AAOIFI Standards as a choice of law applicable in Islamic finance disputes: A vision in the light of Hague principles 2015

Abstract

The research explains the relation between the Shari’ah rules and the applicable law in international commercial contracts under the principle of party autonomy. The article explores the addition of Hague principles on choice of law in international commercial contracts disputes (Chapter I), and Hague principles as a bridge to the application of AAOIFI Standards in the Islamic finance disputes: Challenges and opportunities (Chapter II). The research recommends to develop AAOIFI Standards to integrate in the legal framework governing the Islamic finance disputes with the emergence of soft law wave in the international financial arena.