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Islamic commercial law (definition (civil law (private law, public law),…
Islamic commercial law
evolution of islamic commercial law
barter system
sell item by item
contract and sales custom
persian currency
dirham
dinar
speculative transaction
using pebble and currency
have uncertainty and gharar
definition
business law
body of law which govern business and commerce
civil law
private law
public law
law in commercial activity
shariah
3 major component
aqidah
akhlak
fiqh
islamic law
cover all aspect of human behavior
basic concept in islamic principle
justice and goodness
al adl
fundamental element in transaction
seller
buyer
commodity and subject matter
price
offer and acceptance
transparency in commercial dealing
prohibited fraud
amanah
prohibited gharar
protect people from being manipulated
sales of bird
sales of unborn animal
free from uncertainty
civil code of iraq 1951 (article 129.1)
prohibition of hoarding and monopoly
prohibit concentration of wealth by one person
paying zakah to poor
to ensure wealth will benefit people at large
islamic reform
main reference is al quran
hukum from ijtihad and ijma'
permited trade and prohibited zakat
after migration of prophet to madinah