Download or read book Arbitration Clause in Islamic Banking Contracts written by Abdul Azeez Maruf Olayemi and published by . This book was released on 2014 with total page 6 pages. Available in PDF, EPUB and Kindle. Book excerpt: The authoritative tribunal for the settlement of banking and financial disputes in most jurisdictions is the civil law court. However, the practices of the civil law court are repugnant to Islamic Commercial law and its judges lack the appropriate knowledgeable. More so, the jurisdiction of the Shariah court in most countries is restricted to the cases of Islamic family law. It does not cover the cases of the Islamic commercial transaction which includes, the Islamic banking, Islamic insurance, Islamic financial market and etc. This problem leaves arbitration as the only process for the settlement of Islamic commercial dispute. Nevertheless, arbitration cannot be resorted to, except if an arbitration clause is inserted in the respective commercial agreement. This article expounds the importance of the arbitration clause to the Islamic commercial contracts. It proposes arbitration as the panacea for the court jurisdictional logjam.
Download or read book Islamic Finance written by David Eisenberg and published by OUP Oxford. This book was released on 2012-03-22 with total page 470 pages. Available in PDF, EPUB and Kindle. Book excerpt: This work is a practical and commercial guide to the fundamental principles of Islamic finance and their application to Islamic finance transactions. Islamic finance is a rapidly expanding, global industry and this book is designed to provide a practical treatment of the subject. It includes discussion and analysis of the negotiation and structure involved in Islamic finance transactions, with relevant case studies, structure diagrams and precedent material supporting the commentary throughout. An introductory section describes the theoretical background and explains the principles (and their sources) of Islamic law which underpin Islamic finance practices, providing an important backdrop to the work as a whole. The work also considers the role of Shariah supervisory boards, Islamic financial institutions and the relevance of accounting approaches. The work adopts an international perspective to reflect the pan-global nature of the industry and accepted practices, with the aim to bring together different schools of thought applied in international Islamic finance transactions. It also highlights any regional differences in accepted practice by reviewing the position in the Gulf states, Asia, the UK and Europe and the USA. The second part of the book concentrates on Islamic financial law in practice and begins with a section on financial techniques. This section explains the basic requirements for Islamic finance contracts both in terms of the underlying asset types and also both the applicability and acceptability of the underlying asset. There is a full discussion of the various types of contractual models such as Mudaraba (trustee finance), Musharaka (partnership or joint venture), Murabaha (sale of goods), and Sukuk (participation securities: coupons etc). The nascent area of Takaful (insurance) is also covered as are matters specific to the important field of project and asset finance.
Download or read book Dispute Resolution in Islamic Finance written by Adnan Trakic and published by Routledge. This book was released on 2019-01-22 with total page 196 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Islamic finance contracts written by MONZER KAHF and published by Al Manhal. This book was released on 2013-01-01 with total page 508 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book deals with an old subject, Islamic Finance contracts. Yet, it is very new and unique in its approach, ideas and arguments. The book classifies Islamic finance contracts in three categories; the first category consists of seven classical finance contracts whose details are given in the classical writings of Islamic jurisprudence (Fiqh), although in no other Fiqh publication these contracts are depicted and distinguished as specifically financing contracts. The second category consists of what I call traditional hybrid Islamic contracts which came about as a result of the 1970s startup stage of Islamic banking and the search of Shariah compliant contracts which fit a process of financial intermediation. The third category consists of Islamic finance contracts which came about during the takeoff and open expansion stage of Islamic banking especially in the first decade of the new millennium. The uniqueness of the book comes from its approach of blending the legal description, conditions and requirements of each Islamic Finance contract with the economic and financial circumstances within which the contract fits and also from the emphasis on the financial consequences of each of the Islamic finance contracts. The book is also unique in bringing about comparison with contracts used in the conventional Western style finance transactions. It is an attempt of formulating the main elements of a general theory of Islamic finance which is internally coherent and also consistent with other components of Islamic economics. Descriptor(s): ISLAMIC ECONOMICS | FINANCING | CONTRACTS | TRANSACTIONS (ISLAMIC JURISPRUDENCE) | SILENT PARTNERSHIP | OWNERSHIP | INVESTMENTS | PROFITS | ISLAMIC BANKS
Download or read book Islamic Law of Contract written by Muḥammad T̤āhir Manṣūrī and published by . This book was released on 2020 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Islamic Law and International Commercial Arbitration written by Maria Bhatti and published by Routledge. This book was released on 2018-09-27 with total page 290 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book examines the intersection between contemporary International Commercial Arbitration and Shari?a law in order to determine possible tensions that may arise between the two systems. It develops evidentiary and procedural rules under Shari?a, as well as examining the consequences of stipulating qualifications of arbitrators based on gender and/or religion. The author extensively analyses the prohibition against interest (riba) and uncertainty (gharar) under Shari?a and its impact on arbitration agreements, arbitral awards and public policy. The book also explores the prohibition against riba in light of international conventions, such as the United Nations Convention on Contracts for the International Sale of Goods. Case studies in the book include the Asian International Arbitration Centre, formerly the Kuala Lumpur Regional Centre for Arbitration, and the International Islamic Centre for Reconciliation and Arbitration, as well as the ‘Shari’a Standards’ developed by the Accounting and Auditing Organization for Islamic Financial Institutions. The book will be a valuable resource for academics, students and practitioners working in the areas of Islamic law and the Islamic finance industry.
