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 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.