The Application of choice of law and choice of forum clauses to Islamic banking and Financial Cross Border Transactions

Litigations in cross border transactions are inevitable. There would be legal uncertainty and ambiguity without identifying the governing law and the appropriate forum for settling disputes arise from the cross border transactions. Accordingly, the application of both choice of law and choice of for...

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Main Authors:	Hasan, Aznan, Win, Kyaw Hla
Format:	Article
Language:	English
Published:	AENSI Publications 2012
Subjects:	K Law (General) KD England and Wales
Online Access:	http://irep.iium.edu.my/28482/ http://irep.iium.edu.my/28482/ http://irep.iium.edu.my/28482/1/The_Application_of_choice_of_Law.pdf

id	iium-28482
recordtype	eprints
spelling	iium-284822013-02-13T13:25:22Z http://irep.iium.edu.my/28482/ The Application of choice of law and choice of forum clauses to Islamic banking and Financial Cross Border Transactions Hasan, Aznan Win, Kyaw Hla K Law (General) KD England and Wales Litigations in cross border transactions are inevitable. There would be legal uncertainty and ambiguity without identifying the governing law and the appropriate forum for settling disputes arise from the cross border transactions. Accordingly, the application of both choice of law and choice of forum clauses are vital in Islamic banking and financial cross border transactions. This paper, therefore, intends predominantly to analyze critically the application of these two clauses to Islamic banking and financial cross border transactions. Repeatedly, parties involved in such transactions used to refer a foreign law as a governing law and Shari'ah as a general referral to the contract. There were cases where courts refused to apply Shari'ah principles to the disputes and decided even contrary to it based on the ground that it is not a law of a country rather being general principles. In order to address this issue it is suggested that there should be a comprehensive and efficient international standardize set of rules which govern Islamic banking and financial products; and ample of forums to adjudicate disputes resulting from Islamic banking and financial cross border transactions in line with the Shari'ah. If these were facilitated, it is advisable to the parties to choose that international Shari'ah standard as the governing law of the contract and select one of the Islamic banking arbitration centers as the venue to resolve disputes in the spirit of Shari'ah. AENSI Publications 2012-12 Article PeerReviewed application/pdf en http://irep.iium.edu.my/28482/1/The_Application_of_choice_of_Law.pdf Hasan, Aznan and Win, Kyaw Hla (2012) The Application of choice of law and choice of forum clauses to Islamic banking and Financial Cross Border Transactions. Australian Journal of Basic and Applied Sciences (AJBAS), 11 (6). pp. 370-380. ISSN 1991-8178 http://www.ajbasweb.com
repository_type	Digital Repository
institution_category	Local University
institution	International Islamic University Malaysia
building	IIUM Repository
collection	Online Access
language	English
topic	K Law (General) KD England and Wales
spellingShingle	K Law (General) KD England and Wales Hasan, Aznan Win, Kyaw Hla The Application of choice of law and choice of forum clauses to Islamic banking and Financial Cross Border Transactions
description	Litigations in cross border transactions are inevitable. There would be legal uncertainty and ambiguity without identifying the governing law and the appropriate forum for settling disputes arise from the cross border transactions. Accordingly, the application of both choice of law and choice of forum clauses are vital in Islamic banking and financial cross border transactions. This paper, therefore, intends predominantly to analyze critically the application of these two clauses to Islamic banking and financial cross border transactions. Repeatedly, parties involved in such transactions used to refer a foreign law as a governing law and Shari'ah as a general referral to the contract. There were cases where courts refused to apply Shari'ah principles to the disputes and decided even contrary to it based on the ground that it is not a law of a country rather being general principles. In order to address this issue it is suggested that there should be a comprehensive and efficient international standardize set of rules which govern Islamic banking and financial products; and ample of forums to adjudicate disputes resulting from Islamic banking and financial cross border transactions in line with the Shari'ah. If these were facilitated, it is advisable to the parties to choose that international Shari'ah standard as the governing law of the contract and select one of the Islamic banking arbitration centers as the venue to resolve disputes in the spirit of Shari'ah.
format	Article
author	Hasan, Aznan Win, Kyaw Hla
author_facet	Hasan, Aznan Win, Kyaw Hla
author_sort	Hasan, Aznan
title	The Application of choice of law and choice of forum clauses to Islamic banking and Financial Cross Border Transactions
title_short	The Application of choice of law and choice of forum clauses to Islamic banking and Financial Cross Border Transactions
title_full	The Application of choice of law and choice of forum clauses to Islamic banking and Financial Cross Border Transactions
title_fullStr	The Application of choice of law and choice of forum clauses to Islamic banking and Financial Cross Border Transactions
title_full_unstemmed	The Application of choice of law and choice of forum clauses to Islamic banking and Financial Cross Border Transactions
title_sort	application of choice of law and choice of forum clauses to islamic banking and financial cross border transactions
publisher	AENSI Publications
publishDate	2012
url	http://irep.iium.edu.my/28482/ http://irep.iium.edu.my/28482/ http://irep.iium.edu.my/28482/1/The_Application_of_choice_of_Law.pdf
first_indexed	2023-09-18T20:42:00Z
last_indexed	2023-09-18T20:42:00Z
_version_	1777409427034341376

The Application of choice of law and choice of forum clauses to Islamic banking and Financial Cross Border Transactions

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