International standards and tribunals being developed to solve global Islamic finance disputes
Shifts in political structures, widely varying legislation and jurisprudence, and demands to straddle two legal obligations causing significant complications.
Dubai, Jakarta and Ottawa: International legal arbitration systems and judicial standards are emerging to solve complex Islamic finance disputes, while national judicial and informal dispute resolution systems continue developing in civil and religious law institutions.
Informal dispute resolution processes can resolve disagreements without recourse to damage payments and potentially without harming valuable reputations, while avoiding litigation can pay dividends in Islamic finance.
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Heba Hashem, Ahmad Pathoni and Keith Nuthall