The Link Between Islamic Law and Hydrocarbon Agreements
Article from: OGEL 1 (2009), in Middle East, Buy Back Contracts
Introduction
With a number of hydrocarbon-rich nations partly or wholly basing their laws and regulations on Islam, the link between Islamic law and hydrocarbon resources has become evident. Islamic laws are based primarily on the Qur'an, the Sunna and Hadith. The Qur'an is considered to be the words of God revealed to us through the Prophet (peace be upon him). The Sunna is the record of the actions of the Prophet (PBUH) and the Hadith are his sayings, which he based entirely on the teachings of almighty Allah. These sources must be thoroughly understood because they cannot be contradicted in the ...