In search of an effective dispute resolution mechanism in Islamic finance

Adnan Trakic, John Benson, Pervaiz K. Ahmed

Research output: Chapter in Book/Report/Conference proceedingChapter (Book)Otherpeer-review

Abstract

Disputes will arise from time to time between the parties in all forms of contractual agreements. The resolution of such disputes often involves litigation, although a range of alternative dispute resolution procedures are available, such as mediation and arbitration. For Islamic finance products, a further complication is added as products offered by Islamic financial institutions must comply with both Islamic law principles (Shari’ah) as well as the laws of the jurisdiction in which they operate. This chapter raises a number of questions concerning the settlement of Islamic finance disputes with the aim of increasing awareness of the alternatives to litigation, and to contribute to the debate concerning the possible way forward. To do this, the chapter discusses five case study jurisdictions which provide further insights into the complexities in resolving such disputes. The chapter concludes by pointing out that whilst there are some unique characteristics between the diverse case study jurisdictions there are also common characteristics that can inform the way Islamic finance disputes can be resolved.
Original languageEnglish
Title of host publicationDispute Resolution in Islamic Finance
Subtitle of host publicationAlternatives to Litigation?
EditorsAdnan Trakic, John Benson, Pervaiz K. Ahmed
Place of PublicationAbingdon Oxon UK
PublisherRoutledge
Chapter1
Pages1-7
Number of pages7
Edition1st
ISBN (Electronic)9781351188913
ISBN (Print)9780815393313
DOIs
Publication statusPublished - 2019

Publication series

NameRoutledge Islamic Studies Series
PublisherRoutledge
Volume30

Cite this