Download or read book The Evolution of International Arbitration written by Alec Stone Sweet and published by Oxford University Press. This book was released on 2017-02-10 with total page 207 pages. Available in PDF, EPUB and Kindle. Book excerpt: The development of international arbitration as an autonomous legal order comprises one of the most remarkable stories of institution building at the global level over the past century. Today, transnational firms and states settle their most important commercial and investment disputes not in courts, but in arbitral centres, a tightly networked set of organizations that compete with one another for docket, resources, and influence. In this book, Alec Stone Sweet and Florian Grisel show that international arbitration has undergone a self-sustaining process of institutional evolution that has steadily enhanced arbitral authority. This judicialization process was sustained by the explosion of trade and investment, which generated a steady stream of high stakes disputes, and the efforts of elite arbitrators and the major centres to construct arbitration as a viable substitute for litigation in domestic courts. For their part, state officials (as legislators and treaty makers), and national judges (as enforcers of arbitral awards), have not just adapted to the expansion of arbitration; they have heavily invested in it, extending the arbitral order's reach and effectiveness. Arbitration's very success has, nonetheless, raised serious questions about its legitimacy as a mode of transnational governance. The book provides a clear causal theory of judicialization, original data collection and analysis, and a broad, relatively non-technical overview of the evolution of the arbitral order. Each chapter compares international commercial and investor-state arbitration, across clearly specified measures of judicialization and governance. Topics include: the evolution of procedures; the development of precedent and the demand for appeal; balancing in the public interest; legitimacy debates and proposals for systemic reform. This book is a timely assessment of how arbitration has risen to become a key component of international economic law and why its future is far from settled.
Download or read book Practitioner s Guide to Arbitration in the Middle East and North Africa written by Essam Al Tamimi and published by Juris Publishing, Inc.. This book was released on 2009-09-01 with total page 568 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Practitioner's Guide to Arbitration in the Middle East and North Africa is the culmination of the real experience and expertise from those experts and authorities directly involved with arbitration in their respective countries. The book is the first of its kind to target the Mena region specifically and is essential for anyone working in the area of arbitration both in the Middle East and world-wide. The practice of arbitration of private disputes is not new to MENA countries. Arbitration has long been recognized as a legitimate and culturally accepted practice of dispute resolution, dating back to dispute resolution practices of the early Islamic period, and even the pre-Islamic era. International commercial arbitration, and its cultural and juridical acceptance, is a more recent and complex phenomenon nonetheless on the rise in MENA countries. It is now standard for arbitration clauses to be included in contracts governing international transactions and there is a growing consensus among MENA merchants engaged in international trade, along with their commercial counterparts in the rest of the world, that international arbitration is preferable to litigation in domestic courts for purposes of resolving private commercial disputes. While subject to some qualifications and restrictions in some instances, in many, if not most, MENA countries, arbitration clauses can be included in contracts with government entities engaging in commercial transactions. Additionally, conferences, seminars, and training programs in international arbitration are on the rise, and various international arbitration centres have been established. The advantages from the perspective of private parties are tremendous: Parties can elect which law will apply to disputes arising from their transactions, and they can remove themselves from the constraints and biases of parochial attitudes in national courts. There is also an increasing acceptance by national courts of international arbitration standards, such as the principle of Kompetenz-Kompetenz, recognising the right of arbitrators to decide their own jurisdiction and the separability of the arbitration clause. More frequently, courts are granting assistance and support to international arbitrations and are more receptive to enforcing foreign awards. This book is a comprehensive guide to arbitration in Algeria, Bahrain, Egypt, Iran, Jordan, Kuwait, Lebanon, Libya, Morocco, Oman, Palestine, Qatar, Saudi Arabia, Sudan, Syria, Tunisia, UAE, and Yemen. Written in question/answer format by leading practicioners and firms from the region, it elicits the most salient features of the legal framework for arbitration and international arbitration in each of the respective countries.
