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Doğu Tahkiminin İslami Finans Uyuşmazlıklarını İngiliz Mahkemelerinin Elinden Alma Yolundaki Süreci

Year 2019, Volume: 39 Issue: 1, 295 - 323, 26.06.2019

Abstract

İslami finansta son yıllarda gözlenen büyüme, endüstrideki küreselleşme ile birlikte, şeriat uyumlu anlaşmalardan kaynaklanan uyuşmazlıkların uluslararası boyutta yaygınlaşması ile sonuçlanmıştır. İslami finans işlemlerinin tarafları arasında uygulanacak hukuk olarak İngiliz hukukunun seçilmesi yaygın bir uygulama olmuştur. Bu makalede, İslam hukukunun İngiliz mahkemelerinde uygulanabilirliği konusundaki sınırlamalar incelendikten sonra İslami finans uyuşmazlıklarında uygulanacak hukuk olarak İngiliz hukukunun seçilmesi pratiğine yönelen eleştiriler üzerinde yoğunlaşılmış ve sorunlarını İslam hukukuna uygun olarak çözme konusunda uzlaşan taraflar için tahkim yolunun daha avantajlı bir uyuşmazlık çözüm yöntemi sağlama konusundaki potansiyeli tartışılmıştır. Son olarak, tahkim kurumları tarafından başlatılan girişimler incelenerek, Doğu tahkiminin İslami Finans uyuşmazlıklarını İngiliz mahkemelerinin elinden alma yolundaki sürecinden ve İslami finans uyuşmazlıklarında taraflara daha iyi çözümler üretebilmek için yazarlarca ileri sürülmüş fikirlerden bahsedilmiştir. 

References

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  • Beximco Pharmaceuticals Ltd. v. Shamil Bank of Bahrain, [2004] EWCA Civ.
  • Beximco Pharmaceuticals Ltd. v Shamil Bank of Bahrain EC [2004] APP.L.R. 01/28.
  • Investment Company of The Gulf (Bahamas) Limited v Symphony Gems N.V. and Ors [2002] West Law 346969, QBD (Comm. Ct.).
  • Musawi v RE International (UK) Ltd. [2007] APP.L.R. 12/14.
  • Powell-Smith V, ‘Settlement Of Disputes By Arbitration Under Sharı̄’ah And At Common Law’ (1995) 34(1) Islamic Studies 5.
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  • Colón JC, ‘Choice of Law and Islamic Finance’ (2011) 46 Texas International Law Journal 411.
  • Dima ŞM and others, ‘A discussion over IFRS’ adoption in Islamic countries’ (2014) 13(1) Accounting and Management Information Systems 35.
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  • Fadlallah İ, ‘Arbitration Facing Conflicts of Culture - The 2008 Annual School of International Arbitration Lecture sponsored by Freshfields Bruckhaus Deringer LLP’ (2009) 25(3) Arbitration International 303.
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The Path of Eastern Arbitration to Take Islamic Finance Disputes from the Hands of English Litigation

Year 2019, Volume: 39 Issue: 1, 295 - 323, 26.06.2019

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. 

