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International Commercial Arbitration: A Comparative Study between Sharia , Saudi Arabia and English - Essay Example

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International Commercial Arbitration: A Comparative Study between Sharia, Saudi Arabia and English. Overview Commercial arbitration has become the main and preferred method to resolve nearly all commercial disputes among countries, companies and even individuals.1 This is particularly true in the case of industrial and developing countries and the Middle East because of its numerous advantages.2 34For instance, the employment of arbitration enables states to protect and promote national interests because it works within a fair and balanced framework recognized and institutionalized in the international trading community…
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International Commercial Arbitration: A Comparative Study between Sharia , Saudi Arabia and English
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International Commercial Arbitration: A Comparative Study between Sharia , Saudi Arabia and English

Download file to see previous pages... Local courts cannot offer the option to accelerate procedures and it cannot do away with the unnecessary legal processes that are either substantive or procedural in nature. Commercial arbitration is also attractive because it provides confidentiality and reduces costs.5 It is for these reasons why international commercial arbitration flourished along with the development and evolution of the international trade system.6 In the Kingdom of Saudi Arabia (Kingdom), the legislature has been keen to regulate arbitration since the establishment of the Kingdom government.7 This was expected because the Islamic Sharia (Sharia) encourages arbitration as a means to resolve disputes. The Saudi government also found that encouraging arbitration in commercial dispute resolution tend to attract foreign investors.8 In recent years, however, there is a growing concern both in the domestic and international levels regarding the efficacy of commercial arbitration in the Kingdom. ...
The case was the same with the applicable law where the Law mandates for the arbitral tribunal to comply with what is stated in both applicable regulations as well as the provisions of Sharia. Secondly, there is the ambiguity of the Sharia, which is the dominant law in the Kingdom. For many businesses, investors, entrepreneurs, legal experts and even international jurors and arbitrators, the law is confusing and unclear. This is evidenced in many international case laws.10 Such ambiguity can be attributed to both the non-codification of Sharia and the unpublished judicial judgements. Third, the SAL 1983 provided a wide power for the judicial authority in the Kingdom to supervise arbitration since the commencing of the arbitration process until rendering the arbitral award. Moreover, although the Kingdom has joined many regional and international conventions that are concerned with the enforcement of foreign arbitral awards such as the New York Convention 1952, the recognition and enforcement of arbitral awards whether domestic or international remain widely criticized. A key objective of the Saudi government is to improve the investment environment and attract more foreign investment in the Kingdom. For this purpose, it is now focusing on improving the judicial system in general and arbitration in particular. The most recent of these improvements is the enactment of the Saudi Arbitration Law 2012 (SAL 2012) which is inspired by the Model Law that is regarded as a developed model of international commercial arbitration. But this law has stirred some degree of controversy due to issues raised regarding its coverage: the extent of the reform and whether the initiatives would, indeed, improve the arbitral environment in Saudi Arabia. For ...Download file to see next pagesRead More
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