Towards a global hub: The legal framework for dispute resolution in Malaysia’s Islamic finance industry
Purpose – The paper aims to examine significant developments in the institutional framework for dispute resolution in the Islamic finance industry in Malaysia. Malaysia, as part of its efforts to consolidate its enviable Islamic finance industry, has strengthened its institutional framework for d...
| Main Authors: | , |
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| Format: | Article |
| Language: | English English English |
| Published: |
Emerald Group Publishing Limited
2016
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| Subjects: | |
| Online Access: | http://irep.iium.edu.my/49948/ http://irep.iium.edu.my/49948/ http://irep.iium.edu.my/49948/ http://irep.iium.edu.my/49948/1/Towards_a_Global_Hub_-_The_Legal_Framework_for_Dispute_Reoslution_in_Malaysia%27s_Islamic_FInance_Industry.pdf http://irep.iium.edu.my/49948/4/49948_towards_a_global_hub_scopus.pdf http://irep.iium.edu.my/49948/5/49948_towards_a_global_hub_wos.pdf |
| Summary: | Purpose – The paper aims to examine significant developments in the institutional framework for
dispute resolution in the Islamic finance industry in Malaysia. Malaysia, as part of its efforts to
consolidate its enviable Islamic finance industry, has strengthened its institutional framework for
dispute resolution.
Design/methodology/approach – Data for this study were collected from both primary and
secondary legal sources. Through a conceptual legal analysis, the institutional frameworks of dispute
resolution in the Malaysia’s Islamic finance industry are studied.
Findings – The study finds that Malaysia is far ahead of other jurisdictions by a significant margin in
spearheading reforms in the emerging global Islamic finance industry. The dispute resolution
framework has been largely affected by the recent reforms.
Research limitations/implications – Other jurisdictions may borrow a leaf from Malaysia’s
initiative in providing a robust legal framework for dispute management in the Islamic finance
industry.
Practical implications – Apart from adopting Malaysia’s framework and possibly adapting it to
suit their specific local variations, other jurisdictions may also encourage Islamic financial institutions
to incorporate effective dispute resolution processes in Islamic finance contracts.
Originality value – This study critically discussed most recent developments in the institutional
framework on dispute resolution in the Islamic finance industry in Malaysia. |
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