E-1: THE RIBA CASE AND THE DISCOURSE ON DEVELOPMENT OF ISLAMIC LAW

Authors

  • Syed Hasnat Ahmad shah Gillani Assistant Professor, Department of Law, Faculty of Humanities and Social Sciences, University of Azad Jammu and Kashmir, Muzaffarabad,
  • Atta Ul Mustafa Lecturer, Department of Law, Faculty of Shariah and Law, International Islamic University, Islamabad,
  • Syed Mudasser Fida Gardazi Assistant Professor, Department of Law, Faculty Humanities and Social Sciences, University of Azad Jammu and Kashmir, Muzaffarabad

Keywords:

Riba, Islamic Law, Banking, Economics, Debt, Pakistan.

Abstract

The recent decision from one of the apex courts of Pakistan hailed as a landmark ruling, infect validates the practical viability of an interest-free economy. The Federal Shariat Court has directed the government to adopt Shari’ah-compliant modes in the future while borrowing either from domestic or from foreign sources. The five years deadline is given to adopt such models. It is apprehended that the verdict has opened up new avenues for the realization of the Riba free trance which can be treated as a stepping-stone by the government and all stakeholders collectively to further build upon. In this context, the research endures to present the discourse on development of Islamic commercial law from its sources to shaping into a legal system. More specifically, it focuses on theory of adaptability of contemporary Islamic law and principles of modern legal system in contemporary transactions.

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Published

2022-06-19

How to Cite

Gillani, S. H. A. shah ., Atta Ul Mustafa, & Gardazi, S. M. F. . (2022). E-1: THE RIBA CASE AND THE DISCOURSE ON DEVELOPMENT OF ISLAMIC LAW. International Journal of Islamic Business, Administration and Social Sciences (JIBAS), 2(2), 1–26. Retrieved from https://jibas.org/index.php/jibas/article/view/51

Issue

Vol. 2 No. 2 (2022): JIBAS (April to June)

Section

Articles