Sample Essay
The Islamic Commercial Law was officially provided recognition in the 21st century in 1975 when the Islamic development Bank was established by mutual agreement between various financial institutions participating in the Organizations of Islamic Conference. Similarly the use of Islamic indices was also initiated in 1999 when the application of Islamic Commercial Law for portfolios was made in the capital and financial markets.
The Islamic Commercial law highlights laws, legislature and guileless for trade, commerce and business transactions “based on values of justice, equality, and fairness. In the world of commerce, these values take the form of prohibitions against usury (ribā), transactions involving excessive uncertainty, insurance contracts, and businesses involving gambling, alcohol, and the consumption of pork, pornography, prostitution, and weapons.” (Warren, 2009) The main objective behind the Islamic Law for commerce and business transactions is to provide fairness for all and certainty when it comes to the fulfilment of contractual obligation. The roles of the different parties involved in trade are harmonized while the points and basis for transactions are clearly documented through contracts for record keeping proof of the transaction.
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