Sample Essay

Any two parties willing to seal a contract which involves Islamic finance are free to make a structure or the contract in a way that their final dealings are able to take into account the requirements of the Shari’a law which govern such a transaction. The terms of the contract must be documented in all the relevant Shari’a documents to aid in dispute resolution incase of a conflict. The two contracting parties are allowed to insert or add any extra clauses to meet their need so long as the clause does not conflict other clauses in the Shari’a law . Despite the contact being made in accordance with the Shari’a laws, some parties still opt and indicate that incase of a conflict, they would not be willing to solve their dispute through Shari’a compliant ways abut instead they would seek alternative dispute resolution techniques such as mediation and negotiation. Whichever the method the contracting parties choose to use, it must be indicated during the sealing of the contact .

 The application of Shari’a law in the arbitration process in the Islam dominated countries has grown exponentially in many of the current jurisdictions. However, the ways the Shari’a laws are applied vary widely from one industry to the other depending on the provisions and amendments placed in every case. The recent global economic melt down led to the increase in the number of cases worldwide which resulted in the need to have a special body which is well vast in Islamic law knowledge to helping resolving of finance disputes .

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