scholarly journals Consumer Justice: A Symbol of Economic Prosperity and Social Progressiveness

2016 ◽  
Vol 1 (2) ◽  
pp. 170 ◽  
Author(s):  
Subir Kumar Roy
Keyword(s):  
Consumer Protection ◽  
Financial Services ◽  
Financial Stability ◽  
Service Providers ◽  
Growth Efficiency ◽  
Safety Standards ◽  
Secondary Sources ◽  
Goods And Services ◽  
The People ◽  
Bargaining Position

It is well recognized fact that consumer confidence and trust in a well functioning market for financial services promotes financial stability, growth efficiency and innovation over the long term. So protection of the interest of consumers is not merely an ethical or humanitarian issue rather it is also an issue of economy. Consumer protection demands for setting of minimum quality specification and safety standards for goods and services to curb unfair trade practices. So far the international norms are concerned it effectively contains the Bill of Rights of Consumers which help them across the globe to effectively protect their interests. Keeping in consideration about the poor bargaining position of the consumers and with an aim to ensure consumers to access non-hazardous products United Nation issued Guidelines for Consumer Protection, 1985, expanded again in 1999. The consumer justice is a facet of socio-economic justice and emanates from the basic philosophy of the Indian constitution i.e. to do justice and to strengthen the standard and status of the people of this country. It has been discussed in this article in an elaborate way about the various provisions of the Constitution and all the legislations which addresses the issues of consumers and resolve to protect their interests. But still the exploitation of Indian consumers by the dishonest traders and service providers become a routine matter and this article also scanned the reasons for the same and also provides suggestions to ameliorate the conditions of consumers. This paper is based on qualitative analysis of the information mainly obtained from secondary sources such as different books and journals as referred over here, Policy documents, existing laws, reports of United Nations, important judgments and observations of Judiciary etc.

scholarly journals Consumer Justice: A Symbol of Economic Prosperity and Social Progressiveness

2016 ◽  
Vol 1 (2) ◽  
pp. 170
Author(s):  
Subir Kumar Roy
Keyword(s):  
Consumer Protection ◽  
Financial Services ◽  
Financial Stability ◽  
Service Providers ◽  
Growth Efficiency ◽  
Safety Standards ◽  
Secondary Sources ◽  
Goods And Services ◽  
The People ◽  
Bargaining Position

It is well recognized fact that consumer confidence and trust in a well functioning market for financial services promotes financial stability, growth efficiency and innovation over the long term. So protection of the interest of consumers is not merely an ethical or humanitarian issue rather it is also an issue of economy. Consumer protection demands for setting of minimum quality specification and safety standards for goods and services to curb unfair trade practices. So far the international norms are concerned it effectively contains the Bill of Rights of Consumers which help them across the globe to effectively protect their interests. Keeping in consideration about the poor bargaining position of the consumers and with an aim to ensure consumers to access non-hazardous products United Nation issued Guidelines for Consumer Protection, 1985, expanded again in 1999. The consumer justice is a facet of socio-economic justice and emanates from the basic philosophy of the Indian constitution i.e. to do justice and to strengthen the standard and status of the people of this country. It has been discussed in this article in an elaborate way about the various provisions of the Constitution and all the legislations which addresses the issues of consumers and resolve to protect their interests. But still the exploitation of Indian consumers by the dishonest traders and service providers become a routine matter and this article also scanned the reasons for the same and also provides suggestions to ameliorate the conditions of consumers. This paper is based on qualitative analysis of the information mainly obtained from secondary sources such as different books and journals as referred over here, Policy documents, existing laws, reports of United Nations, important judgments and observations of Judiciary etc.

scholarly journals Financial Inclusion through Islamic Banking

2017 ◽  
Vol 6 (2) ◽  
pp. 324
Author(s):  
Mumna Nazar
Keyword(s):  
Financial Services ◽  
Banking System ◽  
Secondary Data ◽  
Financial Inclusion ◽  
Primary Data ◽  
Islamic Banking ◽  
Committee Report ◽  
Secondary Sources ◽  
The People ◽  
Financial Exclusion

