forms of reasoning. Western legal systems Early Islamic law developed a number of legal concepts that anticipated similar such concepts that later appeared in English common law. Similarities exist between the royal English contract protected by the action of debt and the Islamic Aqd, between the English assize of novel disseisin and the Islamic Istihqaq, and between the English jury and the Islamic Lafif in classical Maliki jurisprudence. The law schools known as Inns of Court also parallel Madrasahs. The methodology of legal precedent and reasoning by analogy (Qiyas) are also similar in both the Islamic and common law systems, as are the English trust and agency institutions to the Islamic Waqf and Hawala institutions, respectively. Elements of Islamic law also have other parallels in Western legal systems. For example, the influence of Islam on the development of an international law of the sea can be discerned alongside that of the Roman influence. George Makdisi has argued that the madrasa system of attestation paralleled the legal scholastic system in the West, which gave rise to the modern university system. The triple status of faqih ("master of law"), mufti ("professor of legal opinions") and mudarris ("teacher"), conferred by the classical Islamic legal degree, had its equivalents in the medieval Latin terms magister, professor and doctor, respectively, although they all came to be used synonymously in both East and West. Makdisi suggested that the medieval European doctorate, licentia docendi was modeled on the Islamic degree ijazat al-tadris wa-l-ifta’, of which it is a word-for-word translation, with the term ifta’ (issuing of fatwas) omitted. He also argued that these systems shared fundamental freedoms: the freedom of a professor to profess his personal opinion and the freedom of a student to pass judgement on what he is learning. There are differences between Islamic and Western legal systems. For example, Sharia classically recognizes only natural persons, and never developed the concept of a legal person, or corporation, i.e., a legal entity that limits the liabilities of its managers, shareholders, and employees; exists beyond the lifetimes of its founders; and that can own assets, sign contracts, and appear in court through representatives. Interest prohibitions imposed secondary costs by discouraging record keeping and delaying the introduction of modern accounting. Such factors, according to Timur Kuran, have played a significant role in retarding economic development in the Middle East. However, the rise of monopoly wealth and corporations have