Supreme Constitutional Court (Egypt)-Shari'a and Riba

Supreme Constitutional Court (Egypt)-Shari'a and Riba SUPREME CONSTITUTIONAL COURT (EGYPT)- SHARI'A AND RIBA Decision in Case No. 20 of Judicial Year No. 1 NOTE The question of the extent of the role played by the Shari'a law of Islam in the various jurisdictions of the Arab world will be dealt with in extenso in early issues of this Quarterly. One such article, dealing with the Gulf States, appears in this issue (page 3 infra). Not the least of the concerns which arise among the World's Bankers from a strict application of the Shari'a, is the prohibition of riba which, broadly speaking, may be taken to mean any unearned accretion, but in particular is related to the charging of interest on monies lent or otherwise owing. In 1980, in the latter days of the Sadat regime, Article 2 of the Constitution of the Arab Republic of Egypt was amended to provide that the Shari'a should be the principal source of law. Considerable concern arose as to the effect of this amendment of the "Law Paramount" on existing legislation. (Again see infra page 5). On 4 May 1985, the Constitutional Court of Egypt issued a Judgment in this respect which must be deemed of fundamental importance, http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Arab Law Quarterly Brill

Supreme Constitutional Court (Egypt)-Shari'a and Riba

Arab Law Quarterly, Volume 1 (1): 100 – Jan 1, 1985

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Publisher
Brill
Copyright
© 1985 Koninklijke Brill NV, Leiden, The Netherlands
ISSN
0268-0556
eISSN
1573-0255
D.O.I.
10.1163/157302585X00446
Publisher site
See Article on Publisher Site

Abstract

SUPREME CONSTITUTIONAL COURT (EGYPT)- SHARI'A AND RIBA Decision in Case No. 20 of Judicial Year No. 1 NOTE The question of the extent of the role played by the Shari'a law of Islam in the various jurisdictions of the Arab world will be dealt with in extenso in early issues of this Quarterly. One such article, dealing with the Gulf States, appears in this issue (page 3 infra). Not the least of the concerns which arise among the World's Bankers from a strict application of the Shari'a, is the prohibition of riba which, broadly speaking, may be taken to mean any unearned accretion, but in particular is related to the charging of interest on monies lent or otherwise owing. In 1980, in the latter days of the Sadat regime, Article 2 of the Constitution of the Arab Republic of Egypt was amended to provide that the Shari'a should be the principal source of law. Considerable concern arose as to the effect of this amendment of the "Law Paramount" on existing legislation. (Again see infra page 5). On 4 May 1985, the Constitutional Court of Egypt issued a Judgment in this respect which must be deemed of fundamental importance,

Journal

Arab Law QuarterlyBrill

Published: Jan 1, 1985

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