Cross border litigation in Islamic banking and finance

Islamic banks in the world are performing very well in the financial market. They are complying with Shar‘ah requirements while investing money in business. Nowadays, they are also investing money in foreign countries. This is known as cross border transaction. There is some risk and litigation prob...

Full description

Bibliographic Details
Main Authors:	Jalil, Md. Abdul, Ansari, Abdul Haseeb
Format:	Conference or Workshop Item
Language:	English
Published:	2010
Subjects:	K Law (General)
Online Access:	http://irep.iium.edu.my/5704/ http://irep.iium.edu.my/5704/1/Cross_Border_Litigation_in_IBF_A_Haseeb%5B1%5D.pdf

id	iium-5704
recordtype	eprints
spelling	iium-57042011-11-21T23:36:07Z http://irep.iium.edu.my/5704/ Cross border litigation in Islamic banking and finance Jalil, Md. Abdul Ansari, Abdul Haseeb K Law (General) Islamic banks in the world are performing very well in the financial market. They are complying with Shar‘ah requirements while investing money in business. Nowadays, they are also investing money in foreign countries. This is known as cross border transaction. There is some risk and litigation problems in cross border transactions. If any dispute arises out of a cross border transactions, it should be referred to a court or an arbitration centre. Now the issue is which country’s court or arbitration centre will have jurisdiction to hear the dispute and give a decision or award? Another problem that may arise in cross border litigation is that of conflict of laws and choice of law issues. The parties involved in a contract are from different countries. The applicable laws might be substantially different between the countries. In that situation the question of which country’s law should be applied to solve the dispute is a complicated issue. When conflict of laws and conflict of jurisdictions are involved, another related legal issue may arise regarding enforcement of foreign judgments. In this paper these issues have been critically addressed and pragmatic suggestions have been offered. 2010 Conference or Workshop Item NonPeerReviewed application/pdf en http://irep.iium.edu.my/5704/1/Cross_Border_Litigation_in_IBF_A_Haseeb%5B1%5D.pdf Jalil, Md. Abdul and Ansari, Abdul Haseeb (2010) Cross border litigation in Islamic banking and finance. In: International Conference on Islamic Banking & Finance: Cross Border Practices & Litigations, 15-16 June 2010, IIUM Campus. (Unpublished)
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)
spellingShingle	K Law (General) Jalil, Md. Abdul Ansari, Abdul Haseeb Cross border litigation in Islamic banking and finance
description	Islamic banks in the world are performing very well in the financial market. They are complying with Shar‘ah requirements while investing money in business. Nowadays, they are also investing money in foreign countries. This is known as cross border transaction. There is some risk and litigation problems in cross border transactions. If any dispute arises out of a cross border transactions, it should be referred to a court or an arbitration centre. Now the issue is which country’s court or arbitration centre will have jurisdiction to hear the dispute and give a decision or award? Another problem that may arise in cross border litigation is that of conflict of laws and choice of law issues. The parties involved in a contract are from different countries. The applicable laws might be substantially different between the countries. In that situation the question of which country’s law should be applied to solve the dispute is a complicated issue. When conflict of laws and conflict of jurisdictions are involved, another related legal issue may arise regarding enforcement of foreign judgments. In this paper these issues have been critically addressed and pragmatic suggestions have been offered.
format	Conference or Workshop Item
author	Jalil, Md. Abdul Ansari, Abdul Haseeb
author_facet	Jalil, Md. Abdul Ansari, Abdul Haseeb
author_sort	Jalil, Md. Abdul
title	Cross border litigation in Islamic banking and finance
title_short	Cross border litigation in Islamic banking and finance
title_full	Cross border litigation in Islamic banking and finance
title_fullStr	Cross border litigation in Islamic banking and finance
title_full_unstemmed	Cross border litigation in Islamic banking and finance
title_sort	cross border litigation in islamic banking and finance
publishDate	2010
url	http://irep.iium.edu.my/5704/ http://irep.iium.edu.my/5704/1/Cross_Border_Litigation_in_IBF_A_Haseeb%5B1%5D.pdf
first_indexed	2023-09-18T20:14:27Z
last_indexed	2023-09-18T20:14:27Z
_version_	1777407693964705792

Cross border litigation in Islamic banking and finance

Similar Items