Europe's Approach to Islamic Banking: A Way Forward - Wbiaus.org

Trakicexplains that this concept is similar to the ideas put forward by Samuel Huntington, “Who Are We?:The Challenges to Americas National Identity (Simon & Schuster 2004) in the American context.28 There are few ‘fatwas’ or rulings made by some European Muslim scholars who in their liberalinterpretation of riba or interest in context of (Dar al Islam vis-à-vis Dar al Harb), stating that sinceEurope is regarded as Dar al Harb on non-Muslim territory, certain types of riba in conventionalbanking transactions are allowed for Muslims living in those countries. However, it has to be notedthat this is the view of minority of Muslims scholars that has been strongly disputed by somerenowned Muslim scholars.ReferencesAbbadessa, P 2010, ‘Islamic banking: Impression of an Italian jurist’, in MF Khan &M Porzio (ed.), Islamic banking and finance in the European Union: achallenge, Edward Elgar Publishing Limited, Cheltenham, UK, pp. 207-210.Ali Adnan Ibrahim 2008, ‘The rise of customary businesses in international financialmarkets: an introduction to Islamic finance and the challenges of internationalintegration’, American University International Law Review, 23 Am. Un. Int’l L.Rev. 661.Amin, M 2007, ‘The taxation of Islamic finance in major Western countries’, ArabBanking Review, First Quarter, 138, Sixth Paper, viewed 29 June 2010,.Balz, K 2007, ‘Islamic finance for European Muslims: The diversity management ofShari’ah - Compliant transactions’, Chicago Journal of International Law, Winter2007. Chi. J. Int’l L. 551.Cowan, D 1996, ‘The scope for Islamic banking in France’, in Institute of IslamicBanking and Insurance (ed.), European perceptions of Islamic banking, Instituteof Islamic Banking and Insurance, London, p. 133.Davis, A 2009, ‘Europe’s gateway to Islamic finance’, The Banker, Supplement, inassociation with HSBC Amanah, November, Financial Times Business Ltd,United Kingdom.Engku Rabiah Adawiah Bt Engku Ali 2008, ‘Constrains and opportunities inharmonization of Civil law and Shariah in the Islamic finance services industry’,Malayan Law Journal, 4 MLJ, xxix.Fakihah Azahari 2009, ‘Islamic banking: perspectives on recent case development’.Malayan Law Journal, 1 MLJ, xci.Fishman, S 2006, Fiqh al-ÑAqalliyyat: a legal theory for Muslim minorities, series no.1, paper no. 2, Centre on Islam, Democracy, and the Future of the MuslimWorld, October 2006.Hakimah Yaakob 2011, A critical appraisal of International Islamic finance cases,and the way forward, research paper no. 19, International Shari’ah ResearchAcademy (ISRA), Malaysia, pp. 1-27.Hamid Sultan bin Abu Backer, 2009, ‘Critical thoughts: legislative interventionimperative to support Islamic financing on a global scale’, Malayan LawJournal, 1 MLJ lxiv.HM Treasury 2008, The development of Islamic finance in the UK: TheGovernment’s perspective, HM Treasury Report, United Kingdom.International Financial Services London (IFSL) 2010, Islamic Finance, InternationalFinancial Services London & UK Trade and Investment and City of London,viewed 30 September 2010, .Iqbal, Z 1997, ‘Islamic financial system’, Finance and Development, viewed 8 March2010, 32