An Analysis of Dispute Resolution Mechanisms in the Islamic Banking and Finance Industry in Malaysia

Jurnal Hukum Novelty

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Field Value
 
Title An Analysis of Dispute Resolution Mechanisms in the Islamic Banking and Finance Industry in Malaysia
 
Creator Zubair, Aishat Abdul-Qadir; Kwara State University
 
Subject
Dispute Resolution; Malaysia; Court System; Arbitration; Mediation

 
Description Introduction to The Problem: With the increasing boost to the Malaysian Islamic finance industry and the sophistication experienced in the industry with regards to product development, there is a substantial downside of such enviable achievements, which is the gradual surge in the number of disputes involving Sharia-compliant transactions. It is therefore important to analyse the existing dispute resolution mechanisms in the Islamic finance industry in Malaysia.Purpose/Objective Study: The article aims to analyse the court system as a dispute resolution mechanism as well as the other alternative dispute resolution mechanisms available to parties in resolving the dispute in the Islamic banking and finance industry in Malaysia. Design/Methodology/Approach: This study adopts a doctrinal legal method in examining the relevant Islamic dispute resolution mechanisms that are unique to Islamic finance disputes.Findings: The findings of this research reveal that some issues are causing untold hardships on parties in Islamic finance contractual disputes with the present jurisdiction of the courts in Malaysia. It is in line with the hypothesis of the research that the continued preference for litigation as a means of settling disputes in the Islamic finance industry is not sustainable due to the paradigm shift in dispute resolution involving financial matters globally.Paper Type: Research Article
 
Publisher Universitas Ahmad Dahlan
 
Contributor
 
Date 2020-08-17
 
Type info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
Peer-reviewed Article

 
Format application/pdf
 
Identifier http://journal.uad.ac.id/index.php/Novelty/article/view/16465
10.26555/novelty.v11i2.a16465
 
Source Jurnal Hukum Novelty; Vol 11, No 2 (2020); 164-178
2550-0090
1412-6834
 
Language eng
 
Relation http://journal.uad.ac.id/index.php/Novelty/article/view/16465/pdf_54
 
Coverage


 
Rights Copyright (c) 2020 Jurnal Hukum Novelty
http://creativecommons.org/licenses/by/4.0
 

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