http://dx.doi.org/10.31703/glsr.2023(VIII-II).18
10.31703/glsr.2023(VIII-II).18
Published : Jun 2023
Some Reflections on “Shariah Clauses†of Islamic Finance Contracts
This study delves into resolving financial disputes on Shariah contract clauses involving parties from different jurisdictions. There is a lack of explicit references to Shariah law in the choice of law clauses in financial contracts. The study emphasizes the complexity of applying Shariah principles due to different interpretations. The jurisdictions lacking Shariah law expertise on Islamic finance disputes may set unfavorable precedents. The recommendations include strengthening local jurisdictions in Shariah-based legal systems by training judges and arbitrators. Encouraging Islamic Financial Institutions (IFIs) to adopt Shariah compliance procedures, collaboratively developing unified IB&F Law, offering mechanisms of comprehensive training of legal practitioners, promoting confidence in local courts, creating a collaboration platform, and developing a comprehensive handbook for adjudicators, etc. are recommended measures to enhance Shariah-based dispute resolution and maintain credibility, stability & growth of Islamic finance sector.
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Contract, Shariah, Interest, Riba,Shariah Risk, Islamic finance, Choice of Law
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(1) Shafiq ur Rahman
Visiting Faculty, School of Law, Bahria University, Islamabad, Pakistan.
(2) Muhammad Tahir
Professor & Head of Department, Department of law, Dadabhoy Institute of Higher Education, Karachi, Sindh, Pakistan.
(3) Muhammad Shahid
Advocate High Court, Pakistan.
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Cite this article
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APA : Rahman, S. u., Tahir, M., & Shahid, M. (2023). Some Reflections on “Shariah Clauses†of Islamic Finance Contracts. Global Legal Studies Review, VIII(II), 165-175. https://doi.org/10.31703/glsr.2023(VIII-II).18
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CHICAGO : Rahman, Shafiq ur, Muhammad Tahir, and Muhammad Shahid. 2023. "Some Reflections on “Shariah Clauses†of Islamic Finance Contracts." Global Legal Studies Review, VIII (II): 165-175 doi: 10.31703/glsr.2023(VIII-II).18
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HARVARD : RAHMAN, S. U., TAHIR, M. & SHAHID, M. 2023. Some Reflections on “Shariah Clauses†of Islamic Finance Contracts. Global Legal Studies Review, VIII, 165-175.
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MHRA : Rahman, Shafiq ur, Muhammad Tahir, and Muhammad Shahid. 2023. "Some Reflections on “Shariah Clauses†of Islamic Finance Contracts." Global Legal Studies Review, VIII: 165-175
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MLA : Rahman, Shafiq ur, Muhammad Tahir, and Muhammad Shahid. "Some Reflections on “Shariah Clauses†of Islamic Finance Contracts." Global Legal Studies Review, VIII.II (2023): 165-175 Print.
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OXFORD : Rahman, Shafiq ur, Tahir, Muhammad, and Shahid, Muhammad (2023), "Some Reflections on “Shariah Clauses†of Islamic Finance Contracts", Global Legal Studies Review, VIII (II), 165-175
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TURABIAN : Rahman, Shafiq ur, Muhammad Tahir, and Muhammad Shahid. "Some Reflections on “Shariah Clauses†of Islamic Finance Contracts." Global Legal Studies Review VIII, no. II (2023): 165-175. https://doi.org/10.31703/glsr.2023(VIII-II).18