<div><p><em>Financial inclusion is a buzz word today. It plays an important role in driving away the poverty from the country. Financial inclusion is the process of ensuring financial services to the weaker sections of the society at an affordable cost. As per the Sachar Committee Report, Muslims in India are financially excluded. Even though they have an account, the extent of usage is very low due to the religious reasons.  The Non-Muslims also do not actively engage in the formal financial system due to the interest involvement. Islamic Bank can serve as a remedy for the financial exclusion of the Muslims as well as Non-Muslims community. The objective of this paper is to understand the extent of financial inclusion among the people in Kerala and their awareness and preference towards Islamic banking. Both primary and secondary data are collected for the study. Secondary data are collected from various secondary sources like published articles, journals, reports, books and websites. Primary data are collected with the help of questionnaire among people in Kerala. The study revealed that most of the respondents have accessed bank accounts but the extent of usage is only for namesake. Moreover the awareness and preference towards Islamic Banking is very high among the Muslims as well as Non-Muslims and suggested that proper care must be taken for introducing Islamic banking system in India. It will ultimately leads to the inclusive growth of our country.</em></p></div>

scholarly journals CONSUMER PROTECTION IN THE SUPPLY OF SERVICES: A COMPARATIVE STUDY BETWEEN THE CONSUMER PROTECTION ACT 1999 AND ISLAMIC LAW

2012 ◽  
Vol 18 (1) ◽  
Author(s):  
Elistina Abu Bakar ◽  
Naemah Amin
Keyword(s):  
Comparative Study ◽  
Consumer Protection ◽  
Islamic Law ◽  
Service Providers ◽  
Goods And Services ◽  
Left Behind ◽  
Consumer Protection Act ◽  
The Law

The Consumer Protection Act 1999 (CPA) that came into force on 15 November 1999 represents a milestone in consumer protection in Malaysia.1 It has several important provisions, some of which are more beneficial than those found in the law of contract and law of tort since its objective is specifically to protect the interest of consumers. The statute is applicable to both goods and services but the provisions on services are very important because previously the laws regulating the supply of services seem to be left behind compared to those regulating goods. The aim of this paper is to examine the relevant provisions of the CPA and make a comparative study with the protection available under the Islamic law of muʿāmalāt. The central discussions are on section 53, section 54 and Part IX of the CPA since they deal specifically with the supply of services. The liabilities of the service providers are scrutinised as well as consumers’ rights of redress

scholarly journals LEGAL PROTECTION OF CONSUMERS ON FINTECH-BASED BUSINESS LOANS FOR SMALL AND MEDIUM ENTERPRISES (UMKM)

2020 ◽  
Vol 1 (2) ◽  
Author(s):  
Mellisa Rahmaini Lubis
Keyword(s):  
Venture Capital ◽  
Financial Institutions ◽  
Consumer Protection ◽  
Financial Services ◽  
Service Providers ◽  
Small And Medium Enterprises ◽  
Legal Protection ◽  
Services Sector ◽  
Medium Enterprises ◽  
Legal Consequences

Consumers loses have occurred in the practice of Fintech-based loans by non-bank financial institutions. The reports of losses arising from Fintech transactions has increased. This is because many Fintech organizers have not received permission from the OJK but are still able to conduct business activities in Indonesia. The problem in this study is: How is the supervision by the Financial Services Authority (OJK) of non-bank financial institutions providing fintech-based venture capital lenders for MSMEs? And how is the legal consequences of fintech-based business capital loan services for MSME entrepreneurs. The study used normative legal approach and the data analyzed by descriptive qualitative.          The results of this study indicate that supervision by the OJK of non-bank financial institutions providing fintech-based venture capital lenders for SMEs as a form of legal protection to consumers. It is carried out in the form of preventive and repressive protection. Preventive protection is implemented by enacting OJK Regulation Number 77 / POJK.01 / 2016, OJK Circular Letter Number 18 / SEOJK.02 / 2017 and OJK Regulation Number 1 / POJK.07 / 2013 concerning Consumer Protection in the Financial Services Sector. Repressive protection is by applying sanctions against fintech organizers who commit violations in the form of written warnings and fines; restrictions on business activities; and revocation of permission. The legal consequences arising from fintech-based business capital loan services for SMEs to fintech providers are required to improve standards and meet consumer protection aspects. The legal consequence for MSMEs is the potential for fraud and misuse of consumer data by Fintech service providers.

