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Islamic Law and International Commercial Arbitration

Written by Maria Bhatti

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224 pages, about 4 hours of reading

Business & Economics

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About this book

This book examines the intersection between contemporary International Commercial Arbitration and Shariʿa law in order to determine possible tensions that may arise between the two systems. It develops evidentiary and procedural rules under Shariʿa, as well as examining the consequences of stipulating qualifications of arbitrators based on gender and/or religion. The author extensively analyses the prohibition against interest (riba) and uncertainty (gharar) under Shariʿa and its impact on arbitration agreements, arbitral awards and public policy. The book also explores the prohibition against riba in light of international conventions, such as the United Nations Convention on Contracts for the International Sale of Goods. Case studies in the book include the Asian International Arbitration Centre, formerly the Kuala Lumpur Regional Centre for Arbitration, and the International Islamic Centre for Reconciliation and Arbitration, as well as the ‘Shari’a Standards’ developed by the Accounting and Auditing Organization for Islamic Financial Institutions. The book will be a valuable resource for academics, students and practitioners working in the areas of Islamic law and the Islamic finance industry.

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Reading guide

Themes, characters and key ideas in Islamic Law and International Commercial Arbitration, written by Chaptra AI.

  • about 8 hours
  • advanced
  • analytical
  • informative
  • rigorous

Maria Bhatti's 'Islamic Law and International Commercial Arbitration' offers a rigorous examination of the complex interplay between Shariʿa law and contemporary International Commercial Arbitration (ICA). The book meticulously identifies potential tensions arising from their intersection, particularly focusing on evidentiary and procedural rules under Shariʿa, and the implications of religiously or gender-based arbitrator qualifications. Bhatti extensively analyzes the Shariʿa prohibitions against interest (riba) and uncertainty (gharar), detailing their profound impact on arbitration agreements, awards, and public policy, while also exploring riba's interface with international conventions like CISG. Through case studies of prominent arbitration centers and the AAOIFI Shari'a Standards, the book provides a vital resource for legal practitioners, academics, and students navigating the intricate landscape of Islamic finance and international dispute resolution.

“The intersection of Shariʿa law and International Commercial Arbitration presents both formidable challenges and unique opportunities for legal innovation.”

Key themes

Legal Harmonization and Conflict of Laws
This theme explores the inherent challenges and potential pathways for reconciling distinct legal systems—Shariʿa law and International Commercial Arbitration—within a globalized commercial landscape. It delves into how legal principles from different traditions can clash, particularly concerning jurisdiction, choice of law, and enforceability of judgments, and seeks to identify areas for convergence or mutual recognition.
Ethical Finance and Prohibitions (Riba & Gharar)
Central to the book, this theme rigorously examines the Shariʿa prohibitions against interest (riba) and excessive uncertainty (gharar). It explores their ethical underpinnings in Islamic jurisprudence, their specific definitions and applications, and their profound impact on the structuring of financial transactions, arbitration agreements, and arbitral awards, contrasting them with conventional financial practices.
Procedural Justice and Arbitrator Qualifications
This theme investigates the procedural aspects of arbitration under Shariʿa law, including rules of evidence and conduct, and critically analyzes the implications of stipulating arbitrator qualifications based on gender or religion. It examines how these specific requirements, rooted in certain religious traditions, can interact with the international standards of impartiality, neutrality, and universal access to justice in arbitration.

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How does Bhatti's analysis of riba and gharar challenge or confirm your understanding of Islamic finance principles in a global context?

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