Freedom of Contract in Islamic Contract Law: An Economic Analysis
While economic analysis of law is used to develop a better understanding of the role and the impact of contract law, and more generally “western law,” there is no such analysis for Islamic law, one of the world?s largest legal systems. The doorstep in any discussion of contract law — given that private contracts are enforced — being the degree of freedom left to contracting parties, an analysis of contractual freedom under Islamic law is relevant and necessary. This article addresses this question from an economic point of view. First, an overview of Islamic contract law and its system of nominate contracts is provided. Second, we survey the debate among Islamic jurists about contractual freedom fostered by this system. Finally, an economic analysis is conducted.
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