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In countries that do not have an Islamic Legal system, disputes related to Islamic financial transactions can lead to outcomes t - Research Paper Example
Finance & Accounting
Pages 4 (1004 words)
Name: Institution: Course: Tutor: Date: Introduction Understanding the nature of law requires legal reasoning, understanding of the legal institutions of a given region or country and digging deeper to understand the legal systems; the civil law, common law and religious laws…
Sharia law, as a moral code and religious law for Muslims; addresses various perspectives of human activities such as economics, crimes and politics, as addressed by secular laws, and it seeks to differentiate intentions, interactions and decisions between those that are good and those that are bad (MacEoin and Green, 2). Just like the secular laws, Sharia code of ethics touch on various interactions of the human race giving the prospects and punitive aspects whenever the codes are breached, though from the secular observation of Sharia being a religious law, it has provisions that make the laws holistic in guiding and governing human interactions making it fall under and satisfy individual legal systems. Economically, just like Christian finance, Sharia economics presents the economic systems that conform to the Islamic scriptures and traditions; behavioral norms and foundations, Zakat tax as the basis of Islamic fiscal policy and other economic provisions that holistically covers the economic and finance sector (Bonner, 397). Though close and similar to the secular and other traditional laws, in countries that there is no Islamic Legal System, disputes related to Islamic Financial Transactions can lead to outcomes that contradict Sharia Principles. ...