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In the burgeoning landscape of the Islamic digital economy, the significance of effective dispute resolution mechanisms cannot be overstated. Rooted in the principles of fairness, justice, and equity, Islamic law provides a robust framework for resolving disputes, emphasizing reconciliation and arbitration. In this context, the nature of disputes in the Islamic digital economy often revolves around contractual disagreements, financial transactions, and intellectual property rights. E-commerce, a cornerstone of the digital economy, presents its own set of challenges, necessitating mechanisms that align with Islamic principles. The integration of technology in dispute management has revolutionized the landscape, offering efficient and accessible solutions. Online dispute resolution (ODR) platforms, such as WIPO Arbitration and Mediation, cater to the specific needs of the fintech sector, providing expedited and culturally sensitive resolutions. Smart contracts and blockchain technology further enhance dispute resolution capabilities, offering immutable records and automated enforcement mechanisms. Use cases of ODR in Islamic transactions on the blockchain demonstrate its relevance and effectiveness in addressing complex disputes. As the Islamic digital economy continues to evolve, the implementation of effective dispute resolution mechanisms remains paramount, ensuring trust, stability, and growth within the ecosystem.
Secretary-General
AlBaraka Forum for Islamic Economy
Former Chief Executive Officer
International Islamic Liquidity Management Corporation, Malaysia
Director
Centre of Islamic and Middle Eastern Law (CIMEL), SOAS University of London
Global Head of Risk Management
Wahed Company - United Kingdom
Partner
DLA Piper, UK
Judge & Adjudicating Arbitrator at AIFC International Arbitration Centre; Partner & Global Head of Islamic Finance at McCarthy Denning
Assistant Professor of Law at University of Bradford
Chair in Finance and Banking Director of Research and Knowledge Exchange
Accounting and Financial Management Newcastle Business School, Northumbria University, Newcastle
Founder and Chief Executive Officer
Finterra, Malaysia
Updated at: 2/11/2023