Islamic banking unclear on conventional arbitration: scholars
MANAMA (May 19 2009): The Islamic finance industry is still searching for a stance on to what extent conventional international law should be accepted in arbitration cases, Islamic scholars said on Monday.
Many Islamic finance products and contracts are being scrutinised in courts for the first time during the current global economic downturn, after the industry got caught up in last year’s global liquidity freeze and now feels its exposure to slumping real estate markets in the Gulf Arab region.
“We have to find a solution, this should be discussed in terms of legal needs and necessities, this hasn’t been discussed by Islamic financial institutions collectively,” Islamic scholar Sheikh Saleh Abdulla al-Haidan said during a conference held in Manama.Read More »Islamic banking unclear on conventional arbitration: scholars