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Sharia Law and the Arab Oil Bust

PetroCurse Or Cost of Being Muslim?

The delayed development of the Islamic world, in defiance of the formulaic approaches long favored by economists, suggests that the traditional Sharia and Islamic values and principles are at least partially responsible for the region s persistent backwardness. By analyzing the impact of the legal regime of the Sharia on Saudi Arabia during the Arab Oil Bust of the 1980s, this thesis concludes that Islamic social values and the Sharia s de facto role as an uncodified pre-emptive Arab common law implemented with high regard to precedent by ulama with extraordinary power of judicial review had the effect of accentuating the effects of the Oil Bust, making the theory of the Petrocurse a subset of a larger Cost of Being Muslim. On the other hand, the author concludes that not only is the Sharia not constrained by its nature to playing a deleterious economic role, but that it has broad commercial application, both domestically and internationally, and a new generation of more flexible Muslim economists, lawyers, and financial theorists have pointed the way toward a possible comprehensive modern adaptation of Islamic laws and principles.

Since the bank's investment risk has been greatly restricted in cost-plus financing, many question the validity of ... The Islamic bank usually waives any right to participate in management of the client's enterprise, but in return ...

Islamic Human Rights and International Law

Traditional Islamic law has long been regarded as academic, local in nature, and relevant only as a measure of the inadequacy of women's rights in the family law regimes of a few Islamic states. In opposition, the author argues that the Sharia is both a quasi-regional customary international law capable of competing with prevailing customary international law, and brings its own international agenda of "Islamic human rights" that compete with and seek to displace "Western human rights." Rather than acknowledging the rights of Muslims qua Muslims internationally, aggressive proponents of an "American customary-law-of-human-rights school" have responded with a new militant doctrine of "instant customary law" to aid the U.S. in its "war on terror," targeting the Sharia wherever encountered, and risking a global "war on Islam."

Chapter 1 AL-SHARIA: ISLAMIC LAW. Unlike Christianity and Judaism, Islam is
not a religion with law, but a religion of law. Islamic law, usually termed al-Sharia,
or “the Path,” is not merely an integral part of Islam, but is its raison d'etre. That is
 ...