References

  • Cases
  • Arab-Malaysian Merchant Bank Bhd v Silver Concept Sdn Bhd [2005] 5 MLJ 210.
  • Beximco Pharmaceuticals Ltd. v. Shamil Bank of Bahrain, [2004] EWCA Civ.
  • Beximco Pharmaceuticals Ltd. v Shamil Bank of Bahrain EC [2004] APP.L.R. 01/28.
  • Investment Company of The Gulf (Bahamas) Limited v Symphony Gems N.V. and Ors [2002] West Law 346969, QBD (Comm. Ct.).
  • Musawi v RE International (UK) Ltd. [2007] APP.L.R. 12/14.
  • Powell-Smith V, ‘Settlement Of Disputes By Arbitration Under Sharı̄’ah And At Common Law’ (1995) 34(1) Islamic Studies 5.
  • Sources
  • Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) Sharia Standarts,
  • <http://aaoifi.com/shariaa-standards/?lang=en> accessed 4 October 2018. <http://islamicfinancialportal.com/2016/07/13/camille-paldi-faaif-participates-in-sapporo-2016international-congress-on-banking-economics-finance-and-business-june-2426-2016> accessed 4 October 2018..
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  • Ahmed EWM, ‘Challenges facing sector’s growth; Global Islamic finance’ Arab Times (Kuwait, 17 April 2007) < https://sudaneseonline.com/cgi-bin/sdb/2bb. cgi?seq=msg&board=100&msg=1176828078&rn=1> accessed 4 October 2018.
  • Ainley Michael and others, ‘Islamic Finance in the UK: Regulation and Challenges, Financial Services Authority’ (2007) <https://www.isfin.net/sites/isfin.com/files/islamic_finance_in_the_ uk.pdf> accessed 4 October 2018.
  • Akhtar Shaistah, “Arbitration in the Islamic Middle East: Challenges and the Way Ahead”, in The International Comparative Legal Guide to International Arbitration, 2008, Global Legal Group. Akıncı Z, Milletlerarası Tahkim (4th edn Vedat Yayıncılık 2016).
  • Al-Ammari S and Martin T, ‘Arbitration in the Kingdom of Saudi Arabia’ (2014) 30 Arbitration International, 387.
  • Al-Jarhi MA, ‘An economic theory of Islamic finance’ (2017) 9(2) ISRA International Journal of Islamic Finance 117.
  • Al-Ramahi A, ‘Sulh: A Crucial Part of Islamic Arbitration’ (2008) LSE Law, Society and Economy Working Paper 12/2008, <www.lse.ac.uk/collections/law/wps/wps.htm> accessed 4 October 2018.
  • Al-Shibli FS, ‘The Role of Arbitration in Settling the Disputes of Islamic Banking’ (2017) 1(2) Journal of Humanities, Language, Culture and Business 221.
  • Alhabri A, ‘Development of Islamic Finance in Europe and North America: Opportunities and Challenges’ (2016) 2(3) International Journal of Islamic Economics and Finance Studies 109.
  • Almulhim MH, ‘The First Female Arbitrator in Saudi Arabia’ (Kluwer Arbitration Blog) <http:// arbitrationblog.kluwerarbitration.com/2016/08/29/the-first-female-arbitrator-in-saudi-arabia/> accessed 4 October 2018.
  • Alqudah MA, ‘The Impact of Sharia on the Acceptance of International Commercial Arbitration in the Countries of the GULF Cooperation Council’, (2017) 20(1) Journal of Legal, Ethical and Regulatory Issues, 1.
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  • Balcı M, İhtilâfların Çözüm Yolları ve Tahkim (Seçkin Press 1999).
  • Bälz K, ‘Islamic Law as Governing Law under the Rome Convention Universalist Lex Mercatoria v. Regional Unification of Law’ (2001) 6(1) Uniform Law Review 37.
  • Bälz K, How Islamic Finance Has Transformed Islamic Contract Law (Islamic Legal Studies Program Harvard Law School 2009), 21.
  • Bělohlávek AJ, ‘Law Applicable to the Merits of International Arbitration and Current Developments in European Private International Law: Conflict of laws rules and applicability of the Rome Convention, Rome I Regulation and other EU law standards in international arbitration’ (2010) Czech Yearbook of International Law 25.
  • Bin Nooh MN and Bin Borhan JT, ‘The Global Hub Process: Malaysia’s Vision towards Becoming the Islamic Finance Global Hub Country’ (2014) 5(8(1)) International Journal of Business and Social Science 206.
  • Blackaby N and others, Redfern & Hunter on International Commercial Arbitration (6th edn Oxford University Press 2015).
  • Bozkurt Yüksel AE, ‘UNCITRAL ve UNCITRAL Model Kanunu’na Genel Bir Bakış’ (2011) 2(4) Türkiye Adalet Akademisi Dergisi, 135.
  • Chachi A, ‘Origin and development of commercial and Islamic banking operations’ (2005) 18(2) Journal of King Abdulaziz University 3.
  • Chuah JCT, ‘Islamic Principles Governing International Trade Financing Instruments: A Study of the Morabaha in English Law’, (2006), 27(1) Northwestern Journal of International Law & Business 137.
  • Colón JC, ‘Choice of Law and Islamic Finance’ (2011) 46 Texas International Law Journal 411.
  • Dima ŞM and others, ‘A discussion over IFRS’ adoption in Islamic countries’ (2014) 13(1) Accounting and Management Information Systems 35.
  • Ekşi N, Roma Konvansiyonu (Legal Yayıncılık, 2004).
  • Fadlallah İ, ‘Arbitration Facing Conflicts of Culture - The 2008 Annual School of International Arbitration Lecture sponsored by Freshfields Bruckhaus Deringer LLP’ (2009) 25(3) Arbitration International 303.
  • Figanmeşe İA, ‘Milletlerarası Ticari Tahkim ile Yatırım Tahkimi Arasındaki Farklar’ (2010) 30(12) Public and Private International Law Bulletin 91.
