Sample Essay
The orientation towards the adoption of the Shariah law by Muslim countries as their state based law has encouraged development and exploration in the field of Islamic Commercial Law in specific sectors of operation. “In UAE, which has a split system, the fundamental law is the Civil Code, which is based on the Shari’a.
The Commercial Code is asset of variations from, and additions to the civil code. So the Commercial Code is subject to shari’a influence. Significant provisions include Art 1(means of filling gaps in legislation), Art 2 (interpretation), Art 3 (public policy), Art 200(1)(legality of contractual object and Art 96 (certainty). In addition, the Civil Code includes bodies of rules relevant to commercial matters but drawn from Shari’a. Examples include the general law of contract, the law of property, the law of traditional (nonblank) guarantees, the law of security over movables and the law relating to the transfer of rights. The commercial aspects of Sharia therefore cannot be ignored.” (Foster, 2006)
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