NEWSLETTER-2017

179 ARBITRATION LAW disputes arising out of commercial agreements that are based on sharia principles. It is foreseen that a global framework for Islamic finance is likely to emerge in the forthcoming years and up to that point, arbitra- tion will be the most suitable dispute resolution method to prevail over the principles of sharia. Secular arbitration is another option suggested by the Task Force that would require arbitrators to apply English or New York Law. Asset Management Lastly, the use of arbitration in asset management is found to be low due to cost, long duration of the jurisdiction, and the absence of stare decisis concerns. Similar to the findings of the Task Force in various other fields, disputes in asset management which, in general, are rooted from the prediction of a financial portfolio’s performance, are found to require an expert with sufficient knowledge in this field 8 . It is noted that such experience may be lacking in some courts, while neutral arbitrators with expertise in this field are globally available. Conclusion The Report of the Task Force aims to enhance the experience of international arbitration among the financial institutions and sectors by drawing a detailed picture of the past and present. It is observed that the attention of the banking and finance sector on arbitration will keep on rising in line with the elimination of misconceptions on inter- national commercial arbitration. may be accessed at: http://klrca.org/Arbitration-KLRCA-Arbitration-Rules- (Revised-2013), Date of Access: 13.02.2017. 8 Henri-Paul Lemaitre / Duarte Gorjão Henriques, “ Financial Institutions and International Arbitration – Asset Management ”, Kluwer Arbitration Blog , ac- cessed at: http://kluwerarbitrationblog.com/2016/12/27/financial-institutions- and-international-arbitration-asset-management/, Date of Access: 10.02.2017.