Dr. Ahmad Abu Alwafa
Professor of Public International Law –Faculty of Law – Cairo University

Abstract:

The world witnesses a status of imbalance in the global economy – especially after the recant financial crisis – considering the lack of organization of international economic relationships, and where many nations do not have power to decide for themselves. It is granted that any regime usually favors the interests of its governing powers. It should not be surprising that Islam has put economic relationships – whether local or international – at its core. Economic relationships form the basis of material aspects in life, which is paralleled with the spiritual dimension Islam regulates as a religion. Together, these two dimensions derive any development or civilization.
Therefore, many Muslim scholars emphasized the importance of money in any international economic relationship. They explained various principles that justify the suitability of the Islamic economic system for global economy. Such principles include fair dealing; state ability as the standard of obligation in international economic relationships; utmost honesty and business ethics in international trade; international economic cooperation; the necessity of strictly encountering international economic crises; the necessity of controlling the financial issues related to international economic relationships; preserving the economic rights to future generations; not limiting money circulation to rich states; and avoiding the illegal takeover of financial resources of other states.
There is no doubt that all these principles make up indispensible basis to establish healthy and balanced economic relationships.

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