This paper investigates the question of whether the phenomenon of Islamic finance who based on Shariah, or Islamic law is truly globalizing and spreading as a universal system of finance and banking. The paper also addresses various aspects of the globalization for Islamic finance, among other, the issue of the rise of Islamic banking in the world, Islamic jurisprudence and finance, global stan...

Sunni Islam has no supreme legal authority and disagreement by doctors of Islamic law over all issues not clarified by Islamic law is physiological. This is the case with Medically Assisted Reproduction: after an initially critical attitude, tolerance, limited exclusively to homologous practices, is spreading, whilst recourse to heterologous practices is considered on a par with adultery or for...

The scope, methodology and tools of Islamic bioethics as a self-standing discipline remain open to debate. Physicians, sociologists, Islamic law experts, historians, religious leaders as well as policy and health researchers have all entered the global discussion attempting to conceptualize Islamic bioethics. Arguably, the implications of Islamic bioethical discourse is most significant for hea...

a r t i c l e i n f o The Dow Jones Islamic Market indices (DJIMI) are constructed by screening out stocks that are incompatible with Islam's prohibition of interest and certain lines of business. However, as a blunt instrument, the interest rate can affect discounted cash flows of any firm, even a firm with no financial leverage. This study reveals that the aggregate portfolio of Islamic stock...

Different nations’ tendency to expand their judicial and legislative territory outside their ruling kingdom has caused conflicts in the criminal qualification and the coming into existence of legal bad effects. Among these bad effects is the double or additional punishment of someone who has been tried and received their penalty in another country before, which is at odds with the principles of...

Muslim-majority countries do not use formal financial services (Honohon 2007).1 Even when financial services are available, some people view conventional products as incompatible with the financial principles set forth in Islamic law. In recent years, some microfinance institutions (MFIs) have stepped in to service low-income Muslim clients who demand products consistent with Islamic financial ...

Although a millennium ago the Middle East was not an economic laggard, by the 18 century it exhibited clear signs of economic backwardness. The reason for this transformation is that certain components of the region’s legal infrastructure stagnated as their Western counterparts gave way to the modern economy. Among the institutions that generated evolutionary bottlenecks are the Islamic law of ...

I has approximately 1.5 billion followers worldwide, the majority of which live in the Islamic states, and an appreciable number live in non-Islamic states.1,2 In both environments, the Muslims maintain a “Code of Life”, in which they adhere to the instructions of Islam and respect it’s guidance in their daily living. Islam provides a “Code of Conduct” drawn from Al-Sharea’h, also known as the ...

Studies show that trust has a significant impact on users’ motivation, acceptance and willingness for e-commerce dealings. Existing literature investigates the role of trust in ecommerce environment within the conventional space but scarcely looks into the issue JIBC December 2013, Vol. 18, No. 3 2 from the Islamic perspective. Considering that Muslim users constitute a relatively significant p...