Shariah Arbitration in Islamic Finance Transaction: An Urgent Need for Muslim Arbitrators

Abstract

Muslim Arbitrators are needed to settle the dispute in Islamic Finance. The process Model in Shariah Arbitration may differ from the tahkim and conventional arbitration which is based totally on the UNCITRAL Arbitration Model and Rules. However, to be in line with internationality of the principles enunciated in UNCITRAL, there is no requirement under the it stating that an arbitrator should not be or must be a Muslim. Based on this comprehension, this paper attempts to propose that the appointment of an arbitrator in Islamic finance should be a Muslim. The paper ends with conclusion and some recommendations for future embarcation on the issue.