PAKISTAN: An alternative dispute resolution (ADR) system, like mediation and arbitration or hybrid models, was proposed by the Securities and Exchange Commission of Pakistan (SECP) – stating that traditional legal systems and courts may not always fully align with Islamic principles, potentially leading to outcomes that are not Shariah acceptable. Further advantages of this ADR include being faster and cheaper compared to traditional litigation – an efficiency particularly important in the fast-paced financial sector. ADR processes typically offer greater confidentiality than court proceedings, where specialized expertise dedicated to Islamic finance contracts can help ensure informed and equitable resolutions.
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