Commercial Arbitration In The Islamic Middle East Case Study

1.2 Commercial Arbitration in the Islamic Middle East Massive world’s oil reserves lie in the countries lying in the Gulf, and most of the world corporations are keen to do business in the region. Therefore, the Co-operation Council from now on referred to as GCC is well represented in the international business environment. Countries trading with the Middle East and North Africa (MENA) have complained about lenient or ineffective modern arbitration rules and regulation in the member states. However, progress has been made from the previous decades. Oman, passed legislation in 1997 allowing implementation of the Model Law on International Commercial Arbitration of 1985 which was later amended in 2006. However, some countries have shown†¦show more content†¦Many scholars are of the view that contemporary methods of arbitration have compatibility with the sharia laws but practices by some countries in the region have been frustrating to the arbitration cases mostly touching on oil concession with western firms. The primary focus includes the rules of sharia regarding arbitration about the local law in these countries will be made when necessary. 1.2.1 Arbitration under Sharia Laws Arbitration in local and international roles is present in the Islamic Middle-East. Nowadays, the countries in Islamic Middle-Eastern countries like the United Arab Emirates, Bahrain is a reflection of centuries-old practices where individuals and companies relied on arbitration within to solve disputes. The history of commercial arbitration in the region is replete with a shaky history. Currently, the model of arbitration used in the region does not incline toward the western arbitral system. The main reasons for this are due to the role played by religion in shaping both political and legal structure. To this regard, it has a high influence in influencing the conceptualization of the process of arbitration in the region. In the context of resolving disputes in the Islam sharia law recognizes such and tahkim as the primary methods of resolving the dispute. Sulh can be compared with the Western concept of addressing disputes where the parties reach an agreement without seeking help from a third party. Contrary, withinShow MoreRelatedPolitical Analysis of Qatar3720 Words   |  15 Pagesconstitution, and launch of Al Jazeera. Qatar served as headquarter and one of the main launching sites of U.S. invasion of Iraq in 2003. In December 2010, Qatar was selected to host the 2022 FIFA world cup and thus Qatar will be the first country of Middle East to host the tournament. Qataris celebrate their national day on 18th December. 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