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Legal Ethics in Islamic Finance

In: The Regulation of Islamic Financial Institutions (IFIs) and Ethical Oversight in South Asia

Author

Listed:
  • A. H. M. Ershad Uddin

    (Kocaeli University, Department of Islamic Law, Faculty of Theology)

Abstract

This chapter lays the theoretical groundwork for this book by framing Islamic finance as a legal-ethical system rooted in Sharīʿah objectives and classical jurisprudential principles. This book argues that a unified governance model for Islamic financial regulation in South Asia is essential, integrating Sharīʿah principles, maqāṣid al-sharīʿah, and the institution of ḥisbah. It contends that current frameworks often prioritize formal Sharīʿah compliance while neglecting deeper ethical objectives. By comparing systems in Pakistan, Bangladesh, India, Afghanistan, Sri Lanka, and the Maldives, the book shows that only a holistic, integrated approach—combining legal theory, institutional regulation, and ethical oversight—can resolve the tensions between compliance and ethics. Examining the role of AAOIFI and IFSB standards, this book introduces the South Asian Ethical Finance Council (SAEFC) as a practical solution to improve justice, accountability, and public welfare. It presents a new, actionable ethical paradigm that bridges classical jurisprudence and modern regulation for Islamic finance in the region.

Suggested Citation

  • A. H. M. Ershad Uddin, 2025. "Legal Ethics in Islamic Finance," Palgrave Studies in Islamic Banking, Finance and Economics, in: The Regulation of Islamic Financial Institutions (IFIs) and Ethical Oversight in South Asia, chapter 1, pages 1-38, Palgrave Macmillan.
    • Handle: RePEc:pal:psibcp:978-3-032-09828-3_1
    DOI: 10.1007/978-3-032-09828-3_1
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