Islamic commercial and financial practice has not experienced the
trial-and-error style of development that has characterized the
development of the common law in the English-speaking world. Many
of the principles, rules and practices prevalent in the Islamic law
of contract, commerce, finance and property remain the same as
those outlined by the Quran and the Prophet Muhammad, and expounded
by scholars of jurisprudence as far back as the 13th century,
despite the advancement in time and sophistication of commercial
interaction. Hanaan Balala here demonstrates how, in order to
bridge the gap between the principles outlined by the Quran and the
Prophet in the 7th century and commercial practice in the 21st
century, Islamic finance jurisdictions need to open themselves to
learning from the experience (including the mistakes) of the
English common law. "Islamic Finance and Law: Theory and Practice
in a Globalized World" provides an analysis of the fundamental
principles underlying the Islamic law of contract and commercial
practice in comparison with their equivalents in common law in the
English-speaking world. It seeks to draw parallels (and differences
where appropriate) to facilitate the growth and development of
Islamic commercial and financial law globally.
General
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