The Relevance Of Online Dispute Resolution In The Islamic Finance Industry In Malaysia
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The Relevance Of Online Dispute Resolution In The Islamic Finance Industry In Malaysia
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Author : Omoola Sodiq Olalekan
language : en
Publisher:
Release Date : 2015
The Relevance Of Online Dispute Resolution In The Islamic Finance Industry In Malaysia written by Omoola Sodiq Olalekan and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015 with categories.
This research aims to explore the relevance of Online Dispute Resolution (ODR) in the resolution of Islamic finance disputes in Malaysia. Stemming from the legal uncertainties in the resolution of Islamic finance disputes in the Malaysian civil courts and existing Alternative Dispute Resolution (ADR) institutions, access to justice for offline and online financial consumers in Malaysia has been in curtailed. This study examines the existing dispute resolution mechanisms available to Islamic finance consumers and the feasibility of adopting ODR mechanism for the industry. The research adopts doctrinal method to expound the convergence of key concepts such as ADR, internet and e-commerce in the 21st Century. In addition, relevant legislations and Islamic legal concepts in contemporary dispute resolution practices and theories are discussed in relation to ODR in the industry. Analysis of existing ODR best practices in other jurisdictions has been done to explore the economic and judicial benefits of ODR in the Industry. Court decongestion, resolution of small claims, fast and cheap mechanisms are few of the benefits of ODR which is capable of ensuring consumer confidence, trust and sustainable growth for the Islamic finance industry in Malaysia. This research finds that ODR is relevant to the Sharī'ah underpinnings and Islamic legal maxims which are the basis of Islamic finance transaction and dispute resolution. Therefore, borrowing a leaf from existing ODR best practices such as Equifax and Cybersettle, this will be a huge step in creating access to justice for online and offline financial consumers in the Islamic finance industry in Malaysia. This innovation however requires regulatory and institutional readjustment towards operationalizing ODR under the Financial Ombudsman Scheme (FOS) provided under Islamic Financial Services Act (IFSA2013) . This is in addition to efforts towards inter-disciplinary collaboration in creating a web-enabled portal for submission and resolution of finance disputes in Malaysia.
A Critical Analysis Of The Dispute Resolution Mechanisms In The Islamic Finance Industry In Malaysia
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Author : Aishat Abdul-Qadir Zubair
language : en
Publisher:
Release Date : 2014
A Critical Analysis Of The Dispute Resolution Mechanisms In The Islamic Finance Industry In Malaysia written by Aishat Abdul-Qadir Zubair and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014 with categories.
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 consequential downside of such enviable achievements, which is the gradual surge in the number of disputes involving Sharī'ah compliant transactions. In order to propose a consolidated framework for dispute resolution in the Islamic finance industry in Malaysia, it is important to critically analyse the existing dispute resolution mechanisms in the Islamic finance industry in Malaysia. There seems to be over-dependence on civil law institutions, no thanks to the Malaysian colonial heritage, in issues involving Islamic finance law and regulation. It thus appears that there is a systematic neglect of some important principles of Islamic dispute resolution. Thus, even as other mechanisms have been identified by many researchers and efforts are being geared currently towards standardising these mechanisms, their use is still very much at the minimal level. This has led to the belief in some quarters that litigation is the only model of dispute resolution in the Islamic finance industry in Malaysia. This study adopts a doctrinal legal method in examining the relevant Islamic dispute resolution mechanisms that are unique to Islamic finance disputes as well as a SWOT analysis in analysing the strengths, weaknesses, opportunities and threats of the existing mechanisms for dispute resolution in the Islamic finance industry in Malaysia. Finally, the research proposes for the consolidation of the mechanisms for a sustainable industry that will make Malaysia a choice forum for dispute resolution. The findings of this research reveal that the preference of Malaysian Islamic financial institutions for litigation as a means of dispute resolution has relegated other sustainable processes of dispute resolution to the background and made them irrelevant in the Islamic finance industry. This is in line with the hypothesis of the research that the continued preference for litigation as a means of settling disputes in Islamic finance industry is not sustainable due to the paradigm shift in dispute resolution involving financial matters globally. The research is therefore unique in its content value because although a lot of research has been conducted on the different dispute resolution mechanisms available in the Islamic finance industry in Malaysia; none has conducted a SWOT analysis on any of the mechanisms. It is believed that the SWOT model will help the Islamic finance industry understand the relative relevance of other ADR processes and make them relevant as mechanisms for resolving Islamic finance disputes. In the end a consolidated dispute resolution mechanism model is proposed for a better handling of Islamic finance disputes.
