Effective dispute resolution in Takaful-related cases: A case study of the financial mediation bureau in Malaysia

Until recently, discussions of issues relating to dispute resolution in the Islamic finance industry have remained well in the background, as the stakeholders in the industry strived to promote this hitherto niche industry for a global recognition. Interest in studies relating to dispute resolution...

Full description

Bibliographic Details
Main Author:	Oseni, Umar Aimhanosi
Format:	Conference or Workshop Item
Language:	English English English
Published:	2013
Subjects:	HG Finance K Law (General) KBP1 Islamic law.Shariah.Fiqh
Online Access:	http://irep.iium.edu.my/35569/ http://irep.iium.edu.my/35569/ http://irep.iium.edu.my/35569/2/9ICIEF_-_Program_%281%29.pdf http://irep.iium.edu.my/35569/3/Speakers_Conf_Letter.pdf http://irep.iium.edu.my/35569/13/DrOseni1.pdf

id	iium-35569
recordtype	eprints
spelling	iium-355692014-02-12T02:39:01Z http://irep.iium.edu.my/35569/ Effective dispute resolution in Takaful-related cases: A case study of the financial mediation bureau in Malaysia Oseni, Umar Aimhanosi HG Finance K Law (General) KBP1 Islamic law.Shariah.Fiqh Until recently, discussions of issues relating to dispute resolution in the Islamic finance industry have remained well in the background, as the stakeholders in the industry strived to promote this hitherto niche industry for a global recognition. Interest in studies relating to dispute resolution in Islamic banking and finance has mushroomed over the past few years, while the takaful component of the industry has been neglected even though insurance-related issues are more amenable to disputes than others particularly when there are differences regarding claims, limitation of usage of insured property, variations in insurance agreement, and disputes between the Sharī‘ah Supervisory Board and the takaful operator. As a result, the DOME International Takaful Report 2012-2013 briefly examines the relevance of arbitration and dispute resolution in takaful and Retakaful cases. Against this backdrop, this paper examines the need for effective dispute resolution in takaful-related cases with special reference to the model of the Financial Mediation Bureau (FMB) in Malaysia. With an in-depth analysis of the 2011 and 2012 takaful-related cases mediated by FMB, this paper finds that parties do prefer fast and cost-efficient processes for dispute resolution, as takaful schemes also require efficient dispute resolution processes like other commercial transactions. Such successes recorded in Malaysia could be replicated in other jurisdictions offering Islamic financial services. This is important in the drive towards enhancing the legal and regulatory landscape for Islamic financial markets. 2013-09 Conference or Workshop Item PeerReviewed application/pdf en http://irep.iium.edu.my/35569/2/9ICIEF_-_Program_%281%29.pdf application/pdf en http://irep.iium.edu.my/35569/3/Speakers_Conf_Letter.pdf application/pdf en http://irep.iium.edu.my/35569/13/DrOseni1.pdf Oseni, Umar Aimhanosi (2013) Effective dispute resolution in Takaful-related cases: A case study of the financial mediation bureau in Malaysia. In: 9th International Conference on Islamic Economics and Finance, 9-10 September 2013, Istanbul, Turkey. (Unpublished) http://9icief.sesric.org/
repository_type	Digital Repository
institution_category	Local University
institution	International Islamic University Malaysia
building	IIUM Repository
collection	Online Access
language	English English English
topic	HG Finance K Law (General) KBP1 Islamic law.Shariah.Fiqh
spellingShingle	HG Finance K Law (General) KBP1 Islamic law.Shariah.Fiqh Oseni, Umar Aimhanosi Effective dispute resolution in Takaful-related cases: A case study of the financial mediation bureau in Malaysia
description	Until recently, discussions of issues relating to dispute resolution in the Islamic finance industry have remained well in the background, as the stakeholders in the industry strived to promote this hitherto niche industry for a global recognition. Interest in studies relating to dispute resolution in Islamic banking and finance has mushroomed over the past few years, while the takaful component of the industry has been neglected even though insurance-related issues are more amenable to disputes than others particularly when there are differences regarding claims, limitation of usage of insured property, variations in insurance agreement, and disputes between the Sharī‘ah Supervisory Board and the takaful operator. As a result, the DOME International Takaful Report 2012-2013 briefly examines the relevance of arbitration and dispute resolution in takaful and Retakaful cases. Against this backdrop, this paper examines the need for effective dispute resolution in takaful-related cases with special reference to the model of the Financial Mediation Bureau (FMB) in Malaysia. With an in-depth analysis of the 2011 and 2012 takaful-related cases mediated by FMB, this paper finds that parties do prefer fast and cost-efficient processes for dispute resolution, as takaful schemes also require efficient dispute resolution processes like other commercial transactions. Such successes recorded in Malaysia could be replicated in other jurisdictions offering Islamic financial services. This is important in the drive towards enhancing the legal and regulatory landscape for Islamic financial markets.
format	Conference or Workshop Item
author	Oseni, Umar Aimhanosi
author_facet	Oseni, Umar Aimhanosi
author_sort	Oseni, Umar Aimhanosi
title	Effective dispute resolution in Takaful-related cases: A case study of the financial mediation bureau in Malaysia
title_short	Effective dispute resolution in Takaful-related cases: A case study of the financial mediation bureau in Malaysia
title_full	Effective dispute resolution in Takaful-related cases: A case study of the financial mediation bureau in Malaysia
title_fullStr	Effective dispute resolution in Takaful-related cases: A case study of the financial mediation bureau in Malaysia
title_full_unstemmed	Effective dispute resolution in Takaful-related cases: A case study of the financial mediation bureau in Malaysia
title_sort	effective dispute resolution in takaful-related cases: a case study of the financial mediation bureau in malaysia
publishDate	2013
url	http://irep.iium.edu.my/35569/ http://irep.iium.edu.my/35569/ http://irep.iium.edu.my/35569/2/9ICIEF_-_Program_%281%29.pdf http://irep.iium.edu.my/35569/3/Speakers_Conf_Letter.pdf http://irep.iium.edu.my/35569/13/DrOseni1.pdf
first_indexed	2023-09-18T20:50:58Z
last_indexed	2023-09-18T20:50:58Z
_version_	1777409991597096960

Effective dispute resolution in Takaful-related cases: A case study of the financial mediation bureau in Malaysia

Similar Items