The Inherent Issues on Islamic Finance Disputes

Assalamualaikum,

Dear my weblog readers,

My recent article in the Global Islamic Finance Magazine, London (June Issue) entitled “The Inherent Issues on Islamic Finance Disputes”. Click here: http://www.globalislamicfinancemagazine.com/?com=archive&archid=36

As a prerequisite, the ideal legal framework for Islamic finance must be characterized by four important features. In order to foster confident to investors and consumers, there must be an enabling environment that accommodates and facilitates its implementation. This must be supported with a clear and efficient system that guarantees the enforceability of Islamic financial contracts. Having enabling environment and efficient system are not sufficient. Islamic finance needs for a credible and reliable legal avenue for settlement of legal disputes arising from Islamic finance transactions. Finally, a sound legal framework is adhered to the instrumental function of its legal fraternity. Lawyers, judges, legal advisor, Shari’ah scholars and others in Islamic finance should acquire sufficient knowledge on the traditional Islamic legal concepts and able to apply it in the context of modern finance and the law of international finance. All of these features are the prerequisites of sound legal framework for Islamic finance industry. By Zulkifli Hasan, (2011)

Regards
ZULKIFLI HASAN

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