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4 - Banks

from Part II - Practice

Published online by Cambridge University Press:  02 December 2021

Patrick S. Nash
Affiliation:
University of Cambridge
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Summary

This chapter addresses the growth of Islamic banks and finance in the UK. It begins with a brief historical overview of the informal institutions that were forerunners to Islamic banks and their development into a thriving global industry in which the UK is a leading player. It proceeds to survey the distinguishing features of Islamic banking and typical financial products before charting the innovative regulatory reforms that permitted the industry to expand. A section on the small volume of English case law highlights the standard but manageable issues arising from its continuing organic growth. The subsequent section models the two conventional theoretical approaches to the rise of Islamic banks and the regulatory means used to achieve it, as well as the problems with these interpretations. The final section sets out a pluralist response offering the best explanation and justification for these developments. It concludes with an appraisal of the problem of informal financial instruments and an optimistic assessment of the industry and the new formal institutions created, falling as they do within the general regulatory framework of the UK’s financial system.

Type
Chapter
Information
British Islam and English Law
A Classical Pluralist Perspective
, pp. 131 - 152
Publisher: Cambridge University Press
Print publication year: 2022

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  • Banks
  • Patrick S. Nash, University of Cambridge
  • Book: British Islam and English Law
  • Online publication: 02 December 2021
  • Chapter DOI: https://doi.org/10.1017/9781108636964.005
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  • Banks
  • Patrick S. Nash, University of Cambridge
  • Book: British Islam and English Law
  • Online publication: 02 December 2021
  • Chapter DOI: https://doi.org/10.1017/9781108636964.005
Available formats
×

Save book to Google Drive

To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to Google Drive.

  • Banks
  • Patrick S. Nash, University of Cambridge
  • Book: British Islam and English Law
  • Online publication: 02 December 2021
  • Chapter DOI: https://doi.org/10.1017/9781108636964.005
Available formats
×