Shariah commercial law

Abstract

The paper looks at the nature of the Shariah commercial law, prospects and challenges for the development of societies. It is noted that the Islamic law –commercial law inclusive is unique and comprehensive. This deals with all aspects of human life including the commercial life. In this paper the commercial life of man is emphasized with specific consideration of exchange of goods and services. Basing on the general objective of Shariah, a number of rules and regulations are presented in Qur’an and Sunnah and the other sources of Islamic law in order to ensure justice and fairness between the participants in the exchange of goods and services. It is expected that if the Shariah commercial law governing exchange is fully implemented a number of benefits will accrue to the participants and the community at large – and hence a faster rate of societal development.