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Events Calendar

 

05 September 2017
Kuala Lumpur Regional Centre for Arbitration (KLRCA)

Conference

SYMPOSIUM ON DISPUTE RESOLUTION IN ISLAMIC FINANCE
Dispute Resolution in Islamic Finance: Litigation or Arbitration?

There is an on-going debate as to whether: litigation (resolution of disputes through the courts) or arbitration (non-court alternative method of resolving disputes) should be the preferred mechanism for settlement of Islamic finance disputes. Studies have shown that Islamic financial institutions tend to favour litigation over arbitration for various reasons. However, in recent years, there has been a strong push, for better or worse, towards the use of arbitration in Islamic finance. It is claimed that arbitration, which has a strong basis in Islamic jurisprudence, has advantage over litigation as it promotes settlement of disputes speedily and discreetly. Some proponents of arbitrations have suggested that arbitration clauses should be made mandatory in Islamic finance agreements.

Realizing the importance of these issues, the Ahmad Ibrahim Kulliyyah of Laws (AIKOL), in collaboration with the Monash School of Business, will host a one-day Symposium to enable the arguments to be presented and debated on a preferred dispute settlement mechanism in Islamic finance. The Symposium will be led by members of the judiciary, legal practitioners and academics who will be carefully selected by reason of their particular expertise and interest in the area. It is hoped that, by the end of Symposium, the participants would be able to conclude which of the two dispute resolution mechanism are more preferred for Islamic finance disputes. 

 

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