Looking to the Future of Islamic Finance: Some Personal Opinions

6 Pages Posted: 24 Oct 2016

See all articles by Michael J. T. McMillen

Michael J. T. McMillen

Curtis, Mallet-Prevost, Colt & Mosle LLP; University of Pennsylvania Law School; Columbia Law School

Date Written: October 7, 2016

Abstract

This paper considers four recent developments in Islamic finance. These are: (1) increased recognition within the conventional finance community of the legitimacy and sustainability of Islamic finance; (2) increased recognition within the Islamic finance community that cooperation with the conventional community and conventional finance is both appropriate and acceptable; (3) an increased focus on the objectives (maqasid, broadly defined) of Islamic finance and how the practice of Islamic finance might be nudged in the direction of greater sensitivity to those objectives; and (4) a tentatively expanding willingness to objectively reconsider some oft-repeated, and rather dogmatic, assertions that have guided the development of Islamic finance.

Keywords: Islamic Finance, Shari'ah, Maqasid, Adhesion Contracts

JEL Classification: F15, F30, G15, G33, K12, K22, K30

Suggested Citation

McMillen, Michael J. T., Looking to the Future of Islamic Finance: Some Personal Opinions (October 7, 2016). Available at SSRN: https://ssrn.com/abstract=2850128

Michael J. T. McMillen (Contact Author)

Curtis, Mallet-Prevost, Colt & Mosle LLP ( email )

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