scholarly journals Perlindungan Konsumen dan Kualitas Pelayanan Transportasi Online di Kota Tangerang Selatan

Wajah Hukum ◽  
2021 ◽  
Vol 5 (1) ◽  
pp. 1
Author(s):  
Pendi Ahmad ◽  
Bima Guntara ◽  
Dadang Dadang
Keyword(s):  
Consumer Protection ◽  
Service Providers ◽  
The South ◽  
Transportation Services ◽  
The Public ◽  
The People ◽  
Transportation Service ◽  
The Republic ◽  
The Times

The development of the times and the rapid pace of globalization that is getting faster make humans need adequate transportation facilities so that a technology in the field of online-based transportation has developed using an application via a smartphone. Based on the Regulation of the Minister of Transportation of the Republic of Indonesia Number 118 of 2018 concerning the Administration of Rental Vehicles and Regulation of the Minister of Transportation Number 12 of 2019 concerning Safety Protection of Motorbike Users Used in the Interest of the Community, online transportation is now a new and alternative breakthrough in fulfilling the needs of the public. do not have private vehicles as happened to the community in South Tangerang City. However, the presence of online transportation in the community forgets something that is so important, namely its protection as a consumer. This study aims to determine consumer protection for users of online transportation services in South Tangerang City according to Law Number 8 of 1999 concerning Consumer Protection and to determine the quality of online transportation services in South Tangerang City. The research method uses qualitative methods using an empirical juridical approach. Data samples were taken from key informants such as PT. Karya Anak Bangsa (Go-Jek) Application, PT. Indonesian Transportation Solutions (Grab), online transportation drivers, and of course the people of South Tangerang City who are directly involved in the implementation of consumer protection and service activities on online transportation in South Tangerang City. Meanwhile, the supporting informants in this study were the South Tangerang City Police and the South Tangerang City Transportation Agency as government agencies that indirectly knew about consumer protection and the quality of online transportation services in South Tangerang City. The results of the study found that consumer protection for online transportation users in South Tangerang City was quite good, this can be seen from the results of interviews with online transportation service providers such as Gojek and Grab that have implemented SOPs (Standard Operational Procedures) when consumers experience losses both formal and material and also There are no reports from the public to the South Tangerang Police who feel aggrieved as a consumer of online transportation. In addition, the quality of online transportation services in South Tangerang City is quite good, but there are still some consumer complaints such as the driver asking to be canceled, the driver canceling unilaterally, the driver coming too long to pick up, the driver using a different vehicle, and the time to arrive at a different destination. longer than the estimated time in the application.

scholarly journals Financial Consumer Protection in the Household Lending Sector : An Assessment of the Korean Experience

2017 ◽  
Vol 2 (No. 2 Oct 2017) ◽  
pp. 15-34
Author(s):  
Man Cho ◽  
Seung Dong You ◽  
Young Man Lee
Keyword(s):  
Consumer Protection ◽  
Financial Stability ◽  
Credit Card ◽  
Service Providers ◽  
Mortgage Lending ◽  
Mortgage Market ◽  
Financial Inclusion ◽  
Future Research ◽  
Regulatory Authorities ◽  
Policy Measures

