Islamic law and international commercial disputes

Islamic law is open to change, as it is a union of shari`a (law of the Qur'an and the sunna ) and human interpretation of shari`a . Although Islamic law adapts to the human condition, it has religious foundations. Islamic commercial law differs fundamentally from Western law and could have improved the latter in some respects. Islamic law has two major commercial restrictions: it prohibits riba (interest); and it restricts commerce to halal trades or goods. Another basic aspect is that contracts must be protected against gharar (inequality due to asymmetric information). Ethical values must exist in any legal system. According to Islam, it is impermissible to obey the letter but not the spirit of the law. Also, lengthy justice is no justice under Islamic law. Many aspects of Islamic law could be incorporated into international law and would give the Muslim and Arab worlds more confidence in it. In Islam, property ownership is not absolute; one manages property for the larger