Islamic Financial Law

The financial crisis has aroused the interest of jurists and economists not only on its causes but also on the different reactions provoked in a financial world in which religion is able to influence rulemaking and the behaviours of market players. The Islamic financial system, characterized by a risk-sharing approach and by the prohibition of pure gambling or investments in ‘toxic’ assets, showed a greater resistance to the crisis. The study of Islamic financial markets, therefore, beyond the analysis of the underlying religious values leads us to consider the feasibility of legal transplant in the Italian legal systems of contractual and financial practices typical of the Islamic world.