Trading Under Islamic Commercial Law

Mohsin Ali and Najeeb Zada ()
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Mohsin Ali: Taylor’s University
Najeeb Zada: Islamia College Peshawar

Chapter Chapter 2 in The Islamic Finance Trading Framework, 2019, pp 7-23 from Palgrave Macmillan

Abstract: 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.

Keywords: Islamic law; Riba; Gharar; Maysir; Option (search for similar items in EconPapers)
Date: 2019
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Persistent link: https://EconPapers.repec.org/RePEc:pal:pcichp:978-3-319-96613-7_2

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DOI: 10.1007/978-3-319-96613-7_2

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