What Will Learn?
Islamic commercial law is a branch of Islamic jurisprudence that deals with the legal principles and rules governing commercial transactions in an Islamic legal system. It is based on the principles and rules of Shariah, which are derived from the Qur’an and the hadith (sayings and actions of the Prophet Muhammad). There are a number of advanced topics that are covered in Islamic commercial law, including: Sale and purchase, Agency, Guarantee and suretyship, Credit transactions, Commercial contracts, the use of credit in an Islamic legal system, such as qard hasan (benevolent loan), murabaha (cost-plus financing), and ijara (lease financing).
This module presents an in-depth study the Islamic commercial law in contemporary contexts. Islamic commercial law, known as fiqh mua’malāt constitutes an important branch of law dealing with issues of business and contracts. In business law, which also covers corporate law, it is the body of law that governs business and commercial transactions. It includes within its compass such titles as principal and agent; carriage by land and sea; merchant shipping; guarantee; marine, fire, life, and accident insurance; bills of exchange and partnership. It can also be understood to regulate corporate contracts, hiring practices and manufacture and sales consumer goods. A contract being a legally enforceable agreement between two or more parties with mutual obligations and in Shari’a law, it is a complex legal discipline in both its jurisprudential foundation and its practical function, covering a variety of dealings and transactions to meet the needs of the society. This is a 4-credit-hour course and allotted 6 weeks of time.
Advanced Islamic Commercial Law and Contracts I
Islamic commercial law governs Middle Eastern companies and their business transactions. All of their business, manufacturing, and hiring practices must coincide with Sharia Law, or else they’ll get in big trouble with the government. Suppose you want to work for an Islamic company. In that case, whether it’s in the Islamic banking industry or not, you must familiarize yourself with Islamic commercial law and the contract regulations associated with it.
Advanced Islamic Commercial Law and Contracts I is a 4-credit course toward the Accelerated Ethereal Master in Islamic Finance and Banking Degree program at American International Theism University. It presents a comprehensive examination of Islamic commercial law in contemporary settings. Islamic commercial law constitutes an important branch of Sharia Law dealing with issues regarding business transactions and contracts.
In conventional settings, commercial laws and corporate laws are based on local and national legislation. They are what govern business and commercial transactions within their jurisdiction. On the other hand, Islamic commercial law is based entirely on Sharia Law and the teachings of the Quran. Islamic commercial includes within its compass, such titles as principal and agent; carriage by land and sea; merchant shipping; guarantee; marine, fire, life, and accident insurance; bills of exchange and partnership.
What is essential to understand about Islamic commercial law is that it looks out for society’s needs. For instance, a traditional contract involves two parties conducting a business deal. Each party is supposed to benefit in a certain way. Contracts governed under Sharia Law are supposed to meet the needs of the society in some way. You’ll learn about that and much more as you progress through this course.
Advanced Islamic Commercial Law and Contracts I is an online course that should take you up to 6 weeks to complete. You’ll have the convenience of logging into your virtual classroom, whichever time of the day is convenient for you. When you finish the course, you’ll have four more credits added to your school record for the Master’s degree program. You’ll also have a better understanding of Islamic commercial law.
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