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Commercial Law

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The Oxford Dictionary of Islam What is This? Covers the religious, political, and social spheres of global Islam in the modern world

    Commercial Law

    In their broad outline, the fundamental principles of Islamic law in the area of contract and business law do not differ much from their counterparts in Western legal systems. From the nineteenth century, the influence of Western legal systems is largely found in the process of codification, intended to express legal norms in an accessible form, rather than in the substantive content of those norms. The Egyptian civil code ( 1948 ), based on Islamic law, Egyptian court decisions from 1883 , and various modern Western codes served as a model for the new civil codes of Syria ( 1949 ), Iraq ( 1951 ), Libya ( 1953 ), Algeria ( 1975 ), Yemen ( 1979 ), and Kuwait ( 1980 ). There is no consensus regarding the Islamic legal prohibition against riba (interest) on paper money, although conservative Islamists condemn it; the validity of insurance contracts continues to be debated throughout the Muslim world.

    See also Contract Law; Economics (Islamic)

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