Korea is surrounded by the sea and is rich in various fishery resources, so it is advantageous for fishing. Our ancestors acquired marine products from rivers and coasts early on and used them as food resources. In this way, fishing has become a tradi...
Korea is surrounded by the sea and is rich in various fishery resources, so it is advantageous for fishing. Our ancestors acquired marine products from rivers and coasts early on and used them as food resources. In this way, fishing has become a traditional main industry in our society along with agriculture. The income distribution method applied at the fishing site is a very unique method called ‘Jitgarim’ a kind of profit sharing. This method is used in wage calculation methods in modern fisheries. Meanwhile, Islamic law Sharī ʿa prohibits interest transactions and encourages profit and loss sharing. Muḍāraba transaction, a type of commercial transaction permitted by Sharia, is similar to that of Korea in terms of income distribution and operation. Both methods have something in common capital and labor are combined, and profits and losses are distributed to the parties in proportion.
This study aims to identify similarities and reasons for similar methods being applied in each region by comparative studying each transaction method used in Korean and Muslim society, which do not share any regional, historical, or environmental commonalities.