INCEIF's Intellectual Discourse Aims To Raise Awareness Of Legal Issues In Islamic Finance

Bernama -- The International Centre for Education in Islamic Finance (INCEIF) expects its Intellectual Discourse Series V - Settlement of Islamic Finance and Banking Disputes: Issues and Solutions, to raise the awareness of important legal issues in Islamic finance.

It will be held on Aug 28, 2008 at Bank Negara Malaysia building.

Prof Dr.Zainal Azam Abdul Rahman, head of Shariah and Legal Studies Department of INCEIF said the programme will address the potentiality and capability of Islamic finance in handling and settling disputes arising from commercial transactions.

"The discourse will take into consideration the current scenario in the industry in terms of the existence of relevant laws, availability of qualified judges, arbitrators and lawyers and the willingness of the disputing parties to resort to Islamic dispute settlement mechanisms," he told a press conference here Thursday.

He said based on industry experts' opinions, Islamic banking and finance has greater growth potential but certain critical areas have yet to mature among them being the legal and judicial aspects.

"Through the discourse, INCEIF hopes to draw the attention of the industry to the importance of having adequate provisions for the settlement of Islamic finance disputes, examine the adequacy of the current practices with regards to the ability in handling and settling Islamic finance disputes," he said.

Other issues that will be addressed are the formation of suitable local and international bodies or institutions for handling and settling Islamic finance disputes in a Syariah compliant manner, he said.

Apart from Islamic banking and finance players, the intellectual discourse is also open to individuals who are looking to expand their understanding of Syariah and legal issues in relation to Islamic finance.