This chapter takes a normative approach to examining Islamic finance within a non-Islamic setting, namely, the European Union (EU). It is, however, far from being an overview of Islamic financial principles or Shari'a - compliant products and activities, nor is it an in-depth analysis of community-based regulation for banking and financial undertakings. What it aims to do is to take the community-based framework as a more workable legal setting than national ones, and by analysing how the accommodation process is carried out, this study challenges the mainstream approach that subsumes Islamic financial undertakings within conventional banking and financial regulation as if Islamic financial undertakings were directly comparable with other socially responsible enterprises or ethical businesses. The main focus is to argue for the normative autonomy of Islamic finance, that is, of Islamic rules applied to the management of money within the EU legal order, analysing the consequent regulatory challenges and opportunities for the European lawmaker.

Gimigliano, G. (2019). Financial undertakings, Shari'a rules, and the internal market framework. In M. Hajjar (a cura di), Islamic Finance in Europe A Cross Analysis of 10 European Countries. Palgrave Macmillan.

Financial undertakings, Shari'a rules, and the internal market framework

Gimigliano Gabriella
2019-01-01

Abstract

This chapter takes a normative approach to examining Islamic finance within a non-Islamic setting, namely, the European Union (EU). It is, however, far from being an overview of Islamic financial principles or Shari'a - compliant products and activities, nor is it an in-depth analysis of community-based regulation for banking and financial undertakings. What it aims to do is to take the community-based framework as a more workable legal setting than national ones, and by analysing how the accommodation process is carried out, this study challenges the mainstream approach that subsumes Islamic financial undertakings within conventional banking and financial regulation as if Islamic financial undertakings were directly comparable with other socially responsible enterprises or ethical businesses. The main focus is to argue for the normative autonomy of Islamic finance, that is, of Islamic rules applied to the management of money within the EU legal order, analysing the consequent regulatory challenges and opportunities for the European lawmaker.
978-3-030-04093-2
Gimigliano, G. (2019). Financial undertakings, Shari'a rules, and the internal market framework. In M. Hajjar (a cura di), Islamic Finance in Europe A Cross Analysis of 10 European Countries. Palgrave Macmillan.
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Utilizza questo identificativo per citare o creare un link a questo documento: https://hdl.handle.net/11365/1072157