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Courting Change: Development of Islamic Legal System Could Bring Growth

  • Abul HassanEmail author
  • Sabur Mollah
Chapter

Abstract

Shari’ah is best characterized as moral guidance or a set of principles governing all aspects of the day-to-day activities of Muslims. The tradition of Shari’ah laws has a long history, but implementation of Shari’ah law in modern commercial activities in general and the contemporary financial system in particular is at the developing stage. While several leading Islamic financial centres around the world have adopted IFSB and AAOIFI standards, much needs to be done to standardize Islamic financial products and regulation at the international level

Keywords

Shari’ah law Islamic scholars Fatwa instruments transactions codification Dispute resolution 

Copyright information

© The Author(s) 2018

Authors and Affiliations

  1. 1.King Fahd University of Petroleum and MineralsDhahranSaudi Arabia
  2. 2.Accounting and FinanceSwansea UniversitySwanseaUK

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