A Slippery Slope: the legal enforceability of Islamic finance judgments and awards in foreign jurisdictions

The phenomenal growth in the Sharī'ah-compliant assets has tremendously spurred better interactions among financial systems of the East and the West. Islamic finance is gradually becoming a bridge between these two worldviews. In order to further this global integration of Islamic finance pro...

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Main Author:	Oseni, Umar Aimhanosi
Format:	Conference or Workshop Item
Language:	English English
Published:	2013
Subjects:	HG1501 Banking K Law (General) KBP173.25 Islamic law and other disciplines or subjects
Online Access:	http://irep.iium.edu.my/30476/ http://irep.iium.edu.my/30476/ http://irep.iium.edu.my/30476/1/Legal_Enforceability_of_Islamic_Finance_Judgements_and_Awards-2.doc http://irep.iium.edu.my/30476/2/IBFS_Program.pdf

id	iium-30476
recordtype	eprints
spelling	iium-304762013-07-08T07:50:54Z http://irep.iium.edu.my/30476/ A Slippery Slope: the legal enforceability of Islamic finance judgments and awards in foreign jurisdictions Oseni, Umar Aimhanosi HG1501 Banking K Law (General) KBP173.25 Islamic law and other disciplines or subjects The phenomenal growth in the Sharī'ah-compliant assets has tremendously spurred better interactions among financial systems of the East and the West. Islamic finance is gradually becoming a bridge between these two worldviews. In order to further this global integration of Islamic finance products, this paper examines the legal enforceability of Islamic finance judgments and awards in foreign jurisdictions, be it in the Muslim world or western countries, broadly defined. Based on the reciprocity requirement in international law, which is often premised on bilateral or multilateral treatise, and in some cases conventions, there is a wide scope for the enforcement of foreign judgments and awards involving Islamic finance matters. However, draftsmen of sukuk transactions, and other Islamic finance contracts, often express their concerns on the non-enforceability of foreign judgments and awards in some GCC countries especially when the governing law of such sukuk transactions is the English law. Given the fact that this trend places the global Islamic finance industry on a slippery slope, this study however sets out to examine the dynamics of this challenge faced by draftsperson of Islamic finance contracts vis-à-vis two major conventions – Hague Convention on the Recognition and Enforcement of Foreign Judgments in Civil and Commercial Matters (1971) and New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards (1958). Though the current trends seem like a continuum fallacy within the Islamic finance industry, concerted efforts by the stakeholders to introduce reforms are expected to yield sustainable results. 2013-02-21 Conference or Workshop Item PeerReviewed application/pdf en cc_by_nd http://irep.iium.edu.my/30476/1/Legal_Enforceability_of_Islamic_Finance_Judgements_and_Awards-2.doc application/pdf en http://irep.iium.edu.my/30476/2/IBFS_Program.pdf Oseni, Umar Aimhanosi (2013) A Slippery Slope: the legal enforceability of Islamic finance judgments and awards in foreign jurisdictions. In: First AUS Symposium on Islamic Banking and Finance, 20 - 21 February, 2013, Sharjah, United Arab Emirates. (Unpublished) http://www.aus.edu/ibfs#.UbyDW5zm6r1
repository_type	Digital Repository
institution_category	Local University
institution	International Islamic University Malaysia
building	IIUM Repository
collection	Online Access
language	English English
topic	HG1501 Banking K Law (General) KBP173.25 Islamic law and other disciplines or subjects
spellingShingle	HG1501 Banking K Law (General) KBP173.25 Islamic law and other disciplines or subjects Oseni, Umar Aimhanosi A Slippery Slope: the legal enforceability of Islamic finance judgments and awards in foreign jurisdictions
description	The phenomenal growth in the Sharī'ah-compliant assets has tremendously spurred better interactions among financial systems of the East and the West. Islamic finance is gradually becoming a bridge between these two worldviews. In order to further this global integration of Islamic finance products, this paper examines the legal enforceability of Islamic finance judgments and awards in foreign jurisdictions, be it in the Muslim world or western countries, broadly defined. Based on the reciprocity requirement in international law, which is often premised on bilateral or multilateral treatise, and in some cases conventions, there is a wide scope for the enforcement of foreign judgments and awards involving Islamic finance matters. However, draftsmen of sukuk transactions, and other Islamic finance contracts, often express their concerns on the non-enforceability of foreign judgments and awards in some GCC countries especially when the governing law of such sukuk transactions is the English law. Given the fact that this trend places the global Islamic finance industry on a slippery slope, this study however sets out to examine the dynamics of this challenge faced by draftsperson of Islamic finance contracts vis-à-vis two major conventions – Hague Convention on the Recognition and Enforcement of Foreign Judgments in Civil and Commercial Matters (1971) and New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards (1958). Though the current trends seem like a continuum fallacy within the Islamic finance industry, concerted efforts by the stakeholders to introduce reforms are expected to yield sustainable results.
format	Conference or Workshop Item
author	Oseni, Umar Aimhanosi
author_facet	Oseni, Umar Aimhanosi
author_sort	Oseni, Umar Aimhanosi
title	A Slippery Slope: the legal enforceability of Islamic finance judgments and awards in foreign jurisdictions
title_short	A Slippery Slope: the legal enforceability of Islamic finance judgments and awards in foreign jurisdictions
title_full	A Slippery Slope: the legal enforceability of Islamic finance judgments and awards in foreign jurisdictions
title_fullStr	A Slippery Slope: the legal enforceability of Islamic finance judgments and awards in foreign jurisdictions
title_full_unstemmed	A Slippery Slope: the legal enforceability of Islamic finance judgments and awards in foreign jurisdictions
title_sort	slippery slope: the legal enforceability of islamic finance judgments and awards in foreign jurisdictions
publishDate	2013
url	http://irep.iium.edu.my/30476/ http://irep.iium.edu.my/30476/ http://irep.iium.edu.my/30476/1/Legal_Enforceability_of_Islamic_Finance_Judgements_and_Awards-2.doc http://irep.iium.edu.my/30476/2/IBFS_Program.pdf
first_indexed	2023-09-18T20:44:36Z
last_indexed	2023-09-18T20:44:36Z
_version_	1777409591357734912

A Slippery Slope: the legal enforceability of Islamic finance judgments and awards in foreign jurisdictions

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