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Can the Sharī’ah Be Compatible with Global Governance? Islamic Financial Institutions as a Laboratory for Conceptual Analysis

  • Mesut Idriz
  • Joseph J. Kaminski
Chapter
Part of the International Political Economy Series book series (IPES)

Abstract

This chapter introduces the notion of Sharı’ah as a multilevel and multifaceted concept. It reviews both classical and contemporary scholarship to show that Sharı’ah law in regard to financial institutions has its own special characteristics, but not ones that make it incompatible with the global regulation of financial institutions. It offers a discussion of global governance and good governance from this perspective and then closes with an analysis of the case of Islamic financial institutions and their supervisory boards as an example of the intersection of good global governing practices and Sharı’ah. The chapter does not claim that these institutions as they currently stand are paragons of good global governance in action; rather it seeks to argue that these institutions can be engaged with and can serve as examples of good global governance in action so long as they continue to be developed and evaluated by scholars across disciplines.

Keywords

Sharī‘ah Islamic financial institutions Banks Credit 

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Copyright information

© The Author(s) 2019

Authors and Affiliations

  • Mesut Idriz
    • 1
    • 2
  • Joseph J. Kaminski
    • 3
  1. 1.University of SharjahSharjahUnited Arab Emirates
  2. 2.Sakarya UniversitySakaryaTurkey
  3. 3.International University of SarajevoSarajevoBosnia and Herzegovina

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