LSEG & ICD Islamic Finance Development Report 2025, p.8; The global Islamic finance industry holds approximately $5.98 trillion in total assets (as of 2024), with projections indicating it will reach $9.7 trillion by 2029.
[2]
Ilias Bantekas, “Transnational Islamic Finance Disputes: Towards a Convergence with English Contract Lawand International Arbitration”, in Thomas Schultz (ed), Journal of International Dispute Settlement, Volume 12, Issue 3 (2021), (“Bantekas”) at pp. 505 – 523; Abhishek Thommandru, et al, “Historical Paths and Contemporary Evolution of Sharia-Compliant Finance in Central Asian Regions” (2024) 24 Legal Information Management 191-202
[3]
Nathalie Najjar, “Sharia Applicable to the Merits in International Commercial Arbitration”, in Nassib G. Ziade (ed), Liber Amicorum Samir Saleh: Reflections on Dispute Resolution with Particular Emphasis on the Arab World (Kluwer Law International, 2019) (“Najjar”), pp. 215-248; also see Bantekas
[4]
Regulation (EC) No 593/2008 of the European Parliament and of the Council of 17 June 2008 on the law applicable to contractual obligations (Rome I)
[5]
After Brexit, the Law Applicable to Contractual Obligations and Non-Contractual Obligations (Amendment etc.) (EU Exit) Regulations 2019 (the “Regulations”) were approved by Parliament in February 2019 which continued the application of the Rome I and Rome II Regulations in the UK.
[6]
Amin Rasheed Shipping Corp v Kuwait Insurance Co, [1984] AC 50 at pp. 61-62
[7]
[20]-[23], [33]-[36], Halpern v Halpern, [2007] EWCA Civ 291
[8]
[48], [51]-[55], Shamil Bank of Bahrain EC v Beximco Pharmaceuticals Ltd [2004] EWCA Civ 19
[9]
Islamic Investment Company of the Gulf (Bahamas) Ltd v Symphony Gems NV & Ors, 2002 WL 346969
[10]
Islamic Investment Company of the Gulf (Bahamas) Ltd v Symphony Gems NV & Ors, 2002 WL 346969 at pp. 9, 16, 22-23
[11]
[2]-[8], [16]-[17], The Investment Dar Company KSCC v Blom Development Bank SAL [2009] EWHC 3545 (Ch)
[12]
[45]-[47], [80]-[83], Dana Gas PJSC v Dana Gas Sukuk Ltd & Ors [2017] EWHC 2928 (Comm)
[13]
Law on the Application of Civil and Commercial Laws in the DIFC, DIFC Law No. 3 of 2004
[14]
[94]-[98], [109]-[119], [127]-[130], Emirates NBD Bank PJSC & Ors v Advanced Facilities Management LLC & Ors [2022] DIFC CA 012, judgment dated 1 May 2023
[15]
[31]-[40], [115]-[117], [127]-[128], Deyaar Development PJSC v Taaleem PJSC & National Bonds Corporation PJSC [2015] DIFC CA 010
1, Application of English Law Regulations 2015
[16]
[1]-[3], [41]-[45], Syed Abbas bin Mohamed Alsagoff v Islamic Religious Council of Singapore (MUIS) [2009] SGHC 281
[17]
Dubai Court of Cassation, General Assembly Decision No. 9 of 2025 / Cassation No. 9-2025 [CoC GA Decisions], 14 July 2025
[18]
Article 28, UNCITRAL Model Law on International Commercial Arbitration 1985, with amendments as adopted in 2006
[19]
Petroleum Development (Trucial Coast) Ltd v Sheikh of Abu Dhabi (1951) 18 ILR 144
[20]
Ruler of Qatar v International Marine Oil Co Ltd (1953) 20 ILR 534
[21]
Saudi Arabia v Arabian American Oil Company (ARAMCO) (1958) 27 ILR 117
[22]
[17]-[24], [81]-[82], Musawi v Musawi, [2007] EWHC 2981 (Ch)
[23]
[2], [4]-[5], [12]-[14], [30]-[31], Sanghi Polyesters Ltd (India) v The International Investor KCSC (Kuwait), [2001] CLC 748
[24]
Tommaso Vito Russo and Gianluca De Donno, “The Choice of the Shari’a as Governing Law in Arbitration Proceedings” (2022) 33(6) European Business Law Review 881-914; also see [20]-[22], Najjar
[25]
Homayoon Arfazadeh, “Chapter 8. A Practitioner’s Approach to Interest Claims under Sharia Law in International Arbitration” in ICC Dossier No. 5: Interest, Auxiliary and Alternative Remedies in International Arbitration (vol. 5, 2008), pp. 208-214; also see Bantekas
[26]
Bruno Martín Baumeister, “Lex mercatoria islamica: la sharía como ley aplicable al contrato de murabaha bajo el Reglamento Roma I” (2016) 92(754) Revista Crítica de Derecho Inmobiliario 1121-1138
[27]
DIFC Arbitration Law No. 1 of 2008, Article 35(1); DIFC Courts Rules, Part 45; Dubai Law No. 12 of 2004 concerning the Judicial Authority at Dubai International Financial Centre, Article 7, as amended
[28]
Arfazadeh, “Chapter 8. A Practitioner’s Approach to Interest Claims under Sharia Law in International Arbitration” in ICC Dossier No. 5: Interest, Auxiliary and Alternative Remedies in International Arbitration (vol. 5, 2008)
[29]
Swiss Federal Tribunal Decision 4p.267/1996 and 4p.271/1996 of November 3, 1997 in an appeal against an ICC arbitral award
[30]
IAIGC v BAII, ad hoc award rendered in Amman, 17 November 1994, 1998 Revue de l’arbitrage 212, note F. Horchani; also reported in 11(4) Mealey’s International Arbitration Report, section A (1996)
[31]
Final Award in ICC Case No. 7063, rendered in 1993, XXII Yearbook Commercial Arbitration 87 (1997)
[32]
Convention of the Gulf Cooperation Council for the Execution of Judgments, Delegations and Judicial Notifications, 1995, Article 2
