Pravo.ru published an article titled Islamic Arbitration: Distant Prospect or New Reality? The material was written by Tatiana Polevshchikova, Senior Associate at Rybalkin, Gortsunyan, Dyakin and Partners (RGD), Rinat Gareev, Attorney at ILF, and Abinash Barik, Co-Founder and Partner at Finvest Legal and one of the key developers of the Asian International Arbitration Centre’s Islamic Arbitration Rules 2021 (AIAC i-Arbitration Rules 2021).
Interestingly enough, despite a spike of interest in Islamic finance in Russia in the recent years, little attention is being paid to the resolution of disputes involving Russian parties. The authors spotlight the ways how Russian parties can use international experience both for establishing contractual relations governed by Sharia law and for resolving domestic and international disputes. The article also includes cases from ongoing international law enforcement practice.
Relying on their experience of dispute resolution in Asia and the Middle East, the authors gave their comments on some of the procedural nuances that the parties submitting disputes to arbitration should keep in mind, including the intricacies of regulations based on Sharia principles. They also suggest that readers should consider the possibility of using model arbitration clauses and referring all issues that require clarifications with respect to Sharia law to a special advisory board.
A full English version of this article will be available soon.
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