ch. 10 lecture

ch. 10 lecture - CH.10 LEGAL FORCES*Basic Legal...

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CH.10: LEGAL FORCES *Basic Legal Systems -Common Law: Based on tradition, past practices & legal precedent -found in UK, US, Canada, & other nations once under British influence -Code Law: Based on detailed system of written rules organized into codes. -found in Europe, Japan, and most non-Islamic, non-Marxist countries -Islamic Law (Sharia or Shari’ah): Based on the Korean (Qu’ran), hadith (sayings of the Prophet), & other sources -found in Islamic countries, but can be practiced elsewhere -less separation between religion & state than in the West -overriding objective of social justice *Islamic Banking -prohibits investing in unlawful (haram) businesses such as those that sell alcohol or pork -prohibits charging interest (riba) -Sharia-compliant mortgages include: -ijarah—bank buys property for buyer & leases it over an agreed term -Murabaha—bank buys property, immediately resells to borrower at a mark-up & provides loan *Legal Issues in International Business
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ch. 10 lecture - CH.10 LEGAL FORCES*Basic Legal...

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