Sample Essay
There is only one country in the whole world that has adopted the Shariah in the true sense of the world for both its state legislature and its commercial legislature.Saudi Arabiais the country which has its law system entirely based on Shariah with the commercial code of the country also entirely made of the Islamic Commercial Law. Aside from Saudi Arabia no other country has implemented Islamic Commercial Law in this manner. Instead small sectors of parallel Islamized businesses and commercial sectors have developed in various countries which are run on the Islamic Commercial Code.
In such instances the sector or only a few industries make use of guidelines of Shariah and the Islamic Commercial Law. An example of such industry is the Islamic banking industry which largely based on the guidelines of Islamic Commercial Law and is run parallel to the regular commercial banking industry. The Muslim countries that have developed Islamic banking or are using the Islamic Commercial Law in some sectors of operations include Malaysia, Pakistan, Iran, Turkey, Syria, Lebanon, Indonesia and UAE. In these countries Islamic banking is developed while Shariah based Leasing, Insurance and capital/ asset management products and services are also provided.
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