Lecture

An Ethical Perspective on Islamic Finance for a Non-Muslim Population

Abstract

For the last twenty years, the principles and application of Islamic law, including Islamic finance, have taken centre stage, to the extent that some non-Muslim countries, such as the UK or Luxembourg, are now considered hubs of Islamic finance. Non-Muslim clients of Islamic financial institutions are usually looking for financing that is based on ethical principles, and Islamic finance offers an alternative to conventional way of financing. There are many questions to be answered concerning this issue. What are the real ethical values of Islamic finance? What are the most significant differences between Islamic financing and more conventional methods of financing? Is Islamic finance in non-Muslim countries compatible with the local legislative frameworks it operates under, and which laws can be used to formulate Islamic finance contracts?

Bio

JUDr. Ivana Hrdlickova, Ph.D. is a Judge of the Appeals Chamber of the Special Tribunal for Lebanon, located in The Netherlands. She began her career as a judge in 1990 and has presided over both civil and criminal cases. Judge Hrdličková also specializes in Islamic Shari'a, with a focus on human rights and Islamic finance in international and Islamic law. Since 2008, Judge Hrdličková has also acted as a legal expert for the Council of Europe in matters related to human rights, money-laundering and the financing of terrorism. She is also a specialist in the development of the rule of law in post-revolution societies. Judge Hrdličková has participated in a number of international legal and judicial projects. She is also a member of international teams training judges in the rule of law and independence of the judiciary, and has given a number of presentations on Islamic law.