Download or read book Shari a Law in Commercial and Banking Arbitration written by Abdulrahman Yahya Baamir and published by Routledge. This book was released on 2016-04-01 with total page 256 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides an analysis of how commercial and banking disputes can be settled under the Islamic regime for arbitration. The work focuses on the Saudi legal system as representative of Shari'a law in commercial and banking arbitration, and where relevant, makes comparisons with the settlement of banking disputes in Egypt and the UAE. Shari'a Law in Commercial and Banking Arbitration provides a general introduction to the Saudi law and to the main principles and sources of Islamic Shari'a, on which Saudi law is based. It explores uncertainties resulting from the current system, such as the payment of interest, and examines possible alternative remedies for both domestic and international banking arbitration. It will be key reading for anyone interested in business and commercial law.
Download or read book International Commercial Courts written by Stavros Brekoulakis and published by Cambridge University Press. This book was released on 2022-04-21 with total page 591 pages. Available in PDF, EPUB and Kindle. Book excerpt: The book presents international commercial courts from a comparative perspective and highlights their role in transnational adjudication.
Download or read book Arbitration and International Trade in the Arab Countries written by Nathalie Najjar and published by BRILL. This book was released on 2017-10-23 with total page 1340 pages. Available in PDF, EPUB and Kindle. Book excerpt: Arbitration and International Trade in the Arab Countries by Nathalie Najjar is masterful compendium of arbitration law in the Arab countries. A true study of comparative law in the purest sense of the term, the work puts into perspective the solutions retained in the various laws concerned and highlights both their convergences and divergences. Focusing on the laws of sixteen States, the author examines international trade arbitration in the MENA region and assesses the value of these solutions in a way that seeks to guide a practice which remains extraordinarily heterogeneous. The book provides an analysis of a large number of legal sources, court decisions as well as a presentation of the attitude of the courts towards arbitration in the States studied. Traditional and modern sources of international arbitration are examined through the prism of the two requirements of international trade, freedom and safety, the same prism through which the whole law of arbitration is studied. The book thus constitutes an indispensable guide to any arbitration specialist called to work with the Arab countries, both as a practitioner and as a theoretician.
Download or read book Islamic Finance written by Usman Hayat and published by . This book was released on 2014 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Law and Practice of International Commercial Arbitration written by Alan Redfern and published by Sweet & Maxwell. This book was released on 2004 with total page 728 pages. Available in PDF, EPUB and Kindle. Book excerpt: Highly acclaimed by practitioners all over the world, Law & Practice of International Commercial Arbitration has deservedly become the leading text in its field. With its comprehensive review of the legal context within which international commercial arbitration operates, Redfern & Hunter is the ultimate user-friendly explanation of how arbitration, and in particular international commercial arbitration, works. The 4th edition has been expanded to give a wider global scope to the work. Readers can also benefit from the expert insight and advice of world-renowned international practitioners. international practitioner * Contains a comprehensive review of the international commercial arbitration process from start to finish * Includes commentary on suitable places of arbitration, developments in international trade law and the increasing harmonisation of national laws governing international arbitration * Appendices include the major international rules of arbitration and conventions * Explains how arbitration should be conducted to be cost effective and profitable * Fully updated to take account of the latest developments all over the world - including a new chapter on investment arbitrations
Download or read book Corporate Governance and Shariah Compliance in Institutions Offering Islamic Financial Services written by Wafik Grais and published by World Bank Publications. This book was released on 2006 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: The structures and processes established within an institution offering Islamic financial Services (IIFS) for monitoring and evaluating Shariah compliance rely essentially on arrangements internal to the firm. By being incorporated in the institutional structure, a Shariah supervisory board (SSB) has the advantage of being close to the market. Competent, independent, and empowered to approve new Shariah-conforming instruments, an SSB can enable innovation likely to emerge within the institution. The paper reviews the issues and options facing current arrangements for ensuring Shariah compliance by IIFS. It suggests a framework that draws on internal and external arrangements to the firm and emphasizes market discipline. In issuing its fatwas, an SSB could be guided by standardized contracts and practices that could be harmonized by a self-regulatory professionals' association. A framework with the suggested internal and external features could ensure adequate consistency of interpretation and enhance the enforceability of contracts before civil courts. The review of transactions would mainly be entrusted to internal review units, which would collaborate with external auditors responsible for issuing an annual opinion on whether the institution's activities has met its Shariah requirements. This process would be sustained by reputable entities such as rating agencies, stock markets, financial media, and researchers who would channel signals to market players. This framework would enhance public understanding of the requirements of Shariah and lead to more effective options available to stakeholders to achieve improvements in Islamic financial services.
