Islamic economic system: from principles to microeconomics and macroeconomics fields (73)

Continuation

The study on financial contracts has been extensively reviewed.

The role of Islamic contracts is not highlighted.

Except those in the historical institutional and contract theory literatures.

For instance, the discussion on risk-sharing in financial contracts with focus on the:

§  sea-loan (debt-based) contract;

§  and commenda (equity-based or mudharaba) contract.

Whereas, The Mejelle Ahkame Adliye was elaborated between 1869 and 1876 as a part of the Legislative purpose of the Tanzimat.

So:

§  The Penal Code of 1850;

§  and the Commercial Code of 1861

were the predecessors of the Mejelle.

But, these two compilations had been largely based on the laws of European countries.

Used from paper of Abdul Ghafar Ismail and  Noraziah Che Arshad