The Regulatory Framework Governing Traditional Arbitration in Resolving Islamic Banking Disputes in Malaysia: The Time for Change

Jurnal Hukum Novelty

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Field Value
 
Title The Regulatory Framework Governing Traditional Arbitration in Resolving Islamic Banking Disputes in Malaysia: The Time for Change
 
Creator Labanieh, Mohamad Fateh; School of Law, Universiti Utara Malaysia
Hussain, Mohammad Azam; (Scopus ID 57192071373, Universiti Utara Malaysia)
Mahdzir, Nazli; School of Law, Universiti Utara Malaysia
 
Subject Arbitration Law
Arbitration; E-Arbitration; Online Dispute Resolution (ODR); Islamic Banking
Law
 
Description Introduction to The Problem: Malaysia has established its place as a global leader in Islamic banking due to the considerable efforts made by the Malaysian lawmakers to enhance the Islamic banking dispute resolution framework and provide the Islamic banking disputants with several resolution mechanisms, such as traditional arbitration. However, using traditional arbitration in resolving Islamic banking disputes is not free from criticisms. Therefore, there is a need to find an alternative or enhanced form of traditional arbitration mechanism.Purpose/Objective Study: This article examines the regulatory framework governing traditional arbitration in resolving Islamic banking disputes in Malaysia.Design/Methodology/Approach: This article is based on doctrinal legal research Methodology. Primary data was secured from several sources, such as Acts, Laws, and Court Cases. While secondary data was collected from books, journal articles, and online databases. Both data are analyzed by using critical and analytical approaches.Findings: It is found that Arbitration Act 2005 (Act 646) and I-Arbitration Rules 2018 have been subjected to several amendments to align with the international norms and best practices. However, Malaysian lawmakers should start thinking out of the box by reinforcing the Islamic banking disputants with an effective resolution mechanism known as electronic arbitration (hereinafter referred to as “e-arbitration”). Doing so would facilitate prompt access to justice in Islamic banking disputes in Malaysia.Paper Type: Research Article.
 
Publisher Universitas Ahmad Dahlan
 
Contributor School of Law, Universiti Utara Malaysia
 
Date 2021-10-05
 
Type info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
Peer-reviewed Article
Legal Research; Library Method; Qualitative
 
Format application/pdf
 
Identifier http://journal.uad.ac.id/index.php/Novelty/article/view/20791
10.26555/novelty.v12i2.a20791
 
Source Jurnal Hukum Novelty; Vol 12, No 2 (2021); 137-152
2550-0090
1412-6834
 
Language eng
 
Relation http://journal.uad.ac.id/index.php/Novelty/article/view/20791/pdf_71
 
Coverage Malaysia
Development of arbitration law
Legislations
 
Rights Copyright (c) 2021 Jurnal Hukum Novelty
http://creativecommons.org/licenses/by/4.0
 

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