The objective of this paper is to offer a systematic review and assessment of the policy measures adopted to date for financial consumer protection (FCP) in the household lending sector in Korea. In so doing, we focus on the “software” aspects of the policies adopted so far in terms of four particular groups of consumer issues: (1) information provision (by service providers), (2) financial literacy programs, (3) sales practices, and (4) dispute resolution (rules and processes). We also attempt to relate the FCP policies to two broader goals of financial market regulations - financial stability and financial inclusion. Our analyses indicate that; the regulatory authorities in Korea initiated the FCP policies early on, which cover a fairly comprehensive set of policy measures with almost all sub-items of the aforementioned four dimensions being included; some of the FCP policies are driven in large part by the intent of stabilizing the housing and mortgage market rather than protecting financial consumers per se, for which the regulatory authorities should weigh the anticipated benefit in terms of financial stability against the unintended cost in financial inclusion; and the Korean FCP policies tend to focus on the residential mortgage lending sector, which should be extended to other consumer lending products (e.g., credit – or non-collateralized – lending, credit card receivables, and car loans). Though seemingly comprehensive, the FCP policies in Korea should be further refined and enhanced with respect to their effectiveness, for which we discuss a series of future research topics.

scholarly journals (The Role of Financial Inclusion in Providing Protection to Beneficiaries of Financial Services in the Palestinian Banking Sector (2013/2017: دور الشمول المالي في توفير الحماية للمستفيدين من الخدمات المالية في القطاع المصرفي الفلسطيني- الفترة (2013- 2017)

2019 ◽  
Vol 3 (6) ◽  
Author(s):  
Yasser Ahmed Shaheen
Keyword(s):  
Consumer Protection ◽  
Financial Services ◽  
Financial Stability ◽  
Banking Sector ◽  
Secondary Data ◽  
Financial Education ◽  
Financial Inclusion ◽  
Banking Services ◽  
Degree Of Protection

  The study aimed at examining some of the indicators of financial inclusion in the Palestinian banking sector through published secondary data on the Palestinian banking sector during the period (2013- 2017), as well as to measure the degree of protection for beneficiaries of financial services in the Palestinian banking sector. The researcher used the descriptive analytical method to suit the purposes of the study. The secondary data published and prepared by the researcher were used to examine the state of financial coverage in the banking sector. A questionnaire has been designed for the purpose of collecting preliminary data regarding the level of protection provided by the banking sector to users of financial banking services through 8 areas of protection developed after reference to literature and previous studies. The study population consisted of all the beneficiaries of banking financial services in the West Bank. In view of the large size of the study society, a soft sample of (100) conditional on the characteristics of the respondents was used in terms of (banking culture, years of experience in dealing with banks, Sectoral& banking diversification).The researcher reached the following results: - The Palestinian banking sector promotes the reality of financial inclusion, which contributes significantly to enhancing financial stability. Where banks are strengthening protection for users of banking services, although the level of protection was average (2.78) overall score through the eight areas covered by the study. - The regulatory and supervisory role of the Palestinian Monetary Authority in this important sector was medium. Consumer protection bodies are required to have an active and proactive role to organize the required protection. The researcher recommended the importance of financial education to improve the financial personality of individuals and institutions, help them understand their rights and duties in dealing with the services discharged, the importance of the consumer protection associations roles in enhancing banking protection.    

scholarly journals Implementation of Porter’s Diamond Model in the strategic architecture for agricultural financing development of baitul-maal wat-tamwil

2019 ◽  
Vol 2 (2) ◽  
pp. 86
Author(s):  
Adistiar Prayoga
Keyword(s):  
Rural Areas ◽  
Financial Services ◽  
Agricultural Sector ◽  
Small And Medium Enterprises ◽  
Group Discussion ◽  
Research Data ◽  
Secondary Sources ◽  
Goods And Services ◽  
Diamond Model ◽  
Medium Enterprises

