Dispute resolution mechanisms in the Islamic finance industry in Malaysia: towards a legal framework

The recent ground breaking reforms in the legal and regulatory framework for Islamic banking and finance in Malaysia usher in a new phase in the modern history of this hitherto niche market. As part of these latest reforms, a major paradigm shift in the process of dispute resolution is the introduct...

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Main Authors:	Engku Ali, Engku Rabiah Adawiah, Oseni, Umar Aimhanosi, Adewale, Abideen Adeyemi, Mohd. Zain, Nor Razinah
Format:	Article
Language:	English English
Published:	IIUM 2015
Subjects:	HG Finance KBP Islamic Law
Online Access:	http://irep.iium.edu.my/47135/ http://irep.iium.edu.my/47135/ http://irep.iium.edu.my/47135/1/Dispute_Resolution_Mechanisms_in_IF_Industry_in_Malaysia_-_Al-Shajarah.pdf http://irep.iium.edu.my/47135/4/47135_Dispute_resolution_mechanisms_in_the_Islamic_finance_industry_in_Malaysia_WOS.pdf

id	iium-47135
recordtype	eprints
spelling	iium-471352018-12-12T03:39:04Z http://irep.iium.edu.my/47135/ Dispute resolution mechanisms in the Islamic finance industry in Malaysia: towards a legal framework Engku Ali, Engku Rabiah Adawiah Oseni, Umar Aimhanosi Adewale, Abideen Adeyemi Mohd. Zain, Nor Razinah HG Finance KBP Islamic Law The recent ground breaking reforms in the legal and regulatory framework for Islamic banking and finance in Malaysia usher in a new phase in the modern history of this hitherto niche market. As part of these latest reforms, a major paradigm shift in the process of dispute resolution is the introduction of the financial ombudsman scheme (FOS) that typifies the classical muḥtasib model in Islamic law. Against this backdrop, this paper provides a theoretical framework of dispute resolution mechanisms in the Islamic banking and finance industry in Malaysia with special reference to the Islamic legal paradigm. While adopting an analytical approach in examining the relevant issues, the paper argues that effective dispute resolution mechanisms that are annexed to the traditional litigation process based on the Islamic legal paradigm will enhance the grievance redress system. It therefore proposes an Islamic-based multi-tier process of dispute resolution that does not only take into consideration the classical processes of dispute resolution in Islamic law but also their potentials in streamlining the prevailing dispute resolution framework in the Islamic banking and finance industry in Malaysia. IIUM 2015-12 Article PeerReviewed application/pdf en http://irep.iium.edu.my/47135/1/Dispute_Resolution_Mechanisms_in_IF_Industry_in_Malaysia_-_Al-Shajarah.pdf application/pdf en http://irep.iium.edu.my/47135/4/47135_Dispute_resolution_mechanisms_in_the_Islamic_finance_industry_in_Malaysia_WOS.pdf Engku Ali, Engku Rabiah Adawiah and Oseni, Umar Aimhanosi and Adewale, Abideen Adeyemi and Mohd. Zain, Nor Razinah (2015) Dispute resolution mechanisms in the Islamic finance industry in Malaysia: towards a legal framework. Al-Shajarah: Journal of the International Institute of Islamic Thought and Civilization (ISTAC), 20 (S). pp. 19-40. ISSN 1394-6870 http://journals.iium.edu.my/shajarah/index.php/shaj
repository_type	Digital Repository
institution_category	Local University
institution	International Islamic University Malaysia
building	IIUM Repository
collection	Online Access
language	English English
topic	HG Finance KBP Islamic Law
spellingShingle	HG Finance KBP Islamic Law Engku Ali, Engku Rabiah Adawiah Oseni, Umar Aimhanosi Adewale, Abideen Adeyemi Mohd. Zain, Nor Razinah Dispute resolution mechanisms in the Islamic finance industry in Malaysia: towards a legal framework
description	The recent ground breaking reforms in the legal and regulatory framework for Islamic banking and finance in Malaysia usher in a new phase in the modern history of this hitherto niche market. As part of these latest reforms, a major paradigm shift in the process of dispute resolution is the introduction of the financial ombudsman scheme (FOS) that typifies the classical muḥtasib model in Islamic law. Against this backdrop, this paper provides a theoretical framework of dispute resolution mechanisms in the Islamic banking and finance industry in Malaysia with special reference to the Islamic legal paradigm. While adopting an analytical approach in examining the relevant issues, the paper argues that effective dispute resolution mechanisms that are annexed to the traditional litigation process based on the Islamic legal paradigm will enhance the grievance redress system. It therefore proposes an Islamic-based multi-tier process of dispute resolution that does not only take into consideration the classical processes of dispute resolution in Islamic law but also their potentials in streamlining the prevailing dispute resolution framework in the Islamic banking and finance industry in Malaysia.
format	Article
author	Engku Ali, Engku Rabiah Adawiah Oseni, Umar Aimhanosi Adewale, Abideen Adeyemi Mohd. Zain, Nor Razinah
author_facet	Engku Ali, Engku Rabiah Adawiah Oseni, Umar Aimhanosi Adewale, Abideen Adeyemi Mohd. Zain, Nor Razinah
author_sort	Engku Ali, Engku Rabiah Adawiah
title	Dispute resolution mechanisms in the Islamic finance industry in Malaysia: towards a legal framework
title_short	Dispute resolution mechanisms in the Islamic finance industry in Malaysia: towards a legal framework
title_full	Dispute resolution mechanisms in the Islamic finance industry in Malaysia: towards a legal framework
title_fullStr	Dispute resolution mechanisms in the Islamic finance industry in Malaysia: towards a legal framework
title_full_unstemmed	Dispute resolution mechanisms in the Islamic finance industry in Malaysia: towards a legal framework
title_sort	dispute resolution mechanisms in the islamic finance industry in malaysia: towards a legal framework
publisher	IIUM
publishDate	2015
url	http://irep.iium.edu.my/47135/ http://irep.iium.edu.my/47135/ http://irep.iium.edu.my/47135/1/Dispute_Resolution_Mechanisms_in_IF_Industry_in_Malaysia_-_Al-Shajarah.pdf http://irep.iium.edu.my/47135/4/47135_Dispute_resolution_mechanisms_in_the_Islamic_finance_industry_in_Malaysia_WOS.pdf
first_indexed	2023-09-18T21:07:06Z
last_indexed	2023-09-18T21:07:06Z
_version_	1777411006038802432

Dispute resolution mechanisms in the Islamic finance industry in Malaysia: towards a legal framework

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