Title

The Rise of Islamic Financial Mediation in Asia as a Consequence of the Worsening Economic Crisis

Publication Type

Conference Paper

Publication Date

1-2009

Abstract

As the economic crisis has encouraged many to look to Islamic finance as an important alternative to conventional structures and ways of doing finance, Islamic financial dispute resolution also will become increasingly important. This presentation proposes a dispute resolution approach that can accommodate Islamic legal values and traditions in resolving the inevitable disputes that arise in the context of Islamic banking, finance, and takaful in this Region. The presentation suggests a simple solution similar to that applied successfully in many other substantive areas of law and dispute resolution: Shari‘ah-based alternative dispute resolution, utilizing a hybrid of traditional Islamic concepts of binding arbitration (tahkim), non-binding settlement (sulh), reconciliation (musalaha), and non-binding mediation (wasaatah). It is suggested that Shari‘ah-based ADR, grounded in Islamic law and historical traditions that extend back to the earliest revelation of Islam, be applied in the commercial context of Islamic finance.

Keywords

Islam, Islamic finance, ADR, mediation, disputes

Discipline

Asian Studies | Commercial Law | Religion Law

Research Areas

Commercial Law

Publication

Asian Mediation Association Conference, Singapore, 4-5 June 2009

City or Country

Singapore

This document is currently not available here.

Share

COinS