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What are the classifications of the Islamic commercial and business laws?

What are the classifications of the Islamic commercial and business laws?
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Answer #1

The islamic commercial law is maily classified into the following main pillars on which the foundations of islamic finance is based upon

  • Sharii’aa Commercial Law
  • Bay, Law (Contract of Sale)
  • Ijarah and Ja'rah law (Contact of employment lease and borrworings)
  • Wakalah (Contarct of agency)
  • Al-Quarrd (contract of loan)
  • Al-Wadiah (Contact of Safekeeping)
  • Al-sarihat (Partneship law)
  • Mudarbaha and Quirad ( Silent Partnership law)
  • Al-Rahn ( Pledge and Mortgage law )
  • Al-kafalah (Guarentee )
  • Al-hawalh (transfer of debt)
  • Al-Mushaquhh( Contarct of Absolution)

These are the main classification of the islamic laws regulating the commercial activities and transactions and follows the islamic conceptual framework assocaited with commercial and business laws .

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