Whilst this is a US decision, I wanted to report it, because it covers some ground of argumentation that potentially could hit European jurisdictions too :
DUBAI, Jan 18 (Reuters) - Lawyers said a U.S. court decision to dismiss a case alleging AIG's (AIG.N) sharia-compliant businesses promoted religious doctrine, will boost confidence in the industry and lift sales of Islamic products in the longer term.
A Michigan district court rejected on Friday a claim filed by Marine veteran Kevin Murray in 2009 that the U.S. government violated the constitution by allowing funds from insurer American International Group's $40 billion bailout to be used to fund its Islamic insurance businesses.
Lawyers say the case is significant for the industry in the United States, which has struggled with a backlash against Islam, and is looking for support from the courts and government to promote Islamic finance as a legitimate business.
(follow the link to the source - Jan 18, 2011 -http://www.reuters.com/article/email/idUSLDE70G17920110118)
A Michigan district court rejected on Friday a claim filed by Marine veteran Kevin Murray in 2009 that the U.S. government violated the constitution by allowing funds from insurer American International Group's $40 billion bailout to be used to fund its Islamic insurance businesses.
Lawyers say the case is significant for the industry in the United States, which has struggled with a backlash against Islam, and is looking for support from the courts and government to promote Islamic finance as a legitimate business.
(follow the link to the source - Jan 18, 2011 -http://www.reuters.com/article/email/idUSLDE70G17920110118)
Blake Goud did comment brief but to the point in his blog SharingRisk.org and also supplied the following documents :
The court's ruling is here The plaintiff's lawyer's long paper on why Islamic finance is a legal risk can be downloaded here
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