Dispute Resolution in Islamic Finance addresses how best to handle disputes within Islamic finance. It examines how they can be resolved in a less confrontational manner and ensure such disagreements are settled in a just and fair way.
There has been little focus on how disputes within Islamic finance are resolved. As a result, many of these disputes are resolved through litigation, notwithstanding that the various jurisdictions and court systems are generally poorly equipped to handle such matters. This book addresses this gap in our knowledge by focusing on five centres of Islamic finance: the United Kingdom, the United States of America, Malaysia, the Kingdom of Saudi Arabia and the United Arab Emirates. Before exploring these countries in detail, the book considers the issues of the choice of law within Islamic finance as well the prevailing forms of dispute resolution in this form of finance.
The book brings together a group of leading scholars who are all specialists on the subject in the countries they examine. It is a key resource for students and researchers of Islamic finance, and aimed at lawyers, finance professionals, industry practitioners, consultancy firms, and academics.
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vii | |
| Notes on contributors |
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viii | |
| Preface |
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xii | |
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1 In search of an effective dispute resolution mechanism in Islamic finance |
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1 | (7) |
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2 Choice of law in Islamic finance |
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8 | (22) |
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3 Prevailing dispute resolution mechanisms in Islamic finance |
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30 | (24) |
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Siti Faridah Abdul Jabbar |
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4 Islamic dispute resolution in the United Kingdom |
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54 | (14) |
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5 Settlement of Islamic finance disputes in the United States of America |
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68 | (27) |
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6 Settlement of Islamic finance disputes in Malaysia |
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95 | (25) |
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7 Settlement of Islamic finance disputes in the Kingdom of Saudi Arabia |
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120 | (16) |
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8 Settlement of Islamic finance disputes in the United Arab Emirates |
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136 | (22) |
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Nor Razinah Binti Mohd Zain |
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9 Dispute resolution in Islamic finance: the way forward |
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158 | (10) |
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| List of statutes and regulations |
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168 | (3) |
| List of cases |
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171 | (2) |
| Bibliography |
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173 | (13) |
| Index |
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186 | |
Adnan Trakic is a Senior Lecturer with the School of Business, Monash University Malaysia. He is the Director of Undergraduate Studies for the School of Business and a Course Director for Bachelor of Business and Commerce. He has taught and researched in the fields of conventional and Islamic finance law, business law, and dispute resolution. The co-author of Law for Business (2nd ed, Sweet and Maxwell 2018) other published works include numerous articles, book chapters and other contributions.
John Benson is Professor and Head of the School of Business at Monash University Malaysia and an Adjunct Professor in the Department of Management, Monash Business School at Monash University Australia. His major research interests are Japanese management and unions, the restructuring of Chinese industry, employee voice, outsourcing, and dispute resolution in its various forms. John has published numerous papers and monographs.
Pervaiz K Ahmed is Professor of Management at the School of Business, Monash University Malaysia. He is the Deputy Head of School (Research), Director of Entrepreneurship Innovation Hub (eiHub) and Director of Global Asia in the 21st Century (GA21). His research interests cut across entrepreneurship, religion, ethics, and social responsibility. He has held a number of senior editorial roles and published extensively. He is a strong advocate of bringing to bear multidisciplinary perspectives to address modern-day issues.
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