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Judicial Support for the Islamic Financial Services Industry: Towards Reform-oriented Interpretive Approaches

In: Arab Law Quarterly
Authors:
Umar A. Oseni International Islamic Liquidity Management Corporation Kuala Lumpur Malaysia

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M. Kabir Hassan Department of Economics and Finance, University of New Orleans New Orleans, LA USA

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S. Nazim Ali Center for Islamic Economics & Finance, College of Islamic Studies, Hamad bin Khalifa University Doha Qatar

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Abstract

This study examines different dimensions and permutations of invaluable judicial support to Islamic financial services and products and identifies specific areas where the judiciary has helped to shape the industry in line with the original value proposition of Islamic financial intermediation. While relying on qualitative legal methods with comparative case analysis from different jurisdictions, this study conducts cross-jurisdiction case analyses and identifies the role of judiciary in introducing sustainable practices. It concludes that the judicial function has played a significant role in ensuring justice and fairness through purposive interpretation of contracts, recognition and enforcement of foreign arbitral awards and judgments, consistency and predictability of outcomes, legal risk mitigation, and facilitation of mediation and arbitral proceedings, thereby positively reshaping the future of Islamic financial services industry. Above all, the availability of binding judicial precedents, which is hitherto not common for Islamic law matters, is a welcome development in the Islamic financial services industry.

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