CONTENT OVERVIEW (Preview)
The book is divided into nine chapters. Chapter 1 discusses the various anomalies faced by legal practitioners in the Islamic finance industry. This discussion centres around issues such as the nature of legal disputes in Islamic finance, challenges to the validity of Islamic finance products, and the problems arising from the use of arbitration.
Chapter 2 explores the advantages of using ADR in both the conventional and Islamic contexts. As such, the purpose of Chapters 1 and 2 is to introduce the concept of ADR and explain briefly why it is an important dispute resolution mechanism for Islamic finance.
Chapters 3-5 then explore the most common forms of ADR: mediation (Chapter 3); arbitration (Chapter 4); and other forms of ADR (Chapter 5). Chapters 6 to 8 specifically examine the concept of ADR from the Islamic perspective. Chapter 6 engages in an evaluative overview of the legal and scholarly origins of ADR in Islam so as to outline the strong Islamic preference for non-adversarial forms of dispute resolution such as ADR. Chapter 7 follows this up with a practical proposal for applying a “Hybrid ADR” mechanism to the legal problems of Islamic finance today.
Chapter 8 surveys some of the relevant international institutions established to resolve disputes in both conventional and Islamic finance. Chapter 9 concludes this book on the basis of a positive outlook for ADR in the context of Islamic finance and provides concrete pragmatic recommendations for the further improvement of institutional ADR mechanisms in the Islamic finance industry.
It is hoped that this book will become a useful guide to all those who wish to explore the application of ADR in Islamic finance, and it is hoped that it will become a catalyst for further research into the viability of the application of ADR in international Islamic finance disputes.
Alternative Dispute Resolution(ADR): Expanding Options in Local and Cross Border Islamic Finance Cases - Hard Cover