The Legal and Regulatory Aspects of Islamic Banking

A Comparative Look at the United Kingdom and Malaysia

By: Abdul Karim Aldohni

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Hardcover | 30 June 2011 | Edition Number 1

At a Glance

Hardcover
264 Pages

Dimensions(cm)
23.39 x 15.6 x 1.6

Hardcover

RRP $305.00

$215.80

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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 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 some elements of 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 on certain occasions had an unintended adverse impact on Islamic banking in the UK. The book also provides an overview of the Malaysian experience in relation to some of the main legal and regulatory challenges in the context of Islamic banking and finance.

Industry Reviews

"This book should be essential reading for anyone with an interest in the fastest growth area of banking. Dr. Aldohni has done an excellent job." -- Andrew Campbell, Reader in International Banking and Finance Law, University of Leeds, UK "Given the rapid growth in Islamic banking and finance, there has been a proliferation of books on the subject matter. One area that is not received much attention is the legal and regulatory environment under which the industry operates. This book fills a gap in the literature by discussing the legal and regulatory issues of Islamic banking in UK in a comprehensive way." -- Professor Habib Ahmed, Sharjah Chair in Islamic Law and Finance, School of Government and International Affairs at the University of Durham, UK

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