Islamic law, also known as Shariah, addresses economic transactions and trade through several principles and rules, including:
1. Prohibition of interest (riba): Islamic law forbids the collection and payment of interest on loans.
2. Prohibition of uncertainty (gharar): Islamic law prohibits transactions that involve excessive uncertainty or speculation.
1. Prohibition of gambling (maysir): Islamic law prohibits transactions that involve gambling or games of chance.
2. Fairness and transparency: Islamic law emphasizes fairness and transparency in all economic transactions.
3. Protection of property rights: Islamic law protects property rights and prohibits theft, fraud, and exploitation.
4. Encouragement of trade: Islamic law encourages trade and commerce, but emphasizes the importance of ethical conduct and fairness.
5. Regulation of markets: Islamic law regulates markets to prevent exploitation, monopolies, and hoarding.
1. Prohibition of exploitation: Islamic law prohibits exploitation of workers, consumers, and the environment.
2. Emphasis on social responsibility: Islamic law emphasizes social responsibility and encourages businesses to contribute to the welfare of society.
3. Islamic finance: Islamic law has developed a distinct financial system that operates according to these principles, including Islamic banking, Islamic insurance (takaful), and Islamic investments.
These principles aim to create a just and equitable economic system that benefits all parties involved and promotes social welfare.