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ISLAMIC COMMERCIAL LAW (BASIC CONCEPT (CIRCULATION OF WEALTH (NO HOARDING,…
ISLAMIC COMMERCIAL LAW
SHARI'AH
Major Components
Aqidah ( faith & belief)
Fiqh (legal)
Akhlaq ( Moral and ethic)
DEFINITION
LITERALLY
:
a path to the watering place
TECHNICALLY:
a path leading to the source of a meaningful life
BASIC CONCEPT
CIRCULATION OF WEALTH
NO HOARDING
NO MONOPOLY
Accumulated wealth in 1 hand
no distribuition to others
obligation to pay zakah
TRANSPARENCY:
transaction must be documented to avoid conflict
mispresentation and fraud are prohibitted
JUSTICE & GOODNESS
ISLAMIC LAW & ACTIVITIES
issues of mutual consent
satisfy the consent of parties
serve justice & goodness to human being
profit maximization is not the sole objectives
ELEMENT TO A VALID TRANSACTION
seller
buyer
subject matter
price commodity
offer & acceptance
PROHIBITONS OF GHARAR
Uncertainty
Risk
Speculation
To protect people from being manipulated
non existence good at that time is valid becaus ethey can exist in future
The rules of options to rescind a contract
Khiyar Majlis
Khiyar Shart
Khiyar AIb
Khiyar Ru'yah
ISLAMIC REFORM
After migration of prophet to Madinah
Established
Principles of Political
Legal
Social Economic Life
Main Sources
Quran'
Sunnah
Itjihad + Qiyas + Ijma
Fiqh Muamalat
Well documented in Islamic Law Book
Mejelle Code of Islamic Law by Hanafi