Resolution of Islamic banking disputes by way of arbitration in Sri Lanka
Islamic banking is a new, rapidly growing business, which is competing with its counterpart in Sri Lanka.As in any other area of business, emergence of disputes arising among stakeholders of Islamic banking is quite natural.However, the ability to resolve such disputes without destroying the busines...
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my.uum.repo.220792017-05-29T06:23:20Z http://repo.uum.edu.my/22079/ Resolution of Islamic banking disputes by way of arbitration in Sri Lanka Nafees, Seeni Mohamed Ayub, Zainal Amin HG Finance K Law (General) Islamic banking is a new, rapidly growing business, which is competing with its counterpart in Sri Lanka.As in any other area of business, emergence of disputes arising among stakeholders of Islamic banking is quite natural.However, the ability to resolve such disputes without destroying the business relationship is quite important.Many disadvantages inherent in the process of litigation may prompt those involved to seek an alternative way of dispute resolution (ADR), offering less formality, lower costs and protection of privacy.Hence, in this respect, ADR could be proposed as an ideal mechanism.This article strives to examine the possibility to apply arbitration for Islamic banking dispute resolution in Sri Lanka. Sri Lanka’s Arbitration Act No. 11 of 1995 may play a significant role in this sense. Brill 2016 Article PeerReviewed Nafees, Seeni Mohamed and Ayub, Zainal Amin (2016) Resolution of Islamic banking disputes by way of arbitration in Sri Lanka. Arab Law Quarterly, 30 (4). pp. 305-335. ISSN 0268-0556 http://doi.org/10.1163/15730255-12341329 doi:10.1163/15730255-12341329 |
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HG Finance K Law (General) Nafees, Seeni Mohamed Ayub, Zainal Amin Resolution of Islamic banking disputes by way of arbitration in Sri Lanka |
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Islamic banking is a new, rapidly growing business, which is competing with its counterpart in Sri Lanka.As in any other area of business, emergence of disputes arising among stakeholders of Islamic banking is quite natural.However, the ability to resolve such disputes without destroying the business relationship is quite important.Many disadvantages inherent in the process of litigation may prompt those involved to seek an alternative way of dispute resolution (ADR), offering less formality, lower costs and protection of privacy.Hence, in this respect, ADR could be proposed as an ideal mechanism.This article strives to examine the possibility to apply arbitration for Islamic banking dispute resolution in Sri Lanka. Sri Lanka’s Arbitration Act No. 11 of 1995 may play a significant role in this sense. |
format |
Article |
author |
Nafees, Seeni Mohamed Ayub, Zainal Amin |
author_facet |
Nafees, Seeni Mohamed Ayub, Zainal Amin |
author_sort |
Nafees, Seeni Mohamed |
title |
Resolution of Islamic banking disputes by way of arbitration in Sri Lanka |
title_short |
Resolution of Islamic banking disputes by way of arbitration in Sri Lanka |
title_full |
Resolution of Islamic banking disputes by way of arbitration in Sri Lanka |
title_fullStr |
Resolution of Islamic banking disputes by way of arbitration in Sri Lanka |
title_full_unstemmed |
Resolution of Islamic banking disputes by way of arbitration in Sri Lanka |
title_sort |
resolution of islamic banking disputes by way of arbitration in sri lanka |
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Brill |
publishDate |
2016 |
url |
http://repo.uum.edu.my/22079/ http://doi.org/10.1163/15730255-12341329 |
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