From Legalism to Value-oriented Islamic Finance Practices Assignment

Assignment Task

You are required to submit one essay, your essay should be words in length (not including title, abstract or reference list).

For references, which you should use to support and develop your argument, to illustrate it, and to summarise evidence that supports, or contradicts, theory, we expect you to read widely, starting from the reference list for the course. The two resources, which are most useful are

(1) Discovery, the University’s online resource index, which covers books, journal articles and the contents of all databases; and

(2) Google Scholar, which has an even wider range, and which will generally link through to Discovery for material

Essay topic

Commentators have argued the contracts employed in Islamic Finance (IF) exhibit a narrow, legal compliance with the tenets of Sharia without incorporating its spirit. In light of the statement, critically examine the design of several contracts, explaining how they serve the interests of Islamic Financial Institutions as well as consumers. Your essay should be informed through readings from the popular literature on IF as well as the academic literature. Credit will be given for showcasing critical reflection to support your arguments about the value of each of the IF contracts from the perspective of both lenders and borrowers.

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