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60 Jurist 137 (2000)
The Religious Foundations of Islamic Finance

handle is hein.journals/juristcu60 and id is 139 raw text is: THE JURIST 60 (2000) 137-161 THE RELIGIOUS FOUNDATIONS OF ISLAMIC FINANCE YUSUF DELORENZO* Overview For centuries Muslims all over the world have conducted business en- terprises, financed ambitious and innovative projects, traded across deserts, oceans, and continents, and provided for their families in ways consistent with Islamic law. Throughout the centuries, Muslims have employed a highly sophisticated understanding of transactions, based on a prescribed set of Shariah-approved contracts, to further their financial ends. The principles articulated by the Shariah for transacting business have long been the subject of study by Muslim legal and financial pro- fessionals. I have little doubt that most Muslim readers will never think to ques- tion why a work such as this one should be necessary. In my experience, the same assertion may be made in regard to non-Muslim readers. In today's world there are very few people who will fail to appreciate the need for Muslims to live in accordance with the teachings of Islam. With globalization and increasing diversity, there is general appreciation for the need of any religious or cultural minority to live in accordance with their particular inclinations or imperatives. Islamic law and its precepts for living are a part of every Muslim's cultural and spiritual identity. Thus, regardless of where Muslims may live in the world today, it is a matter of considerable importance that they be able to live their lives in accordance with their beliefs. Today, when a large part of modem life is in fact commercial life, it is clear that Muslims are keenly interested in this subject. It is my intention to suggest a sort of theoretical framework for Islam- ic finance to which the reader may refer from time to time in the course of his/her study. Historically, for practioners of Islamic finance, there was little need to articulate such a theory. The milieu in which Muslims conducted their business was one in which the verities of such a theory were at once ubiquitous and so obvious as to require no elaboration. Today, however, an entirely different set of circumstances obtains. Eco- * Shariah Advisor to financial institutions in the US, UK, Middle East, and Africa, in- cluding the Dow Jones Islamic Market Index. 137

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