Cynthia Shawamreh : Courses and Seminars
Islamic Law and Finance
This seminar will provide students with an overview of the modern Islamic finance industry. We will review the basic sources of Islamic law and jurisprudence and consider the prohibitions on unjustified increase (riba) and excessive risk (gharar). We will explore the classical rules of Islamic contract and commercial law and their application in the modern context. The growth of the modern Islamic finance industry from the 1970’s to the present will be examined. The main Islamic financial products will be reviewed. We will consider legal questions in structuring transaction documentation. We will explore the ethical underpinnings of Islamic finance and the social justice questions highlighted by the intersection of religion and finance. Regulatory issues will be discussed. We will also consider the political environment in which Islamic finance currently operates. The seminar is intended to familiarize students with the essential legal framework of the rapidly emerging market for highly technical and sophisticated Islamic financial products. The grade is based on a final written paper and class participation.