, and conventional bonds with ‘Islamic bonds’ (sukuk). It surveys the reception and advance of ‘Shari’a compliance’ and its governance in modern Islamic financial institutions both in Muslim majority and minority societies alike — including prominently the United Kingdom.
Speaker Dr Scott Morrison published in June a major legal work titled The Law of Sukuk: Shari‘a Compliant Securities (Sweet and Maxwell, London). Currently a Senior Lecturer at the Middlesex University School of Law and from January a Reader in Commercial Law at Oxford Brookes University. Scott has observed, studied and researched topics in Muslim majority societies since undertaking (and completing in 2004) the doctorate (in political science) at Columbia University. He secured two Fulbright grants, spending a year each in Turkey (2003-2004) and the Maldives (2007-2008), where he first encountered Islamic finance, a topic he studied further whilst teaching in Abu Dhabi and Dubai (2009-2010). He qualified as a barrister in England in 2012 and became a founding director (in 2016) of IDRAK Ltd, an Islamic finance consultancy. In his writing for scholars and legal practitioners, he is currently focused on the law and regulation of Islamic financial and investment services especially in the UK.
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