Online from: 2008
Subject Area: Education
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|Title:||The effects of Islamic law on business practices|
|Author(s):||Sabina Cerimagic, (Bond University, Varsity Lakes, Australia)|
|Citation:||Sabina Cerimagic, (2010) "The effects of Islamic law on business practices", Education, Business and Society: Contemporary Middle Eastern Issues, Vol. 3 Iss: 1, pp.40 - 47|
|Keywords:||Business environment, Finance, International business, Islam, Law|
|Article type:||Literature review|
|DOI:||10.1108/17537981011022805 (Permanent URL)|
|Publisher:||Emerald Group Publishing Limited|
Purpose – The purpose of this paper is to give professionals working in Islamic countries a better understanding of the legal system in those countries. As a rule, multinational companies are more equipped in dealing with problems when governed by Western legal philosophies and jurisprudence. However, when certain issues fall on the jurisdiction of an Islamic country they have to address it by using the Islamic laws (
Design/methodology/approach – The source of material for this paper is literature review based on texts and references sourced in the business environment. The literature used is Islamic literature in the Bosnian and English languages.
Findings – The findings are that Islamic laws compel companies to be wary of interest, uncertainty or risk. This means that companies that rely on compelling interest on the consumer are prohibited in operating in Islamic states. The law is there to protect the welfare of all the parties involved. The strict nature of these laws often seeks to provide justice and fairness to both parties. Thus, for organisations and international companies who intend to deal with companies based in Islamic countries and adhere to
Research limitations/implications – Islamic laws tend to adhere strictly on the principles and values intimated in the
Originality/value – This paper will provide important business factors that will essentially assist international businesses in their understanding of the legal standards in this region.
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