Sample Essay
Islamic commercial law is increasingly becoming popular in the western and south eastern countries that are predominantly non-Muslim in nature. The main reason for the attractiveness of the Islamic commercial law and business that are based on such law is the promising future that it provides along with the benefits that are reaped by the users. The growth potential of the Islamic Commercial Law is huge as depicted by the Malaysian economy which employs the Islamic Commercial Law. “Islamic commercial law has been a part of Malaysian law through an uncommon source – the English common law.
Very different from personal law such as marriage and divorce, the Islamic law of transaction (fiqh muamalat), which in essence is the commercial transaction, is of general application for the Muslims and non-Muslims alike and is basically fair and essential by any standard” (Osman, 2007). The law structure is very similar to the legislature regarding business and finance in the non-Muslim countries particularly that provided by theEngland common legislature however the main difference is that it operates without the use of interest. This characteristic of the Islamic commercial has enabled the capital markets of the world that are based on the Islamic Commercial Law to be protected from the recent failure of the global capital and financial market, allowing them to thrive in these recessionary times.
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