The Link between Islamic Law and Hydrocarbon Agreements

This article sets out to make clear the connection between Islamic law and hydrocarbon concessions, and provides a brief summary of the religion and its bearing on hydrocarbon resources.

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 creation of agreements. This article sets out to make clear the connection between Islamic law and hydrocarbon concessions, and provides a brief summary of the religion and its bearing on hydrocarbon resources. The paper examines the Iranian Buy Back Agreement and confirms its conformity with Islamic law.

Bibliographic Information

Title: The Link between Islamic Law and Hydrocarbon Agreements

Author: Arash Nazhad

Published in: Journal of Islamic Law and Culture Vol. 10, No. 2, Month 2008

 Language: English

Length: 9 pages

The Link between Islamic Law and Hydrocarbon Agreements