Sunday, June 11, 2006

Enron Scandal: Differentiating between letter & spirit of law

An enlightening report in the Business Week on the Enron affair: how Skiller and Co. skillfully abided by the letter of the law with total disregard towards its spirit. An eye-opener for some of the current Islamic Finance Advisors who are indulged in a similar practice, albeit with a higher law than man-made.

Mahmoud el-Gamal wrote in his analysis of this piece, 'In the area of Islamic jurisprudence of financial transactions, Abdul-Wahhab Khallaf said it best: the law is there to serve certain ends, and the ends are more important than the mechanics of the law.'

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