Islamic Law in the Jurisdiction of International Financial Centers: Comparative Legal Analysis
The paper analyzes modern mechanisms and ways of adapting the principles and norms of Islamic law to the regulation of financial relations. Taking into account the significance of fiqh as a legal doctrine that interprets religious prescriptions to the peculiarities of law enforcement practice, the key features of the institutions of Islamic law in the context of the development of the Islamic model of economy are identified. The object of comparative legal analysis in the paper is the jurisdiction of international financial centers as territories with a special legal regime for conducting business, the legal status of which is fixed in special legal acts, which contributes to the formation of flexible instruments of legal regulation in view of the correlation with the norms of the national legal order. International financial centers are presented as an example of the formation of global legal institutions in Western countries, as well as in countries of South-East Asia and the Middle East. The author argues that Islamic finance as a way to adapt the principles of Islamic law to the regulation of business activities is a mandatory element of the legal environment of international financial centers.