Fintech In Islamic Finance
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Author : Umar A. Oseni
language : en
Publisher: Routledge
Release Date : 2019-06-07
Fintech In Islamic Finance written by Umar A. Oseni and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-06-07 with Business & Economics categories.
Featuring high-level analysis of Islamic law, this book examines fintech in Islamic finance from both theoretical and empirical perspectives. Whilst building on existing approaches, it also discusses the current application of fintech in promoting financial inclusion through innovative solutions in Muslim-majority countries, identifying future directions for policy-makers. With original chapters written by prominent academics, senior lawyers and practitioners in the global Islamic finance industry, this book serves as the first standalone pioneering reference work on fintech in Islamic finance. It also, for the first time, examines the position of Islamic law on cryptocurrencies, such as bitcoin. Besides the conceptual analysis of the Sharīʿah and legal aspects of fintech in Islamic finance, this book provides relevant case studies showing current and potential developments in the application of fintech in various sectors ranging from crowdfunding and smart contracts, to Online Dispute Resolution, Investment Account Platform and identity verification in the KYC process. Setting the agenda for researchers in the field, Fintech in Islamic Finance will be useful to students and scholars of Islamic finance and financial technology.
Dispute Resolution In Islamic Finance
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Author : Adnan Trakic
language : en
Publisher: Routledge
Release Date : 2019-01-22
Dispute Resolution In Islamic Finance written by Adnan Trakic and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-01-22 with Business & Economics categories.
Dispute Resolution in Islamic Finance addresses how best to handle disputes within Islamic finance. It examines how they can be resolved in a less confrontational manner and ensure such disagreements are settled in a just and fair way. There has been little focus on how disputes within Islamic finance are resolved. As a result, many of these disputes are resolved through litigation, notwithstanding that the various jurisdictions and court systems are generally poorly equipped to handle such matters. This book addresses this gap in our knowledge by focusing on five centres of Islamic finance: the United Kingdom, the United States of America, Malaysia, the Kingdom of Saudi Arabia and the United Arab Emirates. Before exploring these countries in detail, the book considers the issues of the choice of law within Islamic finance as well the prevailing forms of dispute resolution in this form of finance. The book brings together a group of leading scholars who are all specialists on the subject in the countries they examine. It is a key resource for students and researchers of Islamic finance, and aimed at lawyers, finance professionals, industry practitioners, consultancy firms, and academics.
Blazing The Trail
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Author : Umar A. Oseni
language : en
Publisher:
Release Date : 2012
Blazing The Trail written by Umar A. Oseni and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012 with categories.
Dispute Resolution In Islamic Finance Problems And Solutions
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Author : Camille Paldi
language : en
Publisher:
Release Date : 2019-12-06
Dispute Resolution In Islamic Finance Problems And Solutions written by Camille Paldi and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-12-06 with categories.
