Arbitration - Appendix B (The Shariah Basis for the Standard)

Transcription

1. Shari ’ah Standard No. (32): Arbitration Appendix (B) The Shari’ah Basis for the Standard ■ In one sense, arbitration seems like agency on behalf of the two parties, although it also seems to involve private custodianship in another sense. ■ According to Shari’ah arbitration could take place verbally, yet it is preferable – for Institutions in particular – to document it in writing. In order to be legally accepted, arbitration needs to be written and signed by the arbitrators and the parties of the dispute. ■ In principle, selection of arbitrators should be subject to the same Shari’ah conditions for selection of judges including non-partiality. In case of necessity, some of these conditions could be dropped such as the condition that the arbitrator should be a Muslim. Nevertheless, a non-Muslim arbitrator should not issue a verdict that contradicts with Shari’ah. 806