creating islamic finance regulations in hostile jurisdictions the case study of bosnia &...
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Creating Islamic Finance Regulations
in Hostile Jurisdictions
The Case Study of Bosnia & Herzegovina
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Content
Invocation & Thanks
I. Brief Explanatory Note
II. The Jurisdiction
III. Bigotry Measures
IV. Legal Comparisons
V. Analysis
Conclusion
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Invocation
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I. Brief Explanatory Note
II. The Jurisdiction
III. Bigotry Measures
IV. Legal Comparisons
V. Analysis
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● Bosnia's War-Torn History● Dayton Accords● Current Government
Structure● Implications
– Minority Power– Impact on Legislation
I. Brief Explanatory Note
II. The Jurisdiction
III. Bigotry Measures
IV. Legal Comparisons
V. Analysis
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● Why is this needed?● 2007 Study
– UK– Luxembourg
● Pew Studies– Yearly rank v. Trends
● Political movement to the right
I. Brief Explanatory Note
II. The Jurisdiction
III. Bigotry Measures
IV. Legal Comparisons
V. Analysis
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● Multiple changes (2003, 2005, etc.)
● Section 47 of Finance Act– Transactional Description,
with Particularity– Examples, descriptions,
exemptions, rationale
● Key underlying assumption
I. Brief Explanatory Note
II. The Jurisdiction
III. Bigotry Measures
IV. Legal Comparisons
V. Analysis
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● Impressive history—1983, 1st takaful, sukuk
● Taxation Circular– Transactional Description,
with Particularity– Examples, descriptions,
exemptions
● Note on Luxembourg's slightly different emphasis
I. Brief Explanatory Note
II. The Jurisdiction
III. Bigotry Measures
IV. Legal Comparisons
V. Analysis
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● One Islamic Bank seeking to promote IF
● Letter of request– Add “making and
purchasing loans and financial leasing.”
– 2 Arguments
● Denied twice
I. Brief Explanatory Note
II. The Jurisdiction
III. Bigotry Measures
IV. Legal Comparisons
V. Analysis
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● Structure– Functional description– Rationale– Examples
● Underlying assumption– How to approve this?
● Admit shortcomings– Bosnia's uniqueness– Widespread v. magnitude
I. Brief Explanatory Note
II. The Jurisdiction
III. Bigotry Measures
IV. Legal Comparisons
V. Analysis
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Conclusion: Cause for Hope
● The underlying assumption to both UK/Luxembourg– The true meaning of these laws– 'Adaptive' & the maqasid-as-sharia
● Bosnia doesn't have these problems– Tax-free on critical instruments– A huge opportunity, if lacking sophistication– Great timing– Recent example
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Thank You!