As the Islamic finance industry is growing annually at a rate of 10% to 15% per year, it is imperative that a unique, independent, legal framework is established in order to effectively adjudicate Islamic finance disputes, sukuk bankruptcies, and takaful disputes. The aim of this book is to explore the role of the proposed Dubai World Islamic Finance Arbitration Center ("DWIFAC") and its' jurisprudence office ("DWIFACJO") plus the Sukuk Bankruptcy Tribunal ("SBT") and the Takaful Tribunal ("TT") as the dispute resolution center of the Islamic finance industry. The objective of the book is to show how using a common law jurisdiction inadvertently transforms Islamic financial transactions into conventional disputes. Through case analysis combined with an exploration of the efficacy of existing arbitration centers and dispute resolution methods available to Islamic finance, this book will seek to reveal that the Islamic finance industry currently lacks an adequate dispute resolution mechanism and facility to adjudicate disputes arising from Islamic finance contracts including sukuk and takaful contracts.
Handbook Of Research On Theory And Practice Of Global Islamic Finance
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Author : Rafay, Abdul
language : en
Publisher: IGI Global
Release Date : 2019-12-27
Handbook Of Research On Theory And Practice Of Global Islamic Finance written by Rafay, Abdul and has been published by IGI Global this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-12-27 with Business & Economics categories.
As an emerging global phenomenon, Islamic economics and the financial system has expanded exponentially in recent decades. Many components of the industry are still unknown, but hopefully, the lack of awareness will soon be stilled. The Handbook of Research on Theory and Practice of Global Islamic Finance provides emerging research on the latest global Islamic economic practices. The content within this publication examines risk management, economic justice, and stock market analysis. It is designed for financiers, banking professionals, economists, policymakers, researchers, academicians, and students interested in ideas centered on the development and practice of Islamic finance.
Islamic Banking Regulation And Supervision
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Author : Mr.In Song
language : en
Publisher: International Monetary Fund
Release Date : 2014-12-12
Islamic Banking Regulation And Supervision written by Mr.In Song and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-12-12 with Business & Economics categories.
The growing presence of Islamic banking needs to be accompanied by the development of effective regulation and supervision. This paper examines the results of the survey conducted by the International Monetary Fund to document international experiences and country practices related to legal and prudential frameworks governing Islamic banking activities. Although a number of countries have made considerable progress in creating legal, regulatory, and supervisory frameworks that accommodate Islamic banking, there are substantial differences. This paper also identifies a number of challenges faced by regulatory and supervisory agencies regarding Islamic banking.
Emerging Issues In Islamic Finance Law And Practice In Malaysia
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Author : Umar A. Oseni
language : en
Publisher: Emerald Group Publishing
Release Date : 2019-08-26
Emerging Issues In Islamic Finance Law And Practice In Malaysia written by Umar A. Oseni and has been published by Emerald Group Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-08-26 with Business & Economics categories.
Through a thorough analysis of emerging legal and regulatory issues in Islamic finance law and practice in Malaysia, this exciting new study covers issues such as blockchain technology, anti-money laundering, and FinTech in Islamic finance.
Shari Ah Non Compliance Risk Management And Legal Documentations In Islamic Finance
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Author : Ahcene Lahsasna
language : en
Publisher: John Wiley & Sons
Release Date : 2014-04-02
Shari Ah Non Compliance Risk Management And Legal Documentations In Islamic Finance written by Ahcene Lahsasna and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-04-02 with Business & Economics categories.
A comprehensive guide to one of the key risk management issues in the expanding field of Islamic finance For Islamic financial institutions, Sharia non-compliance is a growing and key risk that must be carefully managed. This book offers a thorough look at non-compliance risk and explains the legal documentation necessary to ensure compliance for professionals in the Islamic finance industry. In addition, the book offers helpful guidance and understanding for the legal departments of Islamic financial institutions, as well as lawyers, legal firms, Shariah advisors, Shariah officers, and students studying Islamic finance. The book covers fundamental concepts, major risk elements, tools and techniques for identifying non-compliance, legal documentation, and the impact of non-compliance, among other vital topics. Offers comprehensive coverage of the growing field of non-compliance risk management in Islamic finance Includes in-depth coverage of legal documentation Written by an expert on the topic who teaches at INCEIF, The Global University for Islamic Finance and IIUM, International Islamic University of Malaysia in Malaysia