Islamic Finance, Commercial Law, and Economic Justice: Apocalyptic Challenges to the Global Order

This Article engages with the heated debates about the Islamic finance industry, which range from praise as an ethical model of ESG principles to sharp criticism as a vehicle for financing terrorism. Offering a novel lens, this Article examines several case studies of Islamic thinkers and movements that have disrupted global politics, exploring how they deploy apocalyptic ideology to promote vastly different visions of future economic orders. Some of these case studies reinterpret key concepts from Islamic commercial law—like unjust enrichment, limited liability partnerships, insurance, almsgiving, and inheritance—while others call for a return to abandoned practices, such as slavery, discriminatory taxation of religious minorities, and the confiscation of their property. These apocalyptic ideologies also critique broader global economic norms—challenging the use of fiat currencies, fractional reserve banking, and the inflationary policies—as well as the core assumptions underpinning classical and neoclassical economic theory, and the philosophy of utilitarianism. The political contexts vary: some movements use apocalyptic narratives as bottom-up critiques of the social and economic status quo, while others, particularly those in power, use these narratives to pacify and control economically distressed populations. Ultimately, this Article challenges prevailing paradigms in Islamic finance and raises critical questions about the future of Islamic commercial law and economic justice, especially in an era increasingly shaped by apocalyptic expectations.