Islam does not require an old text to contain a ready-made answer for every future commercial detail. Broad principles from Qur'an, Sunnah and earlier jurisprudence are applied by qualified scholars to new facts.
This process of deriving rulings for new situations is called istinbat / ijtihad. It is one mechanism through which Islamic law addresses changing economic life.
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Islamic Banks: What They Have Achieved
Islam does not require an old text to contain a ready-made answer for every future commercial detail. Broad principles from Qur'an, Sunnah and earlier jurisprudence are applied by qualified scholars to new facts.
This process of deriving rulings for new situations is called istinbat / ijtihad. It is one mechanism through which Islamic law addresses changing economic life.