The Institutional Framework for Alternative Dispute Resolution in Islamic Finance : Evidence from Malaysia

2016 ◽  
Vol 12 (2) ◽  
pp. 169-202
Author(s):  
Abu Umar Faruq Ahmad ◽  
Hakimah Yaacob
2016 ◽  
Vol 58 (1) ◽  
pp. 48-72 ◽  
Author(s):  
Umar A. Oseni ◽  
Abu Umar Faruq Ahmad

Purpose – The paper aims to examine significant developments in the institutional framework for dispute resolution in the Islamic finance industry in Malaysia. Malaysia, as part of its efforts to consolidate its enviable Islamic finance industry, has strengthened its institutional framework for dispute resolution. Design/methodology/approach – Data for this study were collected from both primary and secondary legal sources. Through a conceptual legal analysis, the institutional frameworks of dispute resolution in the Malaysia’s Islamic finance industry are studied. Findings – The study finds that Malaysia is far ahead of other jurisdictions by a significant margin in spearheading reforms in the emerging global Islamic finance industry. The dispute resolution framework has been largely affected by the recent reforms. Research limitations/implications – Other jurisdictions may borrow a leaf from Malaysia’s initiative in providing a robust legal framework for dispute management in the Islamic finance industry. Practical implications – Apart from adopting Malaysia’s framework and possibly adapting it to suit their specific local variations, other jurisdictions may also encourage Islamic financial institutions to incorporate effective dispute resolution processes in Islamic finance contracts. Originality value – This study critically discussed most recent developments in the institutional framework on dispute resolution in the Islamic finance industry in Malaysia.


2020 ◽  
Vol 34 (2) ◽  
pp. 141-166
Author(s):  
Ai Kawamura

Abstract This article aims to clarify two pioneering models for Islamic financial dispute resolution, which have been developed in the United Arab Emirates (UAE) and in Malaysia. The models have emerged from different political economic backgrounds and legal histories. In addition, this article discusses issues regarding alternative dispute resolution (ADR) systems for Islamic finance in the UAE and in Malaysia and will also feature diversification of the Islamic financial market through the dispute resolution system.


Pravni zapisi ◽  
2021 ◽  
Vol 12 (1) ◽  
pp. 214-233
Author(s):  
Jovana Popović

The paper presents the system for protection of consumers' collective interests in the Republic of Serbia and its development perspectives. The paper relies on certain results of the research conducted at the Union University School of Law, as well as on specific comparative legal approaches. The Law on Consumer Protection introduced an administrative procedure for collective consumer protection. Contended arguments in favour of that change were efficiency and low costs of administrative procedure. In practice, administrative protection has proven to be more effective than judicial protection, but the effect of deterring traders from actions that violate consumer rights has not been fully achieved. In that sense, the existing system of protection of consumers' collective interests in Serbia can be improved by modifying certain administrative measures and by introducing specific forms of alternative dispute resolution in Serbian consumer legislation. The novelties brought by the Directive on Representative actions, whose adoption can be expected very soon, have also been presented in the paper.


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