Research Article

The Path of Eastern Arbitration to Take Islamic Finance Disputes from the Hands of English Litigation

Volume: 39 Number: 1 June 26, 2019
TR EN

The Path of Eastern Arbitration to Take Islamic Finance Disputes from the Hands of English Litigation

Abstract

Over the last decades the exponential growth in Islamic finance and the globalization of the industry has resulted in the disputes amongst international entities arising out of Sharia-compliant agreements to be more commonplace. It has been a common practice amongst the parties of Islamic finance transactions to choose English law as the governing law. This paper, after examining the limitations in the applicability of Islamic law in English courts, focuses on the critics that the current practice of choosing English law as the governing law faces and discusses the potential of arbitration to provide a more advantageous dispute resolution method for the parties that agree on resolving their issues compliant with Islamic law. Finally, this paper explains the adventure of Eastern arbitration to take Islamic Finance disputes from the hands of English courts by examining the initiatives taken by the arbitral institutions so far, as well as the ideas that came from scholars to create better solutions for the parties of Islamic finance transactions in their disputes. 

Keywords

References

  1. Cases
  2. Arab-Malaysian Merchant Bank Bhd v Silver Concept Sdn Bhd [2005] 5 MLJ 210.
  3. Beximco Pharmaceuticals Ltd. v. Shamil Bank of Bahrain, [2004] EWCA Civ.
  4. Beximco Pharmaceuticals Ltd. v Shamil Bank of Bahrain EC [2004] APP.L.R. 01/28.
  5. Investment Company of The Gulf (Bahamas) Limited v Symphony Gems N.V. and Ors [2002] West Law 346969, QBD (Comm. Ct.).
  6. Musawi v RE International (UK) Ltd. [2007] APP.L.R. 12/14.
  7. Powell-Smith V, ‘Settlement Of Disputes By Arbitration Under Sharı̄’ah And At Common Law’ (1995) 34(1) Islamic Studies 5.
  8. Sources

Details

Primary Language

English

Subjects

-

Journal Section

Research Article

Publication Date

June 26, 2019

Submission Date

September 6, 2018

Acceptance Date

February 21, 2019

Published in Issue

Year 2019 Volume: 39 Number: 1

APA
Ozdem, B. H. (2019). The Path of Eastern Arbitration to Take Islamic Finance Disputes from the Hands of English Litigation. Public and Private International Law Bulletin, 39(1), 295-323. https://izlik.org/JA57AJ23WJ
AMA
1.Ozdem BH. The Path of Eastern Arbitration to Take Islamic Finance Disputes from the Hands of English Litigation. PPIL. 2019;39(1):295-323. https://izlik.org/JA57AJ23WJ
Chicago
Ozdem, Berk Hasan. 2019. “The Path of Eastern Arbitration to Take Islamic Finance Disputes from the Hands of English Litigation”. Public and Private International Law Bulletin 39 (1): 295-323. https://izlik.org/JA57AJ23WJ.
EndNote
Ozdem BH (June 1, 2019) The Path of Eastern Arbitration to Take Islamic Finance Disputes from the Hands of English Litigation. Public and Private International Law Bulletin 39 1 295–323.
IEEE
[1]B. H. Ozdem, “The Path of Eastern Arbitration to Take Islamic Finance Disputes from the Hands of English Litigation”, PPIL, vol. 39, no. 1, pp. 295–323, June 2019, [Online]. Available: https://izlik.org/JA57AJ23WJ
ISNAD
Ozdem, Berk Hasan. “The Path of Eastern Arbitration to Take Islamic Finance Disputes from the Hands of English Litigation”. Public and Private International Law Bulletin 39/1 (June 1, 2019): 295-323. https://izlik.org/JA57AJ23WJ.
JAMA
1.Ozdem BH. The Path of Eastern Arbitration to Take Islamic Finance Disputes from the Hands of English Litigation. PPIL. 2019;39:295–323.
MLA
Ozdem, Berk Hasan. “The Path of Eastern Arbitration to Take Islamic Finance Disputes from the Hands of English Litigation”. Public and Private International Law Bulletin, vol. 39, no. 1, June 2019, pp. 295-23, https://izlik.org/JA57AJ23WJ.
Vancouver
1.Berk Hasan Ozdem. The Path of Eastern Arbitration to Take Islamic Finance Disputes from the Hands of English Litigation. PPIL [Internet]. 2019 Jun. 1;39(1):295-323. Available from: https://izlik.org/JA57AJ23WJ