Preferences of disputes resolution mechanisms in Islamic financial services industry in Malaysia

The groundbreaking reforms in the legal and regulatory framework for Islamic financial services industry in Malaysia open a new phase in the modern history of this market. The financial ombudsman scheme (FOS) is applied by the Ombudsman of Financial Services (OFS) and resembles the classical muht...

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Main Authors:	Mohd. Zain, Nor Razinah, Engku Ali, Engku Rabiah Adawiah, Abideen, Adewale Abideen
Format:	Conference or Workshop Item
Language:	English
Published:	Ahmad Ibrahim Kulliyyah of Laws (AIKOL), International Islamic University Malaysia 2017
Subjects:	KPG Malaysia
Online Access:	http://irep.iium.edu.my/57618/ http://irep.iium.edu.my/57618/ http://irep.iium.edu.my/57618/7/57618.pdf

id	iium-57618
recordtype	eprints
spelling	iium-576182018-12-12T03:31:28Z http://irep.iium.edu.my/57618/ Preferences of disputes resolution mechanisms in Islamic financial services industry in Malaysia Mohd. Zain, Nor Razinah Engku Ali, Engku Rabiah Adawiah Abideen, Adewale Abideen KPG Malaysia The groundbreaking reforms in the legal and regulatory framework for Islamic financial services industry in Malaysia open a new phase in the modern history of this market. The financial ombudsman scheme (FOS) is applied by the Ombudsman of Financial Services (OFS) and resembles the classical muhtasib model in Islamic law. Earlier on, the i-Arbitration Rules (Revised 2013) was introduced by the Kuala Lumpur Regional Centre for Arbitration (KLRCA). Focusing in making Malaysia as the global dispute resolution hub for Islamic financial services, this research investigates the preferences of dispute resolution mechanisms among Malaysian retail customers in resolving disputes with their Islamic banks. While employing aqualitative legal approach on the availabilityof dispute resolution mechanisms for Islamic financial services in Malaysia, it is found that Shariah Advisory Council of Bank Negara (SAC) has an essential role as an expert body for reference in disputes involving Islamic financial services. Such reference to SAC is significant in ensuring the Shariah-compliance nature in the disputes of Islamic financial services. A collaborative bridge between the SAC and the institutions that offer dispute resolution mechanism must be built and maintained at all time Ahmad Ibrahim Kulliyyah of Laws (AIKOL), International Islamic University Malaysia 2017 Conference or Workshop Item PeerReviewed application/pdf en http://irep.iium.edu.my/57618/7/57618.pdf Mohd. Zain, Nor Razinah and Engku Ali, Engku Rabiah Adawiah and Abideen, Adewale Abideen (2017) Preferences of disputes resolution mechanisms in Islamic financial services industry in Malaysia. 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	KPG Malaysia
spellingShingle	KPG Malaysia Mohd. Zain, Nor Razinah Engku Ali, Engku Rabiah Adawiah Abideen, Adewale Abideen Preferences of disputes resolution mechanisms in Islamic financial services industry in Malaysia
description	The groundbreaking reforms in the legal and regulatory framework for Islamic financial services industry in Malaysia open a new phase in the modern history of this market. The financial ombudsman scheme (FOS) is applied by the Ombudsman of Financial Services (OFS) and resembles the classical muhtasib model in Islamic law. Earlier on, the i-Arbitration Rules (Revised 2013) was introduced by the Kuala Lumpur Regional Centre for Arbitration (KLRCA). Focusing in making Malaysia as the global dispute resolution hub for Islamic financial services, this research investigates the preferences of dispute resolution mechanisms among Malaysian retail customers in resolving disputes with their Islamic banks. While employing aqualitative legal approach on the availabilityof dispute resolution mechanisms for Islamic financial services in Malaysia, it is found that Shariah Advisory Council of Bank Negara (SAC) has an essential role as an expert body for reference in disputes involving Islamic financial services. Such reference to SAC is significant in ensuring the Shariah-compliance nature in the disputes of Islamic financial services. A collaborative bridge between the SAC and the institutions that offer dispute resolution mechanism must be built and maintained at all time
format	Conference or Workshop Item
author	Mohd. Zain, Nor Razinah Engku Ali, Engku Rabiah Adawiah Abideen, Adewale Abideen
author_facet	Mohd. Zain, Nor Razinah Engku Ali, Engku Rabiah Adawiah Abideen, Adewale Abideen
author_sort	Mohd. Zain, Nor Razinah
title	Preferences of disputes resolution mechanisms in Islamic financial services industry in Malaysia
title_short	Preferences of disputes resolution mechanisms in Islamic financial services industry in Malaysia
title_full	Preferences of disputes resolution mechanisms in Islamic financial services industry in Malaysia
title_fullStr	Preferences of disputes resolution mechanisms in Islamic financial services industry in Malaysia
title_full_unstemmed	Preferences of disputes resolution mechanisms in Islamic financial services industry in Malaysia
title_sort	preferences of disputes resolution mechanisms in islamic financial services industry in malaysia
publisher	Ahmad Ibrahim Kulliyyah of Laws (AIKOL), International Islamic University Malaysia
publishDate	2017
url	http://irep.iium.edu.my/57618/ http://irep.iium.edu.my/57618/ http://irep.iium.edu.my/57618/7/57618.pdf
first_indexed	2023-09-18T21:21:27Z
last_indexed	2023-09-18T21:21:27Z
_version_	1777411909654413312

Preferences of disputes resolution mechanisms in Islamic financial services industry in Malaysia

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