Download or read book Islamic Finance in Europe written by Valentino Cattelan and published by Edward Elgar Publishing. This book was released on 2013-01-01 with total page 260 pages. Available in PDF, EPUB and Kindle. Book excerpt: Highlighting the impact of current globalization on financial markets, this topical book challenges the universality of Western property rights and interprets Islamic finance in Europe as part of a plural financial system, where different conceptions of economic justice(s) co-exist and influence each other. The contributing authors analyse key economic development and social integration issues from an Islamic perspective and outline the European approach to accommodating Islamic finance, with particular regard to the peculiarities of individual nation-states. Set in this context, the book presents financial pluralism as a device to enhance a level playing field in the global marketplace, as well as to foster a plural open society. Providing a comprehensive and methodological guide to Islamic finance in Europe, this book will prove an illuminating and informative read for academics, students and policymakers with an interest in the impact on financial regulation of an increasingly globalized world.
Download or read book Islamic Financial Contracts written by Hussain Mohi-ud-Din Qadri and published by Routledge. This book was released on 2021-06-30 with total page 214 pages. Available in PDF, EPUB and Kindle. Book excerpt: Islam encourages business and financial transactions as a way of securing the basic needs for all human beings, but these need to be conducted in accordance with the principles contained in the Qur’ān and Sunnah. However, these legal concepts are not classified subject-wise, and the verses on commercial law, like all other topics, are scattered throughout the Qur’ān, making it difficult for readers to gain a full understanding of the topic. This, therefore, is the first comprehensive book to demystify Islamic contract law and specifically Islamic financial contracts, and to examine its roots and history. The book is written in a clear style to allow for a greater understanding of the more challenging and misunderstood areas pertaining to Islamic business and financial contracts. It also contributes a series of chapters which address the market niche and need, concerning Shariah compliance for Islamic financial products and services. The book is divided into 16 chapters in order to provide a holistic and thorough overview of Islamic law of contract. It covers the objections and misconceptions surrounding Islamic business and financial contracts. It also includes the key features and guiding principles of Islamic law of contract and offers technical know-how, illustrating the concept of formation of a contract, as well as the essential elements of a valid contract. The authors also offer a discussion on the system of options under Islamic business and financial contracts and potential solutions to breach of contracts. The book will serve as a handy reference for scholars and students of Islamic business and finance and Islamic commercial law and will also be beneficial for practitioners as well as legal and judicial officers. It will open new doors for further research in the field of Islamic financial contracts.
Download or read book Multi Country Report written by International Monetary Fund. Middle East and Central Asia Dept. and published by International Monetary Fund. This book was released on 2017-06-21 with total page 102 pages. Available in PDF, EPUB and Kindle. Book excerpt: This background paper, which is a supplement to the board paper on “Ensuring Financial Stability in Countries with Islamic Banking (IB) Sectors”, presents country experiences with reforms to strengthen regulatory oversight of the IB sector. It reviews experiences with and the progress made in adapting prudential, safety nets and resolution frameworks to the specifics of IB. The selection of several countries from a range of regions with different levels of development and approaches to IB was designed to provide a representative sample of country experiences so as to enrich the policy conclusions. Such a multiplicity of experiences can help to identify common challenges that countries face in reforming their regulatory frameworks and to distill best practices. The countries, for which detailed case studies have been undertaken, are: Bahrain, Djibouti, Indonesia, Kenya, Kuwait, Malaysia, Nigeria, Pakistan, Sudan, Turkey and the United Kingdom.
