Proposed method to establish the first modern legal code for contemporary Islamic business transactions practiced in the global market
DOI:
https://doi.org/10.58508/cultpaz.v7.201Keywords:
Codification; Islamic Finance; Commercial transactions; Sharia law; Global marketAbstract
As a result of the continuous global growth of Islamic finance as an alternative to conventional financing, significant emphasis is placed on developing a codified international commercial law to govern modern Islamic financial transactions and settle commercial disputes. Endorsing clear guidelines and procedures to overcome conflicts between different Islamic jurisprudence schools when writing Sharia legal articles is essential. The article proposes a roadmap for codification, emphasizing the importance of policies and procedures for writing Sharia legal articles. The article recommends combining flexibility and accuracy in codification, allowing room for judges' and arbiters' interpretations based on changing circumstances. It highlights the value of codified texts for researchers and legal professionals, making it easier to identify unregulated rulings. The article concludes by emphasizing the need for collaboration between international legal institutes, governments, scholars, experts, and stakeholders to establish guidelines and standards that align with Islamic principles. The codification of Islamic commercial transactions is essential for promoting transparency, consistency, compliance, and growth in the global Islamic finance industry.
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