An Analysis of Dispute Resolution Mechanisms in the Islamic Banking and Finance Industry in Malaysia
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Date
2020
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Fakultas Hukum Universitas Ahmad Dahlan
Abstract
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
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Citation
(7) Aishat Abdul-Qadir Zubair, (2020) An Analysis of Dispute Resolution Mechanisms in the Islamic Banking and Finance Industry in Malaysia Jurnal Hukum Novelty Volume 11, Number 2. Published by Fakultas Hukum Universitas Ahmad Dahlan