Islamic Finance in Europe
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Islamic Finance in Europe

Towards a Plural Financial System

  • Studies in Islamic Finance, Accounting and Governance series

Edited by Valentino Cattelan

Highlighting the impact of current globalization on financial markets, this topical book challenges the universality of Western property rights and interprets Islamic finance in Europe as part of a plural financial system, where different conceptions of economic justice(s) co-exist and influence each other.
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Chapter 16: Conclusions. Towards a plural financial system

Valentino Cattelan

Extract

Challenging the universality of Western property rights, this volume has embraced a plural approach in dealing with Islamic finance in Europe. But, in this context of property rights pluralism a ‘rivalry’ among different conceptions of economic justice(s) implicitly takes place since the rival theories of justice which embody these rival conceptions . . . give expression to disagreements about the relationship of justice to other human goods, about the kind of equality which justice requires, about the range of transactions and persons to which considerations of justice are relevant, and about whether or not a knowledge of justice is possible without a knowledge of God’s law. (MacIntyre, 1988, p. 1) In fact, the division of economic resources in individual property rights, which belongs to Western justice, does not match perfectly the logic of wealth sharing, which characterizes Islamic justice (see Chapter 1). Correspondingly, rival finances reflect this divergence.

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