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Publicado el 16/12/2016
Dear members, dear colleagues,
Islamic finance has grown rapidly even if it is still a small share of the global financial market. The two important parts of the Islamic finance world are banking and services, and the Sukuk market, the latter being the Islamic equivalent of the bond market.
Although Islamic finance is mostly concentrated in the Gulf Cooperation Council (GCC) countries, Iran and Malaysia, Sukuk issuance has developed in Africa, South Asia and more recently, in Europe. This has given rise to sometimes complex international disputes for which intercultural mediation and arbitration are relevant.
The current legal frameworks that exist internationally for dispute resolution in the Islamic banking and finance industry will not adequately serve this purpose. As a general rule, disputes emanating from this industry are heard by the conventional courts and tribunals which will not have the requisite expertise.
In countries where Islamic Banking and Finance is, or is becoming a fundamental part of financial products and services, legal frameworks must be established for dispute resolution. For example, if Islamic Banking and Finance Laws are to be implemented effectively, disputes arising from this sector should not be subjected to current conventional rules on banking and finance.
In this regard, the Kuala Lumpur Regional Center for Arbitration (KLRCA) for example, launched arbitration rules designed for Islamic arbitration in 2012.
Has the time come for standardised legal frameworks to be created for dispute resolution in international Islamic Banking and Finance, based on hybrid processes of Alternative Dispute Resolution (ADR) that are recognised in Islamic law.
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