Sample Essay
However it needs to be highlighted that there do exist some issues when the Sharia based Islamic Commercial Law is considered as the basic commercial law of the state. This is because the rules and regulations of Shariah that impacts the Islamic Commercial Law are not compatible with the general code of commercial legislature as popular in the west. Issues regarding irregular profit sharing and presence of interest would still be predominant. Therefore issues can occur when a country joins an economic forum or a legislative body that goes against the principles of Shariah.
Most countries in the world that have implemented Shariah have done so on a selective basis. This indicates that if the Islamic Commercial Law is employed it would still be able to operate in the presence of other commercial codes. The main reason for this is because the main principles of the Islamic Commercial Law derived from Islamic Jurisprudence and Shariah are very general in nature and coincides with the key guidelines of the commercial codes. The England common law and its associated legislature is very much akin to the Islamic Commercial Law thus depicting how its possible for countries to operate on a Civil Code basis as well as Islamic commercial based legislature.
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