Abstract
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.
This is a preview of subscription content, log in via an institution to check access.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
References
Al-Zuhayli, W. (2007). Financial transactions in Islamic jurisprudence (M. A. el-Gamal, Trans.). Beirut: Dar al-fikir al-Mauaser.
Ayub, M. (2009). Understanding Islamic finance. Chichester: Wiley.
Bakar, M. D. (2003). Contracts in Islamic commercial and their application in modern Islamic financial system. Iqtisad Journal of Islamic Economics, 30–44.
Foster, N. H. (2006). Encounters between legal systems: Recent cases concerning Islamic commercial law in secular courts. Amicus Curiae, 68, 2–9.
Hasan, Z. (2014). Islamic banking and finance: An integrative approach. Oxford: Oxford University Press.
Hassan, A. A. H. (2007). Sales and contracts in early Islamic commercial law. Petaling Jaya: The Other Press.
Hassan, H. (2002). Contracts in Islamic law: The principles of commutative justice and liberality. Journal of Islamic Studies, 13(3), 257–297.
ISRA. (2011). Islamic financial system: Principles and operations. Kuala Lumpur, Malaysia: International Shari’ah Research Academy for Islamic Finance (ISRA).
ISRA. (2016). Islamic financial system: Principles and operations (2nd ed.). Kuala Lumpur, Malaysia: International Shari’ah Research Academy for Islamic Finance (ISRA).
Saleem, M. Y. (2013). Islamic commercial law. Singapore: Wiley.
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.
Author information
Authors and Affiliations
Rights and permissions
Copyright information
© 2019 The Author(s)
About this chapter
Cite this chapter
Ali, M., Zada, N. (2019). Trading Under Islamic Commercial Law. In: The Islamic Finance Trading Framework. Palgrave CIBFR Studies in Islamic Finance. Palgrave Pivot, Cham. https://doi.org/10.1007/978-3-319-96613-7_2
Download citation
DOI: https://doi.org/10.1007/978-3-319-96613-7_2
Published:
Publisher Name: Palgrave Pivot, Cham
Print ISBN: 978-3-319-96612-0
Online ISBN: 978-3-319-96613-7
eBook Packages: Economics and FinanceEconomics and Finance (R0)