When dealing with international financial conflicts, the arbitration process is not well streamlined due to the problems associated with the application of the law . When arbitrating between two companies which had a Shari’a compliant contract, the issues and problems are predictable and easy to solve . The arbitration process between companies from Islamic countries is therefore effective and fast as a dispute resolution technique. However, when a case involves two companies with one being of Islamic country and another from non-Islamic country, a conflict in the governing laws may occur due to lack of personal jurisdiction between the two companies .
The English law only may not be sufficient to solve a finance arbitration process involving a non-Islamic country since the company may not be legally bounded by the law . It is therefore important that a comprehensive study be done to eliminate flaws in Islamic finance arbitration process. A study on how the international law on arbitration can be more equipped to cover contracts between companies from different countries which may be under different jurisdictions may also be very useful.
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