Abstract
PurposeThis paper aims to clarify that some values are the origin of the modern financial world. In this regard, they should be protected by legal and financial mechanisms. However, sometimes, it is not necessary to use the entire legal arsenal to protect those values. A value can be transformed into another value or mutate into a notion and become implicitly protected by the whole system. This is called the transformation of values.Design/methodology/approachIn this paper, it shall be analyzed how the protection of values is applied in both Shariah and conventional systems. Two Gulf countries, Iran and The United Arab Emirates (UAE), will be compared with France, which have different financial systems. How the process of transformation becomes a global norm which lead to a harmonization will also be discussed.FindingsThis paper demonstrates that divergent values in both Islamic and conventional financial system tend to be convergent and become global standard norms. In this respect, due to the transformation of values, harmonization of norms and standards will be recognized.Originality/valueThe paper fulfils an identified process in which the penal action against irregularities becomes a “dernier resort”, and it is for the protection of major global concerns, not for “little transgressions against local values”.
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