Abstract

This article discusses the impact of the prohibition of Riba (interest) under Shari'ah on the ability of dispute settlement body (in particular an arbitral tribunal) to award post-award interest and on the enforcement of such awards in those Islamic countries that their legal systems are strongly influenced by principles of Shari'ah. It argues that this problem can be solved by issuing an award on specific performance combined with an award on liquidated damages for late/non- compliance with the arbitration award. In such circumstances, it is highly recommended that parties agree on such ...