In 2018, there were 38.7 million workers in agriculture. The high number in the agricultural sector is not accompanied by an increase in the contribution of the total agricultural sector to the value of the Gross Domestic Product. The condition is exacerbated by the lack of accessibility of rural farmers towards farming capital. Although micro, small and medium enterprises (SME’s) loans grew by 8.0 percent (yoy) in 2016, many studies have revealed the dependence of micro farmers (gurem) on access to capital from informal sources which ultimately makes it difficult for them in terms of repaying capital loans because they are trapped in the practice of money lenders. The existence of Islamic Financial Services Cooperatives (Koperasi Jasa Keuangan Syariah-KJKS) is an interesting subject. KJKS, better known as Baitul Maal wat Tamwil (BMT), is hope for increasing the accessibility of the poor to capital sources because BMT plays a cultural role as a funding intermediary and cultural as a social lending institution (qardhul hasan). This study aims to analyze the development of institutional financing based on Baitul Maal Wat Tamwil (BMT) using the Berlian Porter Model approach so that a strategic architecture of agricultural financing development can be formulated based on the competing factors of BMT competitiveness in rural areas. Primary research data was taken in November 2016-January 2017 using the focus group discussion method with expert speakers. The research data is then supplemented by relevant secondary sources in November 2019. The formulation of competitiveness in the Diamond Model is often known to analyze the competitiveness of countries, but several studies reveal that the Berlian Porter approach can be applied to the scale of the country, region, industry, and individual companies, both goods, and services. The ability of an institution to maintain its existence depends on its competitiveness, and in the aggregate will affect the competitiveness of a country.

scholarly journals IMPORTANCE OF ISLAMIC FINANCIAL SERVICES ACT 2013 IN TAKAFUL INDUSTRY AFTER THE REPELLED TAKAFUL ACT 1984

2016 ◽  
Vol 1 (1) ◽  
pp. 17
Author(s):  
Siti Norshila Jamil ◽  
Jasri Jamal
Keyword(s):  
Financial Institutions ◽  
Consumer Protection ◽  
Financial Services ◽  
Financial Stability ◽  
The Public ◽  
Islamic Financial Institutions

The new Malaysian Islamic Financial Services Act 2013 (Act 759) (‘IFSA 2013’) came into force on the 30th June 2013. Its main objectives are to promote financial stability and compliance to Shariah and further strengthen the regulation of Islamic financial institutions. By this, the IFSA 2013 aims to strengthen consumer protection and further increase the confidence of the public in Takaful. At the same time, it remains to be seen if the IFSA 2013 will also encourage Takaful Operators to take their social and religious responsibility more into consideration, which is fundamental behind the concept of Takaful.  Keywords: Takaful, Islamic Financial Services Act 2013

scholarly journals Financial Service Technology in Indonesia: Between Free Market Regime and Consumer Protection

FIAT JUSTISIA ◽  
2020 ◽  
Vol 14 (1) ◽  
pp. 83
Author(s):  
Hamzah Hamzah
Keyword(s):  
Consumer Protection ◽  
Financial Services ◽  
Service Providers ◽  
Legal Theory ◽  
Free Market ◽  
Strict Liability ◽  
Secondary Data ◽  
Financial Service ◽  
Technical Problems ◽  
Market Regime

The free market era provided uninterrupted traffic in goods and services throughout the world, and was initially formed to offer benefits. Although there were still protests in technical problems and rising disputes that led a sue to legal institutions, countries agreed to maintain the free market. As a counterpart, the free market cannot ignore consumer’s protection as a standard of service. The liability development between consumer and producer relationship arranged from caveat emptor, to caveat vendor and finally to strict liability in the consumer protection system, implies disclosure of information on products and services. This research faces the legal theory of a free market regime with the theory of consumer’s protection law. This research proceeds to discuss two main issues. The first issue is an essential of Financial Technology or Fin-tech of services. The second issues is the influence of Fin-tech on the free market and consumer protection. Research uses a normative legal research method and the data obtained are secondary data from literary sources such as literature, articles and internet sites. Results of the analysis shows; first, the free market regime is both an opportunity as well as a challenge, therefore it is still worth to maintain. The consumer protection’s regime is the balance point of the free market’s regime. Theoretically, consumer’s protection must be used as a tool to protect the consumer’s interests. Moreover, it could manage the behaviour of service providers. Secondly, the role of the Financial Services Authority is a key to ensuring that balance is still on maintained. Supervision and determination of financial service providers broadly provide information for the public to choose carefullyof their necessity financial services

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