The financial ombudsman scheme as am alternative dispute resolution mechanism for financial disputes: The Malaysian experience

Evils in litigation have led disputing parties to prefer settlement of conflicts via alternative dispute resolution. The evils include lengthy processes, time consuming, expensive cost, stringent and technical procedures, as well as offensive in nature which ruins cordial relationships between li...

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Main Authors:	Syed A Rahman, Syed Fadhil Hanafi, Mokhtar, Khairil Azmin
Format:	Conference or Workshop Item
Language:	English
Published:	Ahmad Ibrahim Kulliyyah of Laws (AIKOL), International Islamic University Malaysia 2017
Subjects:	KBP Islamic Law KPG Malaysia
Online Access:	http://irep.iium.edu.my/57282/ http://irep.iium.edu.my/57282/ http://irep.iium.edu.my/57282/1/57282-edited.pdf

id	iium-57282
recordtype	eprints
spelling	iium-572822017-10-12T00:54:47Z http://irep.iium.edu.my/57282/ The financial ombudsman scheme as am alternative dispute resolution mechanism for financial disputes: The Malaysian experience Syed A Rahman, Syed Fadhil Hanafi Mokhtar, Khairil Azmin KBP Islamic Law KPG Malaysia Evils in litigation have led disputing parties to prefer settlement of conflicts via alternative dispute resolution. The evils include lengthy processes, time consuming, expensive cost, stringent and technical procedures, as well as offensive in nature which ruins cordial relationships between litigants. However, the increased use of alternative dispute resolution especially arbitration and active involvement of legal practitioners in its procedures had caused arbitration to be infected with the same disease like litigations making it not much appealing as it used to be. Hence, people has moved towards using other forms of alternative disputes resolution mechanisms. To encourage the use of alternative dispute resolutions, authorities in various jurisdictions have taken numerous measures to invest it with attractive benefits. In Malaysia, Bank Negara Malaysia as an authority for the financial sector initiated the financial ombudsman scheme to be the preferred, statutory sanctioned alternative dispute resolution mechanism for financial disputes with various incentives. Among the incentives are it is free of charge, speedy and does not require representation by legal practitioner. In this paper, we discuss the history of the financial ombudsman scheme, its purposes, processes and benefits to financial consumers as well as criticisms and suggestions for improvement of the scheme. Ahmad Ibrahim Kulliyyah of Laws (AIKOL), International Islamic University Malaysia 2017 Conference or Workshop Item PeerReviewed application/pdf en http://irep.iium.edu.my/57282/1/57282-edited.pdf Syed A Rahman, Syed Fadhil Hanafi and Mokhtar, Khairil Azmin (2017) The financial ombudsman scheme as am alternative dispute resolution mechanism for financial disputes: The Malaysian experience. In: International Conference on Dispute Resolution 2017 - Modern Trends in Effective Dispute Resolution, 9th-10th August 2017, Kuala Lumpur. https://icdr2017.org/
repository_type	Digital Repository
institution_category	Local University
institution	International Islamic University Malaysia
building	IIUM Repository
collection	Online Access
language	English
topic	KBP Islamic Law KPG Malaysia
spellingShingle	KBP Islamic Law KPG Malaysia Syed A Rahman, Syed Fadhil Hanafi Mokhtar, Khairil Azmin The financial ombudsman scheme as am alternative dispute resolution mechanism for financial disputes: The Malaysian experience
description	Evils in litigation have led disputing parties to prefer settlement of conflicts via alternative dispute resolution. The evils include lengthy processes, time consuming, expensive cost, stringent and technical procedures, as well as offensive in nature which ruins cordial relationships between litigants. However, the increased use of alternative dispute resolution especially arbitration and active involvement of legal practitioners in its procedures had caused arbitration to be infected with the same disease like litigations making it not much appealing as it used to be. Hence, people has moved towards using other forms of alternative disputes resolution mechanisms. To encourage the use of alternative dispute resolutions, authorities in various jurisdictions have taken numerous measures to invest it with attractive benefits. In Malaysia, Bank Negara Malaysia as an authority for the financial sector initiated the financial ombudsman scheme to be the preferred, statutory sanctioned alternative dispute resolution mechanism for financial disputes with various incentives. Among the incentives are it is free of charge, speedy and does not require representation by legal practitioner. In this paper, we discuss the history of the financial ombudsman scheme, its purposes, processes and benefits to financial consumers as well as criticisms and suggestions for improvement of the scheme.
format	Conference or Workshop Item
author	Syed A Rahman, Syed Fadhil Hanafi Mokhtar, Khairil Azmin
author_facet	Syed A Rahman, Syed Fadhil Hanafi Mokhtar, Khairil Azmin
author_sort	Syed A Rahman, Syed Fadhil Hanafi
title	The financial ombudsman scheme as am alternative dispute resolution mechanism for financial disputes: The Malaysian experience
title_short	The financial ombudsman scheme as am alternative dispute resolution mechanism for financial disputes: The Malaysian experience
title_full	The financial ombudsman scheme as am alternative dispute resolution mechanism for financial disputes: The Malaysian experience
title_fullStr	The financial ombudsman scheme as am alternative dispute resolution mechanism for financial disputes: The Malaysian experience
title_full_unstemmed	The financial ombudsman scheme as am alternative dispute resolution mechanism for financial disputes: The Malaysian experience
title_sort	financial ombudsman scheme as am alternative dispute resolution mechanism for financial disputes: the malaysian experience
publisher	Ahmad Ibrahim Kulliyyah of Laws (AIKOL), International Islamic University Malaysia
publishDate	2017
url	http://irep.iium.edu.my/57282/ http://irep.iium.edu.my/57282/ http://irep.iium.edu.my/57282/1/57282-edited.pdf
first_indexed	2023-09-18T21:20:57Z
last_indexed	2023-09-18T21:20:57Z
_version_	1777411877519753216

The financial ombudsman scheme as am alternative dispute resolution mechanism for financial disputes: The Malaysian experience

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