Insolvency and debt restructuring in Islamic finance: the need for a comprehensive model law

This paper examines insolvency and debt restructuring in Islamic finance and the need for a comprehensive model law. The paper is organised into six major sections. The next section,which is the second, gives a brief conceptual framework of bankruptcy and financial distress in Islamic law. The third...

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Main Author:	Oseni, Umar Aimhanosi
Format:	Article
Language:	English
Published:	The Malaysian Current Law Journal 2014
Subjects:	HG Finance K Law (General) KBP Islamic Law
Online Access:	http://irep.iium.edu.my/37867/ http://irep.iium.edu.my/37867/ http://irep.iium.edu.my/37867/1/5._Insolvency_and_Debt_Restructuring_in_IF_-_The_Need_for_a_Comprehensive_Model_Law.pdf

id	iium-37867
recordtype	eprints
spelling	iium-378672016-04-17T15:59:22Z http://irep.iium.edu.my/37867/ Insolvency and debt restructuring in Islamic finance: the need for a comprehensive model law Oseni, Umar Aimhanosi HG Finance K Law (General) KBP Islamic Law This paper examines insolvency and debt restructuring in Islamic finance and the need for a comprehensive model law. The paper is organised into six major sections. The next section,which is the second, gives a brief conceptual framework of bankruptcy and financial distress in Islamic law. The third section examines the transposition of Shariah rules on bankruptcy as recognised in the classical fiqh from the individual to corporate institutions with corporate personalities. The fourth section dilates on existing bankruptcy laws in some GCC countries involving national and cross-border bankruptcies including the recently issued AAOIFI Shariah Standard on bankruptcy. The fifth section gives some case studies on debt restructuring and the need to adopt best practices such as dispute management recognised in the classical fiqh to address issues relating to defaults and looming bankruptcies in the Islamic finance industry. Finally, the sixth section gives the conclusion with some recommendations. The Malaysian Current Law Journal 2014 Article PeerReviewed application/pdf en http://irep.iium.edu.my/37867/1/5._Insolvency_and_Debt_Restructuring_in_IF_-_The_Need_for_a_Comprehensive_Model_Law.pdf Oseni, Umar Aimhanosi (2014) Insolvency and debt restructuring in Islamic finance: the need for a comprehensive model law. CLJ Syariah Reports (Laporan Syariah), 1. lxxxv-cii. ISSN 1823-3678 http://www.shariahlaw.com/
repository_type	Digital Repository
institution_category	Local University
institution	International Islamic University Malaysia
building	IIUM Repository
collection	Online Access
language	English
topic	HG Finance K Law (General) KBP Islamic Law
spellingShingle	HG Finance K Law (General) KBP Islamic Law Oseni, Umar Aimhanosi Insolvency and debt restructuring in Islamic finance: the need for a comprehensive model law
description	This paper examines insolvency and debt restructuring in Islamic finance and the need for a comprehensive model law. The paper is organised into six major sections. The next section,which is the second, gives a brief conceptual framework of bankruptcy and financial distress in Islamic law. The third section examines the transposition of Shariah rules on bankruptcy as recognised in the classical fiqh from the individual to corporate institutions with corporate personalities. The fourth section dilates on existing bankruptcy laws in some GCC countries involving national and cross-border bankruptcies including the recently issued AAOIFI Shariah Standard on bankruptcy. The fifth section gives some case studies on debt restructuring and the need to adopt best practices such as dispute management recognised in the classical fiqh to address issues relating to defaults and looming bankruptcies in the Islamic finance industry. Finally, the sixth section gives the conclusion with some recommendations.
format	Article
author	Oseni, Umar Aimhanosi
author_facet	Oseni, Umar Aimhanosi
author_sort	Oseni, Umar Aimhanosi
title	Insolvency and debt restructuring in Islamic finance: the need for a comprehensive model law
title_short	Insolvency and debt restructuring in Islamic finance: the need for a comprehensive model law
title_full	Insolvency and debt restructuring in Islamic finance: the need for a comprehensive model law
title_fullStr	Insolvency and debt restructuring in Islamic finance: the need for a comprehensive model law
title_full_unstemmed	Insolvency and debt restructuring in Islamic finance: the need for a comprehensive model law
title_sort	insolvency and debt restructuring in islamic finance: the need for a comprehensive model law
publisher	The Malaysian Current Law Journal
publishDate	2014
url	http://irep.iium.edu.my/37867/ http://irep.iium.edu.my/37867/ http://irep.iium.edu.my/37867/1/5._Insolvency_and_Debt_Restructuring_in_IF_-_The_Need_for_a_Comprehensive_Model_Law.pdf
first_indexed	2023-09-18T20:54:18Z
last_indexed	2023-09-18T20:54:18Z
_version_	1777410200838340608

Insolvency and debt restructuring in Islamic finance: the need for a comprehensive model law

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