Sarcouncil Journal of Arts Humanities and Social Sciences

Abstract: An Analysis of the growth of multi trillion Islamic finance industry shows its huge importance and attraction for the stake holders but the lack of serious narrative and attitude towards resolution of disputes in Islamic financial contracts is degrading its rapid growth and failing to maintain trust of Muslims as well as non-Muslim stake holders. Immediate attention is needed from the scholars of Islamic as well as International law to provide a route map and code of resolution and litigation towards adjudication of Islamic finance disputes. This qualitative work analyzes the legal framework for Islamic finance law in Non-Muslim jurisdictions in the light of teachings of Muslim jurists and international law with reference to selected legal systems. This research finds that there is an immediate need of a structured code for the resolution of Islamic finance disputes and suggests that ADR and other legal remedies available in Islamic context as well as international conventions shall be implemented immediately to resolve prevailing issues and disputes.