Urgency of Arbitration Clause in Determining the Resolution of Sharia Economic Disputes

Abstract

This study explains the importance of the arbitration clause in determining the resolution of sharia economic disputes. The settlement of economic disputes in the Court is less in the interest of the economic actors, because of the long time, the limited resources and the results of the win-loss cause damage to future business relations. Resolution of arbitration disputes is an alternative choice. Using qualitative method, a type of doctrinal research with a normative juridical approach, this study will analyze the legal basis of arbitration of economic dispute from Islamic and Indonesian legal perspectives. It is argued that dispute resolution using arbitration has many advantages over litigation (Court), dues to its the nature of prioritizing negotiations, avoiding hostility so that business relationships will still be intertwined properly. Anticipating a dispute in a commercial agreement between the two parties, it is important to make an arbitration clause separate from the commercial agreement (principal agreement). The arbitration clause is binding on both parties. Arbitration caluses (*clauses) should be emphasized in economic sharia contracts to accelerate the movement of the sharia economy in the future.