2008 Financial Crisis and Islamic Finance: An Unrealized Opportunity

The Islamic finance industry is relatively new and vibrant. It is becoming a mainstream industry in the MENA (Middle East and North Africa). The industry is based on a number of Sharia’a maxims and in particular the prohibition of Riba. Islamic law scholars’ emphasis on the ethical dimension of this industry and how it can be seen as a solution to existing capitalism. The current financial crisis presented this industry with an unprecedented test and an opportunity to influence and merge into main stream finance. This paper presents an evaluation of Islamic finance industry in the current financial crisis and whether the governance and ethical foundation of Islamic finance institutions distinguished itself from conventional finance. Thus, this paper begins with an overview of Islamic finance, then it discusses the governance framework structure of Islamic finance institutions and the role of its organs. In addition, this paper will compare between the ethical framework of the Islamic finance institutions and the conventional institutions. Finally, this paper will discover the ethical failure of the current global financial system and its relation with the current financial crisis.     

The Preferences of al-Kisāʾī (d. 189/805): Grammar and Meaning in a Canonical Reading of the Qur’an

The Qur’an has been transmitted as both a written text and an oral recital. This has led to the development of a reading tradition that permits numerous different vocalisations to be made upon the basic skeletal text of the established ?Uthmānī codex. Ibn al-Jazarī (d. 833/1429) chose ten early readers whom he felt were most representative of this tradition and whose readings are treated as canonical up until this day. One of these, the Kufan linguist al-Kisā?ī (d. 189/805) has been characterised in the literature as more focused on the grammar of the Qur’an than his reader peers. This article explores al-Kisā?ī’s process of ikhtiyār (preference) when deciding between various possible readings. The sample for analysis consists of Kisā?ī’s tafarrudāt, the approximately fifty cases in which his reading differs from the other nine readers. By comparing his reading with the comments of early scholars of Qur’anic linguistics, especially his near-contemporary al-Farrā? (d. 208/822), it is possible to construct a typology of the suspected principal reasons for al-Kisā?ī’s tafarrudāt. Not only are many of these based on grammatical preferences, but they demonstrate a significant degree of consistency. Furthermore, analysis of a cluster of readings with implications for the interpretation of the sharī?a (divine law and moral code) provides evidence for a subtle exegetical dimension to al-Kisā?ī’s work as a reader-grammarian.     

The Horizons of the Constitution: <Emphasis Type="Italic">Politeia</Emphasis>, the Political Regime and the Good

How do we think about the word politeia when this involves a reaching back to the past? The response, pursued in this paper, is that in the classical understanding of politeia there is a significant connection between the question of the ‘good’ and the constitution; a connection which has become occluded or obscured by modern constitutional thought. In support of this understanding of politeia it must be acknowledged that what is meant, in this paper, by ‘good’ is very different from that conventionally found in contemporary constitutional, legal or political theory. In an effort to disclose how politeia unravels this novel sense of ‘the good’ the paper will closely consider the philosophical work of Hans-Georg Gadamer on Plato. The paper claims that this largely neglected work is of importance to contemporary constitutional philosophy, particularly in so far as it focuses, as in this paper, on classical traditions or origins within constitutional thought.     

Walter Benjamin and the Re-Imageination of International Law

Drawing on the work of Walter Benjamin, Harold Bloom, and Theodor Adorno this article proposes the re-imageination of international law as a ‘pure means’ of representation rather than a means of exercising control over the world.     

Post-Marxism and the Politics of Human Rights: Lefort,Badiou, Agamben,Rancière

Recent histories of human rights have shown that the turn to human rights as a form of politics occurred as a placeholder for utopian energies at the end of history, coinciding with a retreat of the organised left, the abandonment of the theme of revolution, and the pluralisation of political struggles. This essay examines the way that radical continental theory has responded to the political hegemony of human rights by focusing on ‘post-Marxist’ thought. Examining the work of four influential critics of human rights—Claude Lefort, Alain Badiou, Giorgio Agamben, and Jacques Rancière—I argue that post-Marxist thought provides two very different approaches to the political possibilities offered by human rights. The first retains a fidelity to the revolutionary critique of rights by rejecting the language and conceptuality of human rights as too deeply implicated in the liberal political order that needs to be resisted. The second acknowledges the limitations of human rights while arguing that they also offer important tools for democratic political struggle. The essay draws upon these analyses to consider the contemporary political meaning of human rights. It argues that the latter of these strategies is problematic because we now face a radically different political conjuncture to the one in which the politics of human rights first emerged: human rights have played an important role in the project of post-historical reaction; the political space in which the politics of rights once made sense has collapsed; and we have seen substantial political upheavals in the wake of the crisis of capitalism.     

Reinforcing or Challenging Stigma? The Risks and Benefits of ‘Dignity Talk’ in Sex Work Discourse

The concept of ‘human dignity’ sits at the heart of international human rights law and a growing number of national constitutions and yet its meaning is heavily contested and contingent. I aim to supplement the theoretical literature on dignity by providing an empirical study of how the concept is used in the specific context of legal discourse on sex work. I will analyse jurisprudence in which commercial sex was declared as incompatible with human dignity, focussing on the South African Constitutional Court case of S v Jordan and the Indian Supreme Court case of Budhadev Karmaskar v State of West Bengal. I will consider how these courts conceptualise dignity and argue that their conclusions on the undignified nature of sex work are predicated on particular sexual norms that privilege emotional and relational intimacy. In light of the stigma faced by sex workers I will explore how a discourse, proclaiming sex work as beneath human dignity, may impact on the way that sex workers are perceived and represented culturally, arguing that it reinforces stigma. I will go on to examine how sex workers subvert the notion that commercial sex is undignified, and resist stigma, by campaigning for the right to sell sex with dignity. I will demonstrate that an alternative legal approach to dignity and sex work is possible, where the two are not considered as inherently incompatible, concluding with thoughts on the risks and benefits of using ‘dignity talk’ in activism and campaigns for sex work law reform.