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23 Am. U. Int'l L. Rev. 661 (2007-2008)
The Rise of Customary Businesses in International Financial Markets: An Introduction to Islamic Finance and the Challenges of International Integration

handle is hein.journals/amuilr23 and id is 671 raw text is: THE RISE OF CUSTOMARY BUSINESSES IN INTERNATIONAL FINANCIAL MARKETS: AN INTRODUCTION TO ISLAMIC FINANCE AND THE CHALLENGES OF INTERNATIONAL INTEGRATION ALI ADNAN IBRAHIM* IN TR O D U C TIO N ........................................................................... 663 I. WHAT IS ISLAMIC FINANCE? ............................................... 664 A. HISTORY OF ISLAMIC FINANCE: ISSUES OF MUSLIMS' POLITICAL IDENTITY ........................................................ 665 B . ISLAM IC ECONOMICS ......................................................... 667 C. ISLAMIC FINANCE TODAY ................................................. 668 D. PRODUCT DESIGNING AND EFFICIENCY ............................. 670 II. THE ORIGIN AND SOURCES OF ISLAMIC FINANCE ...... 673 A. THEORETICAL FRAMEWORK OF ISLAMIC FINANCE ............ 673 B. FORMATION OF LEGAL AUTHORITY .................................. 675 1. The Q uran ................................................................... 676 2. The Prophetic Traditions (Sunnah) ........................... 678 3. Consensus of Juristic Opinions (Ijma) ....................... 679 4. Juristic and Analogical Reasoning (Ijtihad) .............. 680 5. Islamic Law Resembling Common Law ..................... 682 * The author is an Adjunct Professor of Law at Georgetown University Law Center where he has been a Fulbright Scholar and Doctor of Juridical Sciences (S.J.D.) Candidate. Portions of this Article have been taken from the author's doctoral dissertation. Views expressed herein are those of Ibrahim and not of Georgetown University. The author gratefully acknowledges helpful guidance and comments from Donald C. Langevoort, Thomas Aquinas Reynolds Professor of Law, Georgetown University Law Center. Of course, responsibility for errors and omissions remains with the author.

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