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Westminsterresearch Towards a Just Future of Islamic Finance: from a New WestminsterResearch http://www.westminster.ac.uk/westminsterresearch Towards a just future of Islamic finance: from a new historical comparative east-west perspective Arakcheev, A. This is an electronic version of a PhD thesis awarded by the University of Westminster. © Mr Alexey Arakcheev, 2017. The WestminsterResearch online digital archive at the University of Westminster aims to make the research output of the University available to a wider audience. Copyright and Moral Rights remain with the authors and/or copyright owners. Whilst further distribution of specific materials from within this archive is forbidden, you may freely distribute the URL of WestminsterResearch: ((http://westminsterresearch.wmin.ac.uk/). In case of abuse or copyright appearing without permission e-mail [email protected] TOWARDS A JUST FUTURE OF ISLAMIC FINANCE: FROM A NEW HISTORICAL COMPARATIVE EAST- WEST PERSPECTIVE A. ARAKCHEEV PhD 2017 TOWARDS A JUST FUTURE OF ISLAMIC FINANCE: FROM A NEW HISTORICAL COMPARATIVE EAST- WEST PERSPECTIVE ALEXEY ARAKCHEEV A thesis submitted in partial fulfilment of the requirements of the University of Westminster for the degree of Doctor of Philosophy October 2017 1 ABSTRACT Contemporary increased economic and social pressures have raised concerns among both state regulators and clientele about the ability of banks and others financial institutions to survive. One of the fastest growing and significant parts of the world financial system is Islamic finance, which extends worldwide and exploits a highly sophisticated financial products and procedures based on Shariah. Grounded on unconventional, ethical and religious maxims, Islamic finance seems to be a solution to the current worldwide financial disaster. Conventional and Islamic financial systems present two entirely different concepts. The former aims for the achievement of financial gain on behalf of a single firm, or even a single person, whereas the latter is in the interest of the whole society. Therefore, these two systems differ not only in regard to their philosophical foundations, but also in terms of the end results. Therefore, without taking into account the technical and juridical peculiarities, Islamic finance affords more Justice. This raises the question, what does the word “Justice” mean? The concept of social justice does not have a universal moral or indeed legal interpretation. This study analyses the background of theories of justice in order to explain the phenomenon of justice by putting it in both a social and religious context. This is done so that we can see Justice as a socio- philosophical category associated with religious dissimilarities as well as ethical norms in different societies, undivided from their religious roots. Finally, this thesis compared the Islamic and Conventional financial systems, their ethics and philosophical basis, and different legal systems in combination with various ideas of justice connected with different religions in order to elaborate the potential future of Islamic finance. 2 TABLE OF CONTENTS ABSTRACT ....................................................................................................................... 2 TABLE OF CONTENTS ................................................................................................... 3 LIST OF EXHIBITS ........................................................................................................... 6 LIST OF APPENDICIES ................................................................................................... 7 ACKNOWLEDGEMENTS ............................................................................................... 8 ABBREVIATIONS ............................................................................................................ 9 CHAPTER 1: INTRODUCTION AND LITERATURE REVIEW ................................. 13 1.1 Introduction ........................................................................................................ 13 1.1.1 Research subject: Islamic finance and Justice ............................................ 15 1.1.2 Research aim and objectives ..................................................................... 16 1.1.3 Research question ...................................................................................... 17 1.1.4 Research methodology ................................................................................ 18 1.1.4.1 Research philosophy ............................................................................... 19 1.1.4.2 Research approach .................................................................................. 22 1.1.4.3 Research method ..................................................................................... 24 1.1.4.4 Research strategy .................................................................................... 27 1.1.4.5 Research design ..................................................................................... 28 1.1.4.6 Research methodology adopted .............................................................. 30 1.1.5 Theoretical framework ............................................................................... 31 1.1.6 Contributions to the original knowledge .................................................... 33 1.1.7 Outline ........................................................................................................ 34 1.2 Literature review ................................................................................................ 35 1.2.1 Theories of justice ...................................................................................... 35 1.2.2 Islamic finance ............................................................................................ 43 1.3 Conclusion ......................................................................................................... 53 CHAPTER 2: JUSTICE IN THEORY ............................................................................. 55 3 2.1 Introduction ........................................................................................................ 55 2.2 Social justice as a social-philosophical category ............................................... 55 2.2.1 Origin and evolution of theories of social justice in European philosophy ............................................................................. 57 2.2.2 Modern theories of social justice ................................................................ 63 2.3 The problems of social justice in the monopolar world: current state and prospects ................................................................................. 85 2.3.1 Aggravation of social justice problems as a result of the global crisis ...... 85 2.3.2 The path to social justice in the modern context ........................................ 96 2.4 Conclusion ....................................................................................................... 116 CHAPTER 3: FOUNDATIONS OF ISLAMIC FINANCE AND MODES OF FINANCING ............................................................ 118 3.1 Introduction ...................................................................................................... 118 3.2 Foundations of Islamic finance ........................................................................ 118 3.3 Modes of financing in Islamic finance ............................................................. 126 3.4 Conclusion ....................................................................................................... 143 CHAPTER 4: JUSTICE IN ISLAM ............................................................................... 144 4.1 Introduction ...................................................................................................... 144 4.2 The concept of social justice in Islam .............................................................. 144 4.3 Justice in Islamic finance ................................................................................. 151 4.4 Conclusion ....................................................................................................... 156 CHAPTER 5: JUSTICE IN VARIOUS RELIGIOUS DENOMINATIONS ................. 158 5.1 Introduction ...................................................................................................... 158 5.2 Christian theories of social justice ................................................................... 159 5.3 The concept of social justice in Judaism .......................................................... 163 5.4 The concept of social justice in Buddhism ...................................................... 168 5.5 The representation of social justice in Russian Orthodox tradition ................. 171 5.6 The Soviet (communist) model of social justice .............................................. 178 4 5.7 Conclusion ....................................................................................................... 191 CHAPTER 6: COMPARATIVE ANALYSIS OF THE PHILOSOPHICAL PRINCIPLES UNDERLYING CONVENTIONAL AND ISLAMIC FINANCIAL SYSTEMS ....................................................... 193 6.1 Introduction ...................................................................................................... 193 6.2 Philosophy of Conventional finance ................................................................ 193 6.3 Philosophy of Islamic finance .......................................................................... 203 6.4 Practical
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