What is Islamic Arbitration?
Arbitration is an alternative method of dispute resolution according to which the dispute is referred to one or more arbitrator’s proficient with Islamic Law (Sharia) who are empowered to finally settle it by rendering a final and legally binding judgement.
Why to resort to the Arbitration?
To settle the intensified commercial disputes it is imperative to find an effective and speedy way. If the litigants resort to the courts the cases shall have to undergo through various stages beginning from the case hearing sessions, framing various draft laws and submitting statements and counter statements. This situation no doubt shall lead to exacerbate the disagreement between the two parties. So to prevent this it is better to resort to the arbitration which is the way to settle the disputes as it has been approved by the world as one of the speedy mechanisms to settle the disputes and which will help the smooth flowing of the commercial activities. The speedy process and the less expenses of the procedures of arbitration have made it a better option to settle the commercial disputes covering a wide field of commercial disputes.
Which disputes could be settled by Islamic Arbitration?
All types of commercial disputes.
What are the types of arbitration agreements?
Islamic arbitration agreements could generally take the form of either an arbitration clause inserted in a contract before the dispute arises or a separate agreement concluded between the parties after the dispute has arisen.
How long does it take to complete mediation?
There is no simple answer to this one. Every dispute is unique and the participants are unique in their perceptions, goals, perceived needs and perception of the other party’s. Some disputes can be resolved in a few hours, other, more complex disputes, take several sessions which depending upon the respective schedules can be held over the course of a month or more.
We ask parties before we proceed with any case to accept the verdict, but it is not mandatory. However; the chamber has no power or authority to enforce the verdict.
What are the Stages:
1) Commercial Dispute 2) Mediation & Reconciliation 3) Arbitration 4) Court