Islamic finance is all based on Sharia law and in compliance with it. This law has a list of a number of investment types that are permitted. Islamic banking and finance is came to believe to have existed since the seventh century and was formalized only in the 1960s. Coincidentally, there was a huge oil wealth in the economy at this time that Islamic finance responded to by demanding Sharia-compliant procedure for both the benefit of society and economy.
There may also be disputes in this area. Some of the disputes that may occur are payment of installments, bounced checks, default payment related problems, credit card payment issues, transaction problems terms and conditions, etc. A legal team of expertise who fully understands the nature of the law and could move swiftly among those regulations can only manage Islamic Finance Dispute in the UAE. ARC Associates Resolving Islamic Finance Disputes in Dubai experts are on the very top of the list of the best for all disputes handling and management.
Islamic Banking Dispute Resolution, 2 Cases of Non-Court Settlement
Dispute resolution the majority of Islamic banking and finance is done by the courts. However, there are circumstances that disputes over Islamic Finance can be settled and reviewed in a court of arbitration. If it is included in a contract clause that both parties are able to settle a dispute in an arbitration tribunal so long as a party breaches one of the clauses listed in the contract and if there is none, both parties may agree to go through an arbitration tribunal to settle the case.
Therefore, the expertise of ARC Associate lawyers is consulted before a dispute occurs and before they have to go through the resolution of disputes over Islamic Finance. In order to avoid the trouble a dispute brings, one should be careful to enter into a contract.