The new legalities of Islamic contractual interpretation: institutional frameworks and the displacement of intention

What is it about?

We examine the role of contractual intention in Bank Negara Malaysia’s Sharīʿa Advisory Council (SAC) standard setting project. Traditional approaches to determining the validity of an Islamic contract have been displaced by the institutional logic of the state which prioritizes uniformity and certainty in law and reflects Western and capitalistic values. Islamic standard-setting reflects the state’s uniform law objectives which result from the globalization of financial markets.

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