Islamic Perspectives on the Law of Business Organisations I: An Overview of the Classical Sharia and a Brief Comparison of the Sharia Regimes with Western-Style Law

Abstract

Recent events and trends have led to an increased awareness of the importance of Islamic law and a more widespread interest in the subject. However, many areas remain relatively inaccessible, including the law of business associations. The aim of this and a subsequent article is to alleviate this situation somewhat by providing a general introduction to Islamic perspectives on this area. This article provides an overview of the classical sharia, looking at three Sunni schools by way of example, plus a brief comparison with Western-style law. The second article will consider the replacement of the sharia regimes in the Middle East and the interaction of the sharia with Western-style law in Muslim-majority jurisdictions and elsewhere.