The new legalities of Islamic contractual interpretation: institutional frameworks and the displacement of intention

IF 2.8 3区 经济学 Q2 BUSINESS, FINANCE
Jonathan G. Ercanbrack, Ali Ali
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引用次数: 0

Abstract

Purpose

This study aims to examine the extent to which traditional juristic approaches to determining intention in Islamic law are altered in the institutional framework and standard-setting project of the Malaysian state.

Design/methodology/approach

The study used the transnational law theory, which views normativity as culturally, socially and religiously embedded. The development of norms, customs and laws is also contingent on self-maximizing behavior. The Sharīʿa Advisory Council’s interpretation of the bayʿ al-ʿīnah standard is a case study of this approach to the development of law.

Findings

This study shows that traditional approaches to determining the validity of an Islamic contract have been displaced by the institutional logic of the state, which prioritizes uniformity and certainty in law and reflects liberal, Western and capitalistic values. Islamic standard setting is part of the state’s objective to uniformize law due to the globalization of financial markets. The normative collisions in the standard-setting project produce a new jurisprudence based on the state’s uniform and purposive determination of a contract’s validity.

Research limitations/implications

Further research on institutional frameworks is needed to conceptualize how Islamic commercial principles and ethics can be incentivized in the state’s legal systems.

Originality/value

Few works, if any, have examined the interaction of the state’s institutional environment with jurists’ traditional approaches to determining contractual intention. Most scholarship assumes the decisive role of market forces, but the role of law and institutions in this context is under-researched.

伊斯兰合同解释的新法律性:制度框架和意图的转移
本研究旨在探讨在马来西亚国家的制度框架和标准制定项目中,伊斯兰法中确定意图的传统法学方法在多大程度上发生了改变。规范、习俗和法律的发展也取决于自我最大化行为。该研究表明,确定伊斯兰合同有效性的传统方法已被国家的制度逻辑所取代,后者优先考虑法律的统一性和确定性,并反映了自由主义、西方和资本主义价值观。由于金融市场的全球化,伊斯兰标准的制定是国家统一法律目标的一部分。标准制定项目中的规范碰撞产生了一种新的法理学,其基础是国家对合同有效性的统一和有目的的判定。研究局限性/影响需要对制度框架进行进一步研究,以构思伊斯兰商业原则和道德如何在国家法律体系中得到激励。大多数学者都认为市场力量起着决定性作用,但对法律和制度在其中的作用却研究不足。
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来源期刊
CiteScore
5.40
自引率
10.00%
发文量
45
期刊介绍: The International Journal of Islamic and Middle Eastern Finance and Management (IMEFM) publishes quality and in-depth analysis on current issues within Islamic and Middle Eastern finance and management. The journal welcomes strong evidence-based empirical studies and results-focused case studies that share research in product development and clarify best practices. The title is also keen to consider work from emerging authors. IMEFM has just also accepted into Clarivate''s SSCI in 2018, and its IF will be available in summer 2019, with citations dating from 2016. The coverage includes but is not limited to: -Islamic finance: Fundamentals, trends and opportunities in Islamic Finance, Islamic banking and financial markets, Risk management, Corporate finance, Investment strategy, Islamic social finance, Financial planning, Housing finance, Legal and regulatory issues, -Islamic management: Corporate governance, Customer relationship management and service quality, Business ethics and corporate social responsibility, Management styles and strategies in Shariah environments, Labour and welfare economics, Political economy. The journal is the only title aiming to give an interdisciplinary and holistic view on Islamic finance and business management practices in order to inform these two intertwined communities.
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