Dispute resolution in the Islamic banking industry of Tanzania: learning from other jurisdictions

This paper aims to examine the prospects of a dispute resolution framework for the Islamic banking industry in Tanzania under the existing legal framework. Design/methodology/approach: This paper is based on comparative study by drawing significant lessons from other jurisdictions, and argues that t...

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Main Authors:	Hikmany, Abdul Nasser H, Oseni, Umar Aimhanosi
Format:	Article
Language:	English English English
Published:	Emerald Group Publishing Ltd. 2016
Subjects:	HG1501 Banking
Online Access:	http://irep.iium.edu.my/56416/ http://irep.iium.edu.my/56416/ http://irep.iium.edu.my/56416/ http://irep.iium.edu.my/56416/1/56416_Dispute%20resolution%20in%20the%20Islamic%20banking%20industry%20of%20Tanzania.pdf http://irep.iium.edu.my/56416/2/56416_Dispute%20resolution%20in%20the%20Islamic%20banking%20industry%20of%20Tanzania_Scopus.pdf http://irep.iium.edu.my/56416/3/56416_Dispute%20resolution%20in%20the%20Islamic%20banking%20industry%20of%20Tanzania_WoS.pdf

id	iium-56416
recordtype	eprints
spelling	iium-564162017-07-18T01:15:12Z http://irep.iium.edu.my/56416/ Dispute resolution in the Islamic banking industry of Tanzania: learning from other jurisdictions Hikmany, Abdul Nasser H Oseni, Umar Aimhanosi HG1501 Banking This paper aims to examine the prospects of a dispute resolution framework for the Islamic banking industry in Tanzania under the existing legal framework. Design/methodology/approach: This paper is based on comparative study by drawing significant lessons from other jurisdictions, and argues that to avoid some of the initial drawbacks in the dispute resolution framework for Islamic banking transactions in more advanced jurisdictions like Malaysia and United Kingdom, it is important for Tanzania to get it right from the onset to effectively manage Islamic banking disputes. Findings: The study finds that apart from the court system which provides the main avenue for Islamic finance litigation, other processes such as arbitration and mediation which are deemed to be more sustainable could also be developed for effective dispute management. Research limitations/implications: The study focuses on Tanzania banking system with comparison to other jurisdictions. Practical implications: An increase of Sharī’ah-compliant products in Tanzania has led to the establishment of a number of Islamic banks. This study demonstrates the need for Tanzania to make use and/or make adjustment of its laws for effective dispute settlement of banking-related disputes. Originality/value: This study appears to be the first paper to draw significant experiences from other jurisdictions to resolve Islamic banking disputes in Tanzania. It is expected to provide a good policy framework for the stakeholders in the Islamic banking industry in Tanzania. Emerald Group Publishing Ltd. 2016 Article PeerReviewed application/pdf en http://irep.iium.edu.my/56416/1/56416_Dispute%20resolution%20in%20the%20Islamic%20banking%20industry%20of%20Tanzania.pdf application/pdf en http://irep.iium.edu.my/56416/2/56416_Dispute%20resolution%20in%20the%20Islamic%20banking%20industry%20of%20Tanzania_Scopus.pdf application/pdf en http://irep.iium.edu.my/56416/3/56416_Dispute%20resolution%20in%20the%20Islamic%20banking%20industry%20of%20Tanzania_WoS.pdf Hikmany, Abdul Nasser H and Oseni, Umar Aimhanosi (2016) Dispute resolution in the Islamic banking industry of Tanzania: learning from other jurisdictions. International Journal of Islamic and Middle Eastern Finance and Management, 9 (1). pp. 125-142. ISSN 1753-8394 http://www.emeraldinsight.com/doi/full/10.1108/IMEFM-09-2014-0093 http://dx.doi.org/10.1108/IMEFM-09-2014-0093
repository_type	Digital Repository
institution_category	Local University
institution	International Islamic University Malaysia
building	IIUM Repository
collection	Online Access
language	English English English
topic	HG1501 Banking
spellingShingle	HG1501 Banking Hikmany, Abdul Nasser H Oseni, Umar Aimhanosi Dispute resolution in the Islamic banking industry of Tanzania: learning from other jurisdictions
description	This paper aims to examine the prospects of a dispute resolution framework for the Islamic banking industry in Tanzania under the existing legal framework. Design/methodology/approach: This paper is based on comparative study by drawing significant lessons from other jurisdictions, and argues that to avoid some of the initial drawbacks in the dispute resolution framework for Islamic banking transactions in more advanced jurisdictions like Malaysia and United Kingdom, it is important for Tanzania to get it right from the onset to effectively manage Islamic banking disputes. Findings: The study finds that apart from the court system which provides the main avenue for Islamic finance litigation, other processes such as arbitration and mediation which are deemed to be more sustainable could also be developed for effective dispute management. Research limitations/implications: The study focuses on Tanzania banking system with comparison to other jurisdictions. Practical implications: An increase of Sharī’ah-compliant products in Tanzania has led to the establishment of a number of Islamic banks. This study demonstrates the need for Tanzania to make use and/or make adjustment of its laws for effective dispute settlement of banking-related disputes. Originality/value: This study appears to be the first paper to draw significant experiences from other jurisdictions to resolve Islamic banking disputes in Tanzania. It is expected to provide a good policy framework for the stakeholders in the Islamic banking industry in Tanzania.
format	Article
author	Hikmany, Abdul Nasser H Oseni, Umar Aimhanosi
author_facet	Hikmany, Abdul Nasser H Oseni, Umar Aimhanosi
author_sort	Hikmany, Abdul Nasser H
title	Dispute resolution in the Islamic banking industry of Tanzania: learning from other jurisdictions
title_short	Dispute resolution in the Islamic banking industry of Tanzania: learning from other jurisdictions
title_full	Dispute resolution in the Islamic banking industry of Tanzania: learning from other jurisdictions
title_fullStr	Dispute resolution in the Islamic banking industry of Tanzania: learning from other jurisdictions
title_full_unstemmed	Dispute resolution in the Islamic banking industry of Tanzania: learning from other jurisdictions
title_sort	dispute resolution in the islamic banking industry of tanzania: learning from other jurisdictions
publisher	Emerald Group Publishing Ltd.
publishDate	2016
url	http://irep.iium.edu.my/56416/ http://irep.iium.edu.my/56416/ http://irep.iium.edu.my/56416/ http://irep.iium.edu.my/56416/1/56416_Dispute%20resolution%20in%20the%20Islamic%20banking%20industry%20of%20Tanzania.pdf http://irep.iium.edu.my/56416/2/56416_Dispute%20resolution%20in%20the%20Islamic%20banking%20industry%20of%20Tanzania_Scopus.pdf http://irep.iium.edu.my/56416/3/56416_Dispute%20resolution%20in%20the%20Islamic%20banking%20industry%20of%20Tanzania_WoS.pdf
first_indexed	2023-09-18T21:19:35Z
last_indexed	2023-09-18T21:19:35Z
_version_	1777411791681224704

Dispute resolution in the Islamic banking industry of Tanzania: learning from other jurisdictions

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