Sample Essay
The functions of the Islamic Commercial Law compose of the main elements of commerce pertaining to trading, leasing, partnership and the support and management of contracts. Under the function of contracts management, the theory of Islamic lawful contacts is presented featuring the aspects and attributes that make a contract valid. The theory of riba and gharar is clearly pointed out in the contracts pertaining to banking and finance.
The aspect of trade that is covered by the Islamic commercial law pertains to making the sale, the essential elements that complete a sale, the classification of the sale according to its attributes and the distinction of the different types of sales. The concept of deferred payment and differed delivery are elaborated upon along with the sale of asset or sale of different currency/ foreign exchange to furnish a debt. The leasing aspect of Islamic banking is explicitly stated in the Islamic Commercial Law which provides the rules that govern the establishment and management of the ijara, as well as those which pertain to the rental leases. The different forms of ijara are highlight in the Islamic Commercial Law along with the various reasons for its termination that are present and how the lease can be renewed again. The distinction between the operational lease and the financial lease is provided along with the ownership of the lease. Shirkah or partnership is covered by Islamic Commercial Law through the Mudarabah and the Musharakah that highlight the concepts of Islamic partnerships.
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