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Periodical article Periodical article Leiden University catalogue Leiden University catalogue WorldCat catalogue WorldCat
Title:Islamic finance: a corollary to legal pluralism or legal diversity in South Africa and the Netherlands?
Authors:Salah, OmarISNI
Rautenbach, ChristaISNI
Year:2015
Periodical:The Comparative and International Law Journal of Southern Africa (ISSN 0010-4051)
Volume:48
Issue:3
Pages:488-515
Language:English
Geographic terms:South Africa
Netherlands
Subjects:finance
interest
Islamic law
External link:https://hdl.handle.net/10520/EJC188433
Abstract:In this contribution we discuss the position of Islamic finance in South Africa and the Netherlands in the light of legal pluralism and legal diversity in each legal system. Islamic finance is based on Islamic law, which is a set of moral and religious principles. According to Islamic law, the payment and receipt of 'riba' (interest) and 'gharar' (contractual uncertainty) are forbidden. Consequently, alternative Islamic finance contracts are structured where the financier makes a profit either through trade in tangible assets or through a profit-and-loss-sharing arrangement, instead of making profit through charging interest. Notes, ref., sum. [Journal abstract]
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