Arbitration

Looking into various impediments in the legal framework, Islamic fi nance may need to relocate its interest of sett ling disputes to Alternative Dispute Resolution (ADR). Alternative dispute resolution may be defi ned as procedures that serve as alternatives to litigation for the resolution of disputes. It generally involves the intervention and assistance of a neutral and impartial third party. It can be formal (e.g., arbitration) or informal (negotiation and mediation), and is a private and binding process where disputes are resolved by an award made by an independent tribunal (third party or parties, mediator, negotiator, or the arbitrator). The tribunal
is either agreed by the party or nominated by an independent body, e.g., a court or a professional institution such as the Chartered Institute of Arbitrators. For further details see: ISRA, Islamic Financial System; Principles and Operations.


RESOLUTION No. 91/8/9: THE PRINCIPLE OF ARBITRATION IN ISLAMIC FIQH
التحكيم الوارد بالعقود
Is it Lawful to Financially Penalize a Rich Debtor Who Delays Payment?

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