Legal Aspect of Islamic Finance
PublisherBrill Academic Publishers
SourcetitleArab Law Quarterly
Nowadays, a number of Islamic banks look forward to compete with contemporary conventional financial institutions. However, conventional transactions, which are not recognized by the Shari�?ah (Islamic law), are totally rejected when relying on riba� (usury). Therefore, although in principle it would not necessarily be inappropriate to compete with conventional institutions, Islamic institutions should carefully uphold the spirit and purposes of the Shari�'ah. Transactions should not simply be designed to meet all Islamic requirements while at the same time deviate from the substance and spirit of the Shari�'ah. � koninklijke brill nv, leiden, 2015.