Settlement of Islamic Finance Disputes in the United States of America
Dispute Resolution in Islamic Finance, edited by Adnan Trakic, John Benson, and Pervaiz K Ahmed (Forthcoming)
Posted: 7 Feb 2018 Last revised: 28 Mar 2018
Date Written: January 18, 2018
Chapter discusses dispute resolution in Islamic finance in the United States of America ("U.S."). Initially, I describe the legal framework applicable to Islamic finance in the U.S., which is encompassed by the country's banking and investment laws, the regulations and authority of administrative agencies, and state and federal court jurisprudence. In the second part, I explain the various approaches of U.S. courts when dealing with Islamic finance in particular, or related topics; such as the religious issue, similarities with conventional debt-based financial products, contractual interpretation, and other policy concerns specific to litigation of Islamic finance disputes in the U.S. The final section briefly describes the system of arbitration in the U.S. as it may concern Islamic finance.
Keywords: Islamic finance, arbitration, choice of law
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