The Korean Law Blog reports that a group of evangelical Protestants in South Korea have apparently killed a bill which would recognize tax deductions and other legal benefits for Islamic financial structures.
This sort of silliness isn’t unique to Korea, of course. Followers of the English-language media have undoubtedly seen tons of uproar over the Sharia courts in Britain which can make legally binding judgments under English law. The catch is, of course, that the jurisdiction of these courts is consensual, just like commercial arbitrators or The People’s Court — you are only bound by Sharia rulings if you voluntarily agree to go to Sharia court. So for the non-Muslims in Britain, you’d think it would be a non-issue.
The Korean backlash is just as ridiculous, if not moreso. Not only would the proposed law not hurt anyone, but failing to pass it seems to effectively hurt Korean companies, especially financial institutions, by depriving them of potential business in Islamic countries and from Islamic investors.
(Note that The Korean Law Blog is not the same as the late, great Korea Law Blog run by Marmot contributor Brendon Carr. But for all you comparative law geeks in the audience, it’s a reasonably informative substitute.)