  • Foster NHD, ‘Encounters between legal systems: recent cases concerning Islamic commercial law in secular courts’ (2006) (68) Amicus Curiae 2.
  • Jonathan Ercanbrack, The Transformation of Islamic Law in Global Financial Markets, (Cambridge University Press 2015), 230.
  • Gemmell AJ, ‘Commercial Arbitration in the Islamic Middle East’ (2006) 5(1) Santa Clara Journal of International Law 169.
  • Güven K, ‘Lex Mercatoria ve Milletlerarası Tahkim’ 34(2) Public and Private International Law Bulletin, 1. Jones D, ‘Choosing the Law or Rules of Law to Govern the Substantive Rights of the Parties’ (2014) 26 Singapore Academy of Law Journal 911.
  • Hasan Z and Asutay M, ‘An Analysis of the Courts’ Decisions on Islamic Finance Disputes’, (2011) 3(2) ISRA International Journal of Islamic Finance 41.
  • ICC Commission on Arbitration and ADR Task ForceFinancial Institutions and International Arbitration, Report of the ICC Commission on Arbitration and ADR Task Force on Financial Institutions and International Arbitration, (International Chamber of Commerce, March 2018) <https://cdn.iccwbo.org/content/uploads/sites/3/2016/11/icc-financial-institutions-andinternational-arbitration-icc-arbitration-adr-commission-report.pdf> accessed 4 October 2018.
  • IICRA Arbitration and Reconciliation Procedures, Article 28 <http://www.iicra.com/iicra/> accessed 4 October 2018.
  • Jamal AA, ‘ADR and Islamic law: the cases of the UK and Singapore’ (2015) National University of Singapore Faculty of Law Working Paper 2015/004 <http://law.nus.edu.sg/wps/ > accessed 4 October 2018.
  • Jamal J and others, ‘Alternative Dispute Resolution in Islamic Finance: Recent Development in Malaysia’ (2011) 3(1) International Journal of Social Sciences and Humanity Studies 185.
  • Khadduri M, War and Peace in the Law of Islam (Oxford University Press 1955) Jivrah v. Hashwani 2011 UKSC 40, [2011] WLR 1872.
  • Khairuddin AR, ‘Shari’ah Compliant Contract: A New Paradigm in Multi-National Joint Venture for Construction Works’ in Kiyoshi Kobayashi (ed), Joint Ventures in Construction, (ICE Publishing, 2009) 103.
  • Khouildi A, ‘L’Arbitrage en Droit Financier Musulman Moderne’ (2016) 8(1) Etudes en Economie Islamique 37.
  • Khoukazz G, ‘Sharia Law and International Commercial Arbitration: The Need for an Intra-Islamic Arbitral Institution’ (2017) 1 Journal of Dispute Resolution, Article 14.
  • Kirazlı S, ‘Conflict and Conflict Resolution in the pre-Islamic Arab Society’ (2011) 50(1) Islamic Studies 25.
  • Klötzel TR, ‘KLRCA Rules’, in Rolf A Schütze (ed), Institutional Arbitration: A Commentary (Beck/Hart, 2013) 671.
  • Lagarde P, ‘Le nouveau droit international privé des contrats après l’entrée en vigueur de la Convention de Rome du 19 juin 1980’ (1991) 2 Revue Critique de Droit International Privé 287.
  • Lane EW, Arabic-English Lexicon, vol 1 (The Islamic Texts Society). Olayemi AAM and Al-Zabyani BK, ‘Arbitration Clause in Islamic Banking Contracts: A Contractual Necessity’ (2014) 1(7) International Journal of Interdisciplinary and Multidisciplinary Studies 1.
  • Mabid AA, ‘An economic theory of Islamic finance’ (2017) 9(2) ISRA International Journal of Islamic Finance 117.
  • Maita A, ‘Arbitration of Islamic Financial Disputes’ (2014) 20(1) Annual Survey of International and Comparative Law 35. Nudrat Majeed, ‘Investor-State Disputes And International Law: From The Far Side’ (2004) 98 Proceedings of the ASIL Annual Meeting 30.
  • Monjur M, ‘An Analysis on the Practices of Prophet Muhammad (Pbuh) in Resolving Conflicts’, (2011) 1(1) Journal of the Bangladesh Association of Young Researchers 109. Nadar A, ‘Islamic Finance and Dispute Resolution: Part 1’ (2009) (23) Arab Law Quarterly 1.
  • Oseni UA, ‘Dispute Resolution in Islamic Banking and Finance: Current Trends and Future Perspectives’ (International Conference on Islamic Financial Services: Emerging Opportunities for Law/Economic Reforms of the Developing Nations, Saudi Arabia 6-8 October 2009).
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Details

Primary Language English
Journal Section Articles
Authors

Berk Hasan Ozdem 0000-0002-0327-6489

Publication Date June 26, 2019
Submission Date September 6, 2018
Published in Issue Year 2019 Volume: 39 Issue: 1

Cite

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.
AMA Ozdem BH. The Path of Eastern Arbitration to Take Islamic Finance Disputes from the Hands of English Litigation. PPIL. June 2019;39(1):295-323.
Chicago 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, no. 1 (June 2019): 295-323.
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 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, 2019.
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 2019), 295-323.
JAMA 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, 2019, pp. 295-23.
Vancouver Ozdem BH. The Path of Eastern Arbitration to Take Islamic Finance Disputes from the Hands of English Litigation. PPIL. 2019;39(1):295-323.