Trading Under Islamic Commercial Law
- 151 Downloads
This chapter provides a comprehensive introduction to the concept and application of trading under Islamic commercial law. As a religion, Islam does not distinguish between wordly and spiritual affairs of life. Instead, both these are intertwined in a balanced manner. An act like trade and business which may appear a mundane life activity is regarded spiritual by Islam if conducted as per the rules and conditions laid by Islamic commercial law. Accordingly, this law provides a comprehensive list of activities, practices and transactions which are deemed impermissible and prohibited. Similarly, it provides a list of different types of contracts that can be undertaken to fulfil the basic needs of human society. Accordingly, this chapter digs deep into these two and further explores the mechanism of consumer protection that is embedded inside the prohibited and permissible elements of Islamic commercial law. In terms of Islamic law and jurisprudence, such protection comes in the form of different types of options available to consumers which ensure that their rights and property are protected completely, but not at the stake of businessmen and dealers simultaneously.
KeywordsIslamic law Riba Gharar Maysir Option
- Al-Zuhayli, W. (2007). Financial transactions in Islamic jurisprudence (M. A. el-Gamal, Trans.). Beirut: Dar al-fikir al-Mauaser.Google Scholar
- Ayub, M. (2009). Understanding Islamic finance. Chichester: Wiley.Google Scholar
- Bakar, M. D. (2003). Contracts in Islamic commercial and their application in modern Islamic financial system. Iqtisad Journal of Islamic Economics, 30–44. Google Scholar
- Foster, N. H. (2006). Encounters between legal systems: Recent cases concerning Islamic commercial law in secular courts. Amicus Curiae, 68, 2–9.Google Scholar
- Hasan, Z. (2014). Islamic banking and finance: An integrative approach. Oxford: Oxford University Press.Google Scholar
- Hassan, A. A. H. (2007). Sales and contracts in early Islamic commercial law. Petaling Jaya: The Other Press. Google Scholar
- ISRA. (2011). Islamic financial system: Principles and operations. Kuala Lumpur, Malaysia: International Shari’ah Research Academy for Islamic Finance (ISRA).Google Scholar
- ISRA. (2016). Islamic financial system: Principles and operations (2nd ed.). Kuala Lumpur, Malaysia: International Shari’ah Research Academy for Islamic Finance (ISRA).Google Scholar
- Saleem, M. Y. (2013). Islamic commercial law. Singapore: Wiley.Google Scholar
- The Mejelle. (n.d.). Being an English translation of Majallah al-Ahkam al-’Adliyyah and a complete code on Islamic civil law (C. R. Tyser, Trans.). Lahore: Law Publishing. http://www.islamicthinkers.com/index/index.php?option=com_content&task=view&id=195&Itemid=26.