The Development of islamic finance alternative dispute resolution framework in Malaysia

Research output: Contribution to journalArticle

4 Citations (Scopus)

Abstract

The sustainable growth and rapid evolution of Islamic finance industry depends on the comprehensive legal framework. The growth of Islamic finance industry has resulted in the increased levels of disputes and thus need for an authoritative and specialist body that can adjudicate and provide reliable decision. The objective of this study is to examine the development of Islamic finance dispute resolutions framework in Malaysia. It is argued that court is the proper forum of settlement. Nevertheless, the court faced many challenges in exercising its duty as to the nature of the transaction which combine both Islamic and conventional contract. The methodology adopted is qualitative in nature and institution analysis. The study analysed the institutional framework of ADR in Islamic finance industry, such as Kuala Lumpur Regional Centre for Arbitration (KLRCA), Financial Mediation Bureau, Shariah Advisory Council and Malaysia Mediation Centre. In conclusion, the study found that ADR supplements the current litigation process of Islamic finance cases

Original languageEnglish
Pages (from-to)1-6
Number of pages6
JournalInternational Business Management
Volume8
Issue number1
DOIs
Publication statusPublished - 2014

Fingerprint

Alternative dispute resolution
Islamic finance
Malaysia
Industry
Mediation
Litigation
Institutional framework
Dispute resolution
Arbitration
Sustainable growth
Dispute
Methodology
Legal framework

Keywords

  • Alternative disputes resolution
  • Arbitration
  • Islamic finance
  • Litigation
  • Mediation

ASJC Scopus subject areas

  • Business and International Management
  • Strategy and Management

Cite this

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title = "The Development of islamic finance alternative dispute resolution framework in Malaysia",
abstract = "The sustainable growth and rapid evolution of Islamic finance industry depends on the comprehensive legal framework. The growth of Islamic finance industry has resulted in the increased levels of disputes and thus need for an authoritative and specialist body that can adjudicate and provide reliable decision. The objective of this study is to examine the development of Islamic finance dispute resolutions framework in Malaysia. It is argued that court is the proper forum of settlement. Nevertheless, the court faced many challenges in exercising its duty as to the nature of the transaction which combine both Islamic and conventional contract. The methodology adopted is qualitative in nature and institution analysis. The study analysed the institutional framework of ADR in Islamic finance industry, such as Kuala Lumpur Regional Centre for Arbitration (KLRCA), Financial Mediation Bureau, Shariah Advisory Council and Malaysia Mediation Centre. In conclusion, the study found that ADR supplements the current litigation process of Islamic finance cases",
keywords = "Alternative disputes resolution, Arbitration, Islamic finance, Litigation, Mediation",
author = "Manaf, {Unaizah Abdul} and Ruzian Markom and {Mohd. Ali}, Hasani and {Abdul Rahim Merican}, {Rooshida Merican} and Hassim, {Jady @ Zaidi} and Noor Mohamad",
year = "2014",
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journal = "International Business Management",
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T1 - The Development of islamic finance alternative dispute resolution framework in Malaysia

AU - Manaf, Unaizah Abdul

AU - Markom, Ruzian

AU - Mohd. Ali, Hasani

AU - Abdul Rahim Merican, Rooshida Merican

AU - Hassim, Jady @ Zaidi

AU - Mohamad, Noor

PY - 2014

Y1 - 2014

N2 - The sustainable growth and rapid evolution of Islamic finance industry depends on the comprehensive legal framework. The growth of Islamic finance industry has resulted in the increased levels of disputes and thus need for an authoritative and specialist body that can adjudicate and provide reliable decision. The objective of this study is to examine the development of Islamic finance dispute resolutions framework in Malaysia. It is argued that court is the proper forum of settlement. Nevertheless, the court faced many challenges in exercising its duty as to the nature of the transaction which combine both Islamic and conventional contract. The methodology adopted is qualitative in nature and institution analysis. The study analysed the institutional framework of ADR in Islamic finance industry, such as Kuala Lumpur Regional Centre for Arbitration (KLRCA), Financial Mediation Bureau, Shariah Advisory Council and Malaysia Mediation Centre. In conclusion, the study found that ADR supplements the current litigation process of Islamic finance cases

AB - The sustainable growth and rapid evolution of Islamic finance industry depends on the comprehensive legal framework. The growth of Islamic finance industry has resulted in the increased levels of disputes and thus need for an authoritative and specialist body that can adjudicate and provide reliable decision. The objective of this study is to examine the development of Islamic finance dispute resolutions framework in Malaysia. It is argued that court is the proper forum of settlement. Nevertheless, the court faced many challenges in exercising its duty as to the nature of the transaction which combine both Islamic and conventional contract. The methodology adopted is qualitative in nature and institution analysis. The study analysed the institutional framework of ADR in Islamic finance industry, such as Kuala Lumpur Regional Centre for Arbitration (KLRCA), Financial Mediation Bureau, Shariah Advisory Council and Malaysia Mediation Centre. In conclusion, the study found that ADR supplements the current litigation process of Islamic finance cases

KW - Alternative disputes resolution

KW - Arbitration

KW - Islamic finance

KW - Litigation

KW - Mediation

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