IslamicFinance.de

The Islamic finance industry is still searching for a stance on to what extent conventional international law should be accepted in arbitration cases. Conservative scholars argue that non-Muslim courts should not be written into contracts as a reference for arbitrations. Islamic scholar Sheikh Saleh Abdulla al-Haidan said contracts, in which both parties agree that British law should be reference for the contract and therefore any arbitrations, violates Islamic law. According to the scholars contract parties should include arbitration centres compliant with sharia law as reference in contracts.