StudentShare
Contact Us
Sign In / Sign Up for FREE
Search
Go to advanced search...

International Arbitration and Islamic Law or Sharia Law - Dissertation Example

Cite this document
Summary
The paper "International Arbitration and Islamic Law or Sharia Law" concerns a legal connotation that acts as a referral for the parties in submitting a dispute to a nongovernmental decision-maker selected by the parties for rendering a binding decision that resorts to solving a dispute…
Download full paper File format: .doc, available for editing
GRAB THE BEST PAPER98.8% of users find it useful
International Arbitration and Islamic Law or Sharia Law
Read Text Preview

Extract of sample "International Arbitration and Islamic Law or Sharia Law"

Download file to see previous pages There may be also the generation of stipulations attached with the confidentiality of the proprietary information, evidence, backdrop, number of arbitrators, issues attached with the arbitration, and so on (Kohler & Stucki, 2004). Among the various definitions of arbitration one of the definitions can be mentioned in this case which is as follows:
“ two or more parties, faced with a dispute which they cannot resolve for themselves, agreeing that some private individual will resolve it for them and if the arbitration runs its full course….it will not be settled by a compromise, but by a decision” (Born, 2009, p.217).

History of arbitration
Arbitration finds its roots in Greek mythology as well as in the Bible (Moloff, 2008, p.186). In the maritime industries of pre-colonial England as well as within the merchants of diverse trade backgrounds, the process of arbitration found its profound utilization. Prior to the industrial revolution, the process of arbitrage was highly predominant among the American colonies and the process was regarded as inexpensive and highly private although a voluntary mode is highly dependent on the ties of the communities as well as pressures for the effectiveness of the policies. The first permanent board of arbitration was established in 1768, by the New York Chamber of Commerce followed by the implementation of the primal comprehensive clause of arbitration although the availability was limited to a restricted number of disputants (Wolfe, 2006, p.432).

The scenario widened its horizon with the herald of the twentieth century with the necessity of making the process of arbitration an alternative method of dispute resolution. The process strengthened with the creation of the organized labor movement. In 1925, the United States Congress enacted the New York Federal Arbitration (FAA) with the notion that the agreements to submit disputes to arbitration should be as enforceable as any other contracts (Brunet, 2006, p.36). With the gradual crawling of time, after the 1950s, lawmakers stressed that the process of arbitration can be implemented as a device for resolving international disputes.

In 1998, Congress enacted the Alternative dispute Act (ADA) which led to the mandatory equipment of every federal district court for authorizing by local rules, the utilization of the alternative dispute resolution process in all civil actions, and also led to the designation of a judge or other employee to be knowledgeable in ADR (Alternative Dispute Resolution) practices. In today’s world of complex legal milieu majority of the lawyers and litigators find it compulsory for the application of ADR processes with the arbitration in particular (Bennett, 2009, pp. 9-12).

The basic foundation for arbitration
The basic foundation on which arbitration rests is that of the consensual nature embedded in it. No arbitration procedure will take place without the express consent of each party. The prerequisite of a consensual arbitration agreement can be inspected as an assemblage of procedures that directs to the avoidance of the default jurisdiction of the domestic courts and hence it must be clearly demarcated. In most cases, the agreement of arbitration will require writing in order for the process to be effective. ...Download file to see next pages Read More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“International Arbitration and Islamic Law or Sharia Law Dissertation”, n.d.)
Retrieved from https://studentshare.org/law/1454721-international-arbitration-and-islamic-law-or
(International Arbitration and Islamic Law or Sharia Law Dissertation)
https://studentshare.org/law/1454721-international-arbitration-and-islamic-law-or.
“International Arbitration and Islamic Law or Sharia Law Dissertation”, n.d. https://studentshare.org/law/1454721-international-arbitration-and-islamic-law-or.
  • Cited: 0 times

CHECK THESE SAMPLES OF International Arbitration and Islamic Law or Sharia Law

The Enforcement of Foreign Arbitral Awards in Saudi Arabia

? This study aims to describe arbitration and arbitral enforcement in Saudi Arabia.... Its adherence to the Shari'a law and its impact on commercial arbitration and foreign arbitration enforcement are also explored in depth.... The absence of clear and specific laws on commercial arbitration and the enforcement of foreign arbitral awards create several challenges, particularly in terms of fair and credible examination of applications for awards enforcement and in providing a speedy arbitration resolution....
59 Pages (14750 words) Dissertation

The Effectiveness of the International Investments Arbitration in Saudi Arabia

international arbitration in International Investments: A Study of the Effectiveness of International Investments Arbitration in Saudi Arabia Abstract International investments are one of the main sources of development in any economy.... For international investments, investors consider international arbitration to be the only vital mechanism to resolve disputes arising within the limits of the host state.... The new 2012 arbitration laws can be said to be a welcome change in the arbitration scenario in Saudi Arabia, as it tries to rectify the drawbacks of the old law....
28 Pages (7000 words) Essay

Sharia Law and International Commercial Arbitration

The Relationship Between sharia law and International Commercial Arbitration Outline 1) International Commercial Arbitration a) Arbitration under different legal systems Arbitration is a dispute-settlement mechanism which may only be used with the consent of the parties, but when resorted to, renders binding decisions mong them.... In those instances that the parties have stipulated in their agreement their choice of law or rules of law that is to govern their relationship, there is no instance when general principles of law shall apply....
16 Pages (4000 words) Dissertation

International Arbitration in Arab States

Research results indicate that islamic law has significant influence on attitudes, laws and practices relative to arbitration and international arbitration in the Arab Middle East.... A number of national courts in the Arab Middle East, particularly Islamic courts have been averse to enforcing international commercial arbitral awards on the grounds that the award is inconsistent with public policies or more particularly, islamic law and traditions (Elsaman, 2011, p....
53 Pages (13250 words) Dissertation

Finality of Arbitral Awards under Islamic Law

Chapter 1: Finality of arbitral awards under Islamic or sharia law 1.... Therefore, it is to the advantage of Islamic financial institutions, in particular, and islamic business in general to enhance systematic procedures that affirm and enforce arbitral awards, both domestic and international.... hellip; The principles according to which some Islamic schools abide by are incompatible with the practices of international arbitration; however, there are other Islamic schools whose interpretations are consistent with the international practices, which are permissible for Muslims to follow or adopt....
50 Pages (12500 words) Dissertation

The New and the Old Enforcement Arbitration Law of Saudi Arabia

Name: Instructor: Course: Date: Compare Between the New and the Old Enforcement Arbitration law of Saudi Arabia and the Legal Effects on the International Agreements Introduction Saudi Arabia passed, in April 2012, Royal Decree (34/M), which consented to a new arbitration law also referred to as the new law (Rawlings et al.... This law was printed on the Official Gazette of the country in the summer of 2012 and was enforced 30 days following its publication (Rawlings et al....
12 Pages (3000 words) Research Paper

Recognition and Application of Sharia Law in the UK

This paper researches the significance of sharia law for Muslims, the extent to which it conflicts with the rule of law in non-Muslims states and Muslims living abroad have adjusted to this discrepancy.... This will be evaluated by reference to the recognition and application of Sharia in the UK courts … sharia law is more than a legal regime for Muslims.... In many ways, Sharia is a way of life for Muslims to the extent that Muslims living abroad continue to respect and abide by the principles and concepts embodied in Sharia  In the UK  Muslims have increasingly made inroads into the recognition and application of sharia law via the process of arbitration....
22 Pages (5500 words) Research Paper
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Contact Us