eprintid: 27019
rev_number: 15
userid: 4900
importid: 3672
dir: disk0/00/02/70/19
datestamp: 2016-09-06 23:42:17
lastmod: 2021-01-04 20:59:03
status_changed: 2016-09-06 23:49:26
type: article
metadata_visibility: show
item_issues_count: 0
eprint_status: archive
creators_name: Hamoudi, Haider Ala
creators_email: hamoudi@pitt.edu
creators_id: HAMOUDI
creators_orcid: 0000-0003-4948-1143
title: Impossible, Highly Desired Islamic Bank, The
ispublished: pub
divisions: sch_law_law_facultypub
divisions: sch_law_law
full_text_status: public
keywords: islamic, finance, islamic, banking, islamic, finance, in, united, states
abstract: The purpose of this Article is to explore, and explain the stubborn persistence of a central paradox that is endemic to the retail Islamic bank as it operates in the United States. The paradox is that retail Islamic banking in the United States is impossible, and yet it remains highly desired. It is impossible because central features of modern banking regulation conflict with fundamental aspects of shari'a as it is understood in modernity in the context of finance. It is unimaginable that regulators will create exceptions to, or somehow significantly amend, the modern financial regulatory system in the radical fashion necessary to accommodate Islamic finance. Yet notwithstanding such impossibility, Islamic banking is also highly desired in that there is a preoccupation with finding a way to enhance the very limited Islamic commercial banking opportunities that exist in the United States. This article will show that the paradox endures because the Islamic bank, and the accommodation of it within the U.S. regulatory sphere, is a powerful symbol for the accommodation of the broader, pious Muslim public. The pious Muslim eager to see an Islamic bank open in her neighborhood is at best only partly interested in adherence to religious doctrine. The Islamic bank is more importantly a reflection of a broader recognition of her space in the American fabric.
date: 2014
date_type: published
publication: Wm. & Mary Bus. L. Rev.
volume: 5
pagerange: 105 - 158
refereed: FALSE
official_url: http://scholarship.law.wm.edu/wmblr/vol5/iss1/4/
related_url_url: http://ssrn.com/abstract=2310319
related_url_desc: SSRN
article_type: researcharticle
citation:   Hamoudi, Haider Ala  (2014) Impossible, Highly Desired Islamic Bank, The.  Wm. & Mary Bus. L. Rev., 5.  105 - 158.      
document_url: http://d-scholarship-dev.library.pitt.edu/27019/1/Final%20version.pdf
document_url: http://d-scholarship-dev.library.pitt.edu/27019/7/licence.txt