Wednesday, September 22, 2010
Conference Summary
A summary of the academic and social events of the conference is now available on the website of the ILA headquarters : http://www.ila-hq.org/
Tuesday, September 21, 2010
Justice Manohar (Retd.) on Islamic Finance and the Influence of Religion on Law
Sujata Manohar (Former Judge of the Supreme Court of India) has sent in a copy of her presentation at the panel on Islamic Finance and the Influence of Religion on Law. An issue she discusses is whether the need for ethical business practices demonstrated by the events of the recent financial crisis could - should - be addressed by incorporating religious norms into national laws :
Islamic Finance & Influence of Religion on Law
Mrs. (Justice) Sujata Manohar (retd.).
Former Judge, Supreme Court of India.
Movement of people across the globe in the first decade of this century coupled with globalization of trade and finance has generated a renewed interest in spiritual or moral values that influence diverse groups of people living together. Globalization has also brought with it conflicts between differing sets of such values, and raised anew the question, “How far should religion or religious norms influence the law?” It is clear that this increased interest in the fundamentals of religion & spiritual traditions has generated a tendency to incorporate religious concepts in a new field-laws governing Finance and Banking or laws regulating business activities. At the same time, the recent financial crisis has exposed corporate malpractices, and the urgent need for value driven business practices being incorporated in laws that govern business organizations and their interaction with the public. There is an obvious need for ethical business practices which can be ensured by appropriate laws. Can this need for value driven business activities be filled by incorporating religious concepts pertaining to business in national laws?
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