Arbitration is an important way of settling a dispute between two or more parties. There are many forms of arbitration which vary from one region to the other depending on the source and provisions in the law. Arbitration in the Islamic world is guided by the Islamic Law (Shari’a) which provides for and protects different forms of arbitration . There are several schools in Islamic law which provide for arbitration in Islamic finances and other perspectives. The Effectiveness of Islamic finance or commercial arbitration process compared to the international arbitration process remains questionable and a matter of great interest especially when linked to non-Islam countries . Some of the laws derived from Shari’a do not apply in some non-Islam countries which bring complications on the best method to be used in arbitrating a conflict. A major problem arises when an international financial transaction involves two companies from two different countries governed by the Shari’a law such as Kuwait and Qatar with the transaction having been done in a third non-Islam country such as United States of America . With this in mind, the study focuses on the success of arbitration in Islamic finance when dealing with disputes involving international transactions between Islamic and non-Islamic countries.
Purpose of the Study
The goal of this study is to determine the efficacy of arbitration in Islamic finance disputes resolution especially when dealing with international transactions from both Islam and non-Islam countries. The effectiveness of using an arbitration process to resolve disputes in Islamic finance will be evaluated in terms of the existing jurisdictions in both the Islamic and the non-Islamic countries.
Importance of the Study
The results of this study will be important in identifying the weaknesses that exist in arbitration in Islamic finance. With the identification of these weaknesses, it is possible to formulate jurisdictions which can help guide the arbitration process especially when dealing with international finance disputes involving countries both in Islamic and non-Islamic countries. The results of this study will be important to the different judiciary systems in different countries which would help the judges to understand how to treat different cases regarding arbitration. With the results of this study therefore, Islamic arbitrations emanating from court orders will be more informed.
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