Arbitration

Arbitration is one of the requirements for Islamic banks. The cancellation of arbitration violates one of the Shariah-compliant conditions upon which these banks are obligated to adhere. Arbitration is based on the provisions of Islamic Sharia, while the judiciary judges according to statutory laws. Arbitration is initiated by mutual agreement of both parties involved. In the event of a dispute between them, recourse to the judiciary is pursued. It is noteworthy that arbitration does not preclude utilizing the provisions of the Banking Courts Law.