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Abstract

As compared to other religions, Islam recommends and ordains honesty in business transactions due to its nature of regulating the entire issues of human’s life. Islam should not be regarded as modern religion having no concerns with social, political and economic life of the people, it should also not be regarded as certain rigid doctrines only. If fact it is a body of rules consisted of Substantive, procedural and case laws in shape of Quran and Sunnah of Holy Prophet PBUH. Law of sale in modern era has been taken towards a new direction through development and advancement of technology and evolution in jurisprudence of business law and shall remain exposed to amendments and practices adopted by Modern Developed states. These advancements do not carter and paves the way of developing and underdeveloped countries in the capital markets. On the other hand, Principles of Islamic law as treasured in the holy Quran and Sunnah create an atmosphere of equality and prohibit certain activities which lead towards destructions and inequality. The purpose of this paper is to highlight the glittering rules of sale by barter under Islamic law for the purpose of clearing the confusion in the new generation caused by the conventional world which hinders the practice of Islamic principles laid down in the Holy Quran and Sunnah.