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Beyond DebtIslamic Experiments in Global Finance$
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Daromir Rudnyckyj

Print publication date: 2018

Print ISBN-13: 9780226551920

Published to Chicago Scholarship Online: May 2019

DOI: 10.7208/chicago/9780226552118.001.0001

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Adjacent System or Original Knowledge?

Adjacent System or Original Knowledge?

(p.125) Chapter Five Adjacent System or Original Knowledge?
Beyond Debt

Daromir Rudnyckyj

University of Chicago Press

This chapter contrasts shariah-compliant and shariah-based Islamic finance, arguing that their difference is ground in different methodologies for creating Islamic financial devices. In documenting debates over the religiosity of intangible assets, the chapter argues that these two approaches reflect fundamentally different conceptualizations of the relationship between Islamic and secular knowledge. The chapter shows how the formalist approach used in shariah-compliant Islamic finance lends itself to relatively easy replication of conventional financial instruments. The chapter also documents contemporary experiments in Islamic finance as experts seek to synthesize shariah-based instruments, which are viewed as having more religious credibility and authenticity.

Keywords:   religious authenticity, intangible assets, knowledge, formalism, substantivism, mortgages, Islamic law, global standards, bai bithaman ajil, waqf

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