Customers' perceptions on the dispute resolution clauses in Islamic Finance contracts in Malaysia

This empirical legal study examines the perceptions of retail customers on the dispute resolution clauses contained in the governing law and jurisdiction clauses in Islamic finance contracts in Malaysia. Since Islamic financial institutions and their customers are more likely to opt for litigation in the event of a dispute, this study explores ways of providing for unambiguous dispute resolution clauses that are well understood by the parties. Such clauses are expected to incorporate effective dispute resolution processes such as mediation and arbitration through a multi-tiered mechanism. Primary data collected through survey questionnaire administered on 160 Islamic bank customers is analysed using both factor analysis and structural equation modelling via the IBM SPSS version 20 software. The empirical legal study reveals that there is a statistically significant difference among two major groups of customers based on their legal understanding of the dispute resolution clauses in Islamic finance contracts. The group that sought further clarification has a statistically significant path from provision of legal clauses to legal understanding and indirectly to their choice of dispute resolution channels. It therefore follows that there is a need to provide for more effective clauses that allow for mediation and arbitration in the governing law and jurisdiction clauses of Islamic finance contracts in Malaysia. Such alternative dispute resolution processes can be structured in a multi-tiered manner that will only allow for litigation as a last resort. This will allow Islamic financial institutions and their customers to make informed decisions about the best option for effective dispute management

A Conceptual Framework for B2B Electronic Contracting

Electronic contracting aims at improving existing business relationship paradigms and at enabling new forms of contractual relationships. To successfully realize these objectives, an integral understanding of the contracting field must be established. In this paper, we propose a conceptual framework for business-to-business contracting support. The framework provides a complete view over the contracting field. It allows positioning research efforts in the domain, analysing them, placing their goals into perspective, and overseeing future research topics and issues. It is the basis for drawing conclusions about basic requirements to contracting systems

Primitives for Contract-based Synchronization

We investigate how contracts can be used to regulate the interaction between processes. To do that, we study a variant of the concurrent constraints calculus presented in [1], featuring primitives for multi-party synchronization via contracts. We proceed in two directions. First, we exploit our primitives to model some contract-based interactions. Then, we discuss how several models for concurrency can be expressed through our primitives. In particular, we encode the pi-calculus and graph rewriting.Comment: In Proceedings ICE 2010, arXiv:1010.530

Using the event calculus for tracking the normative state of contracts

In this work, we have been principally concerned with the representation of contracts so that their normative state may be tracked in an automated fashion over their deployment lifetime. The normative state of a contract, at a particular time, is the aggregation of instances of normative relations that hold between contract parties at that time, plus the current values of contract variables. The effects of contract events on the normative state of a contract are specified using an XML formalisation of the Event Calculus, called ecXML. We use an example mail service agreement from the domain of web services to ground the discussion of our work. We give a characterisation of the agreement according to the normative concepts of: obligation, power and permission, and show how the ecXML representation may be used to track the state of the agreement, according to a narrative of contract events. We also give a description of a state tracking architecture, and a contract deployment tool, both of which have been implemented in the course of our work.