Innovation, Arbitrage, and Ethics: The Role of Lawyers in the Development of a New Transnational Islamic Finance Law
Citation: 104 Geo L.J. 1345 (2016)
In July 2014, the U.K. government inaugurated a £200 million sukuk1 issuance, making it the first non-Muslim government to turn to this method of Shari‘ah-compliant financing in place of a conventional sovereign bond structure. This landmark issuance represents the increasing interest that non-Muslim investors in financial capitals worldwide have taken in the rapidly growing Islamic finance industry. The ability of Islamic financial institutions (IFIs) to attract non-Muslim investors while simultaneously marketing themselves as an Islamic alternative to conventional interest-based financing has solidified the Islamic finance industry as an important component of the global financial system.