ABSTRACT
The principles of contract and commercial transactions do not arise today, but they did before Islam and do so until now. Although the fundamental procedures in a contractual dealing remain the same in all periods, there are still some differences in the nature, scope and additional principles of the contract which can be found in different eras, societies and places. This chapter presents a detailed discussion on the historical development of Islamic contract law and the common law of contract. This chapter also deals with the concept of the codification of Islamic contract of law.
