The Status of Islamic Commercial Law: Discoursing the Past and Present

Abstract

Almost all aspects of human behaviors are covered by Islamic law. Islamic law has a wider understanding than any other law including western law. It almost governs the way of the Muslim’s life and regulates every commercial transaction in the Muslim’s life. However, Christian law is totally based on secularism and Sharia law’s framework is quite different and based on the principles of the Quran and Sunnah. As in Christian law, there is no specific law of property; likewise, there is no particular law of contract while in Islamic law there is specific Islamic law of contract and law of property which is derived from legal principles enshrined in the Quran and Hadith. Literally, Islamic law deals with every single circumstance of Muslim life. However, the main issue is that unfortunately Islamic law has been substituted and overcome by Western law. Hence, this article primarily focuses on whether Islamic law can be revived, considered, and adopted by the modern world.