The Need and Policy for Legislating the Principles of Islamic Financial Transactions as a Law Applicable in Litigation and Arbitration

Abstract

This research deals with the importance of legislating the principles of Islamic financial transactions in litigation and arbitration as applicable law, because the applicable law is one of the most important legal issues that arise in the field of litigation and arbitration, the judge and arbitrator do not adjudicate the dispute according to his personal knowledge, but according to the applicable law agreed upon by the parties to the dispute or the law that is applied in accordance with the rules of conflict of laws. There are many precedents in the field of litigation and arbitration in which the question of considering Sharia as an applicable law was raised, and the answer was not to consider Sharia as an applicable law. This is because of the need of legislating the principles of Islamic Sharia in the field of Islamic financial transactions.