Legal Transformation and Value Creation from Islamic Finance and its Civil Dispute Resolution: The Quest for Achieving Islamic Justice

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  • イスラーム金融とその民事紛争解決における 法の変容と価値の創出： イスラームの公平性と正義の実現への模索
  • イスラーム キンユウ ト ソノ ミンジ フンソウ カイケツ ニ オケル ホウ ノ ヘンヨウ ト カチ ノ ソウシュツ : イスラーム ノ コウヘイセイ ト セイギ ノ ジツゲン エ ノ モサク

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Abstract

<p>After its commercial practice began half a century ago, Islamic finance expanded itsmarket and academics began deepening their understanding on how Islamic financecould be utilized to achieve Maqāṣid al-Sharī‘a in the Muslim society. Consequently,Islamic economics also focused on maintaining the social and economic wellbeing of theMuslim community. The practice of Islamic economics, especially Islamic finance, wasseen as disconnected from theoretical discussions on Islamic economics. The justiceand value created from the discussion of Islamic economics were developed furtherwith the emergence of the Islamic Moral economy, which focused on a human centriceconomic system, where the Islamic value tended to lead the financial market, ratherthan the market driving the economic and social value. Such economic and socialvalues need to be recognized by the society at large to become well-known. One of thesimplest ways to gain such recognition is by observing the phenomenon in practice inthe lawmaking process or the dispute resolution system, and analyzing the policy orideology behind such a system or process. Previous studies on dispute resolutionsystems for Islamic finance have revealed the uneven legal developments in Malaysiaand the UAE. The case studies here illustrate an attempt to reconcile the theoreticaland ideological discussions on Islamic economics and the practice of Islamic finance asthe needs of society change with the times.</p>

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