1. Legal and Sharia problems of Islamic financial transactions
a. Diversification of Islamic financial transactions results in legal problems necessitating solutions
b. Achieving harmony between Sharia grounds and legal principles of Islamic financial transactions
2. Competencies of Islamic Commercial Arbitrator
a. Arbitration is the fruitful and appropriate method of settling the disputes arising from Islamic commercial transactions at the international level.
b. An arbitrator performs an essential role in Islamic commercial arbitration. As such, he must enjoy certain competencies distinguishing him from other arbitrators who work at other fields.
3. Codification of Islamic transactions and the impact on commercial arbitration
a. The United Arab Emirates aspires to assume a leading role in codifying Islamic financial transactions at the Islamic and Arabic World and Asian levels. To this end, it exerts efforts to prepare a sententious document encompassing the regulations of such transactions, relevant disputes and means of settlement.
b. Arbitration will be the appropriate guarantee of trust and safety for carrying out codified Islamic transactions and the appropriate method for the settlement of relevant disputes at the global levels.
4. Role of justice in the support and development of Islamic commercial arbitration
This theme states that although arbitration is performed as per the law enacted by the legislator, it requires the interference of justice in order to be fully effective. The supporting role of justice is obvious through the following:
a. The role preceding the arbitration: The justice ascertains the existence of mutual consent regarding arbitration and the legitimacy of such consent.
b. The role of supporting the arbitration: Following the commencement of arbitration, the justice ensures that no obstacles exist such as the choice and challenge of arbitrators, extending the period of arbitration, taking time and preventive measures and issuing letters of request.
c. The role of justice following the verdict of arbitration: A verdict is only a decision and cannot have effect without the support of justice. On the other hand, the justice, within respective jurisdiction, has the right of examining the cases filed against arbitration verdicts.
5. Role of academic and professional institutions in the development and qualification of arbitrators
This theme highlights the important role of academic and professional institutions in the enhancement of arbitration and developing and qualifying arbitrators. It aims at leveraging the programs and plans available in such institutions to qualify arbitrators and hone their skills based upon scholarly well-structured methods.
6. Examples of Islamic Commercial Arbitration Institutions
Some institutions of Islamic commercial arbitration will be presented as examples. Certain issues of importance will be highlighted.