ACCOMMODATING ISLAMIC TENETS WITH LESSONS LEARNT FROM MUSLIM WORLD IN MALDIVES COMMERCIAL LAWS: A LITERATURE REVIEW

Abstract

Several studies have already been carried out on Islamic law Reform within the context of Muslim world. A minor portion of these studies have focused on Islamic law reform with reference to commerce. It appears that apart from few literature reviews published in the area of Islamic banking law, which is generally part of Islamic commercial law, one may hardly find any literature on this subject in the context of Maldives. Conceptually, it is permissible to enact laws of any nature, if it does not violate the clear tenets of Islam as prescribed in the holy Quran and Sunnah. It further certitudes that in respect of the commerce, the basic tenets of Islam are the prohibition of riba (usury), gharar (uncertainty) and maysir (gambling). In addition to these, the laws have to comply with the general Islamic commercial tenets such as the prohibition of any form of business of liquor, pork and pornography etc. The selected literatures on the experiences of different parts of the Muslim world show that once these tenets are accommodated in the commercial laws, it should be deemed to declare as in conformity with Islam, which could be taken as evidence for accommodation of Islamic tenets in the commercial laws of Maldives.