SHARIAH COMMERCIAL LAW: NATURE, PROSPECTS AND CHALLENGES FOR SOCIETAL DEVELOPMENT

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.