Towards an online dispute resolution mechanism for the Islamic finance industry: A preliminary literature survey

The growth and influence of the Internet on all spheres of human endeavour necessitated a revolutionary method of dispute resolution commonly referred to as Online Dispute Resolution (ODR). An increasing number of sectors have adopted online and electronic means of resolving disputes. ODR in financ...

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Main Authors:	Oseni, Umar Aimhanosi, Omoola, Sodiq Olalekan
Format:	Conference or Workshop Item
Language:	English English English
Published:	2013
Subjects:	HG Finance K Law (General) KBP173.25 Islamic law and other disciplines or subjects
Online Access:	http://irep.iium.edu.my/35138/ http://irep.iium.edu.my/35138/ http://irep.iium.edu.my/35138/2/20140129181158461.tif http://irep.iium.edu.my/35138/6/ISRA_Colloquium_Certificate.pdf http://irep.iium.edu.my/35138/8/ODR_FOR_ISLAMIC_FINANCE_INDUSTRY2.pdf

id	iium-35138
recordtype	eprints
spelling	iium-351382014-02-12T03:13:30Z http://irep.iium.edu.my/35138/ Towards an online dispute resolution mechanism for the Islamic finance industry: A preliminary literature survey Oseni, Umar Aimhanosi Omoola, Sodiq Olalekan HG Finance K Law (General) KBP173.25 Islamic law and other disciplines or subjects The growth and influence of the Internet on all spheres of human endeavour necessitated a revolutionary method of dispute resolution commonly referred to as Online Dispute Resolution (ODR). An increasing number of sectors have adopted online and electronic means of resolving disputes. ODR in financial and e-commerce services is of paramount importance to enable prompt and seamless dispute resolution platform for business-to-consumer (B2C) disputes in the Islamic finance industry. As a preliminary literature survey, this paper explores writings on ODR with the objective of tracking its development in the e-commerce sector. Specific reference is placed on writings focusing on developing ODR for consumer banking products peculiar to the Islamic finance industry. This study will adopt a quantitative and empirical method through a detailed survey using results of selected electronic search of online database. The result, when categorised across timeline, journals and sectors, shows that ODR is well suited for commercial and ethical banking. Thematic exposition of literature with the search term ‘Islamic banking’ and ‘ODR’ or ‘Online Dispute Resolution’ gives a low outcome which leads to the hypothesis that ODR researches related to Islamic finance is still in its embryonic stage. The paper concludes that current ODR models for consumer e-commerce can be well suited for the Islamic finance industry with some additional ethical considerations. There is a huge potential for ODR providers to tap into the large markets provided by the growing Sharī‘ah-compliant assets globally. 2013-10-03 Conference or Workshop Item PeerReviewed application/pdf en http://irep.iium.edu.my/35138/2/20140129181158461.tif application/pdf en http://irep.iium.edu.my/35138/6/ISRA_Colloquium_Certificate.pdf application/pdf en http://irep.iium.edu.my/35138/8/ODR_FOR_ISLAMIC_FINANCE_INDUSTRY2.pdf Oseni, Umar Aimhanosi and Omoola, Sodiq Olalekan (2013) Towards an online dispute resolution mechanism for the Islamic finance industry: A preliminary literature survey. In: 3rd ISRA International Colloquium in Islamic Finance (IICIF 2013), 2-3 October 2013, Lanai Kijang, Bank Negara Malaysia. (Unpublished) http://www.isra.my/iic/350-3rd-international-isra-colloquium-iicif-2013.html
repository_type	Digital Repository
institution_category	Local University
institution	International Islamic University Malaysia
building	IIUM Repository
collection	Online Access
language	English English English
topic	HG Finance K Law (General) KBP173.25 Islamic law and other disciplines or subjects
spellingShingle	HG Finance K Law (General) KBP173.25 Islamic law and other disciplines or subjects Oseni, Umar Aimhanosi Omoola, Sodiq Olalekan Towards an online dispute resolution mechanism for the Islamic finance industry: A preliminary literature survey
description	The growth and influence of the Internet on all spheres of human endeavour necessitated a revolutionary method of dispute resolution commonly referred to as Online Dispute Resolution (ODR). An increasing number of sectors have adopted online and electronic means of resolving disputes. ODR in financial and e-commerce services is of paramount importance to enable prompt and seamless dispute resolution platform for business-to-consumer (B2C) disputes in the Islamic finance industry. As a preliminary literature survey, this paper explores writings on ODR with the objective of tracking its development in the e-commerce sector. Specific reference is placed on writings focusing on developing ODR for consumer banking products peculiar to the Islamic finance industry. This study will adopt a quantitative and empirical method through a detailed survey using results of selected electronic search of online database. The result, when categorised across timeline, journals and sectors, shows that ODR is well suited for commercial and ethical banking. Thematic exposition of literature with the search term ‘Islamic banking’ and ‘ODR’ or ‘Online Dispute Resolution’ gives a low outcome which leads to the hypothesis that ODR researches related to Islamic finance is still in its embryonic stage. The paper concludes that current ODR models for consumer e-commerce can be well suited for the Islamic finance industry with some additional ethical considerations. There is a huge potential for ODR providers to tap into the large markets provided by the growing Sharī‘ah-compliant assets globally.
format	Conference or Workshop Item
author	Oseni, Umar Aimhanosi Omoola, Sodiq Olalekan
author_facet	Oseni, Umar Aimhanosi Omoola, Sodiq Olalekan
author_sort	Oseni, Umar Aimhanosi
title	Towards an online dispute resolution mechanism for the Islamic finance industry: A preliminary literature survey
title_short	Towards an online dispute resolution mechanism for the Islamic finance industry: A preliminary literature survey
title_full	Towards an online dispute resolution mechanism for the Islamic finance industry: A preliminary literature survey
title_fullStr	Towards an online dispute resolution mechanism for the Islamic finance industry: A preliminary literature survey
title_full_unstemmed	Towards an online dispute resolution mechanism for the Islamic finance industry: A preliminary literature survey
title_sort	towards an online dispute resolution mechanism for the islamic finance industry: a preliminary literature survey
publishDate	2013
url	http://irep.iium.edu.my/35138/ http://irep.iium.edu.my/35138/ http://irep.iium.edu.my/35138/2/20140129181158461.tif http://irep.iium.edu.my/35138/6/ISRA_Colloquium_Certificate.pdf http://irep.iium.edu.my/35138/8/ODR_FOR_ISLAMIC_FINANCE_INDUSTRY2.pdf
first_indexed	2023-09-18T20:50:28Z
last_indexed	2023-09-18T20:50:28Z
_version_	1777409959839924224

Towards an online dispute resolution mechanism for the Islamic finance industry: A preliminary literature survey

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