Dispute avoidance in Islamic banking industry in Malaysia: A preliminary exposition

The Malaysian Islamic banking sector has continued to experience a robust growth with Islamic banking assets market share increasing to about 20.0% as at November 2012 from 18.8% recorded in 2011. Based on this growth, KFH-Research projects Islamic financing facilities in Malaysia to grow to RM 277....

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Main Authors:	Abdul-Qadir Zubair, Aishat, Oseni, Umar Aimhanosi, Engku Ali, Engku Rabiah Adawiah, Ali Mohamed, Ashgar Ali, Ishan Jan, Mohammad Naqib
Format:	Conference or Workshop Item
Language:	English English English English
Published:	2013
Subjects:	HG Finance K Law (General) KBP1 Islamic law.Shariah.Fiqh
Online Access:	http://irep.iium.edu.my/35147/ http://irep.iium.edu.my/35147/ http://irep.iium.edu.my/35147/1/DAP_full_paper-1.pdf http://irep.iium.edu.my/35147/2/%5BLATEST%5D_AIKOL_2013_JOINT_CONFERENCE_SCHEDULE.pdf http://irep.iium.edu.my/35147/8/039_Acceptance_Letter.pdf http://irep.iium.edu.my/35147/11/Commercial_Law_Conference_Certificate.pdf

id	iium-35147
recordtype	eprints
spelling	iium-351472014-03-03T01:22:51Z http://irep.iium.edu.my/35147/ Dispute avoidance in Islamic banking industry in Malaysia: A preliminary exposition Abdul-Qadir Zubair, Aishat Oseni, Umar Aimhanosi Engku Ali, Engku Rabiah Adawiah Ali Mohamed, Ashgar Ali Ishan Jan, Mohammad Naqib HG Finance K Law (General) KBP1 Islamic law.Shariah.Fiqh The Malaysian Islamic banking sector has continued to experience a robust growth with Islamic banking assets market share increasing to about 20.0% as at November 2012 from 18.8% recorded in 2011. Based on this growth, KFH-Research projects Islamic financing facilities in Malaysia to grow to RM 277.2 billion in 2013. They estimate that Malaysia’s Islamic banking assets contributed 10.0% of the total global Islamic banking assets in 2012. However if this growth is to be sustained, steps must be taken to put in place dispute avoidance processes to promote sustainable practices in the industry. This is because if disputes between parties in the industry are not avoided or properly managed, they may threaten the very existence of the industry and this may lead to loss of interest in the industry since it is operating in a competitive environment. This paper introduces a number of dispute avoidance processes (DAP) that may be considered in the Islamic banking industry to promote best practices. Such processes are put in place to prevent and deescalate budding disputes from the contract to performance stage. Some insights are drawn from the successes recorded in the construction industry in Malaysia and beyond where sustainable mechanisms have been put in place to effectively manage disputes as they arise. While drawing from some DAP in the classical Islamic law modelled after concepts of Naṣīḥah (expert advice) and Muḥtasib (ombudsman), this study examines the various proactive measures that can be put in place to help manage and avoid disputes before they escalate into legal battles in the courtroom. This study therefore proposes for the development of DAP in the Malaysian Islamic banking industry. 2013 Conference or Workshop Item PeerReviewed application/pdf en http://irep.iium.edu.my/35147/1/DAP_full_paper-1.pdf application/pdf en http://irep.iium.edu.my/35147/2/%5BLATEST%5D_AIKOL_2013_JOINT_CONFERENCE_SCHEDULE.pdf application/pdf en http://irep.iium.edu.my/35147/8/039_Acceptance_Letter.pdf application/pdf en http://irep.iium.edu.my/35147/11/Commercial_Law_Conference_Certificate.pdf Abdul-Qadir Zubair, Aishat and Oseni, Umar Aimhanosi and Engku Ali, Engku Rabiah Adawiah and Ali Mohamed, Ashgar Ali and Ishan Jan, Mohammad Naqib (2013) Dispute avoidance in Islamic banking industry in Malaysia: A preliminary exposition. In: International Conference on Commercial Laws (ICCL 2013), 18-19 September 2013, Moot Court, AIKOL, IIUM. (Unpublished) http://iiumlaw.webs.com/
repository_type	Digital Repository
institution_category	Local University
institution	International Islamic University Malaysia
building	IIUM Repository
collection	Online Access
language	English English English English
topic	HG Finance K Law (General) KBP1 Islamic law.Shariah.Fiqh
spellingShingle	HG Finance K Law (General) KBP1 Islamic law.Shariah.Fiqh Abdul-Qadir Zubair, Aishat Oseni, Umar Aimhanosi Engku Ali, Engku Rabiah Adawiah Ali Mohamed, Ashgar Ali Ishan Jan, Mohammad Naqib Dispute avoidance in Islamic banking industry in Malaysia: A preliminary exposition
description	The Malaysian Islamic banking sector has continued to experience a robust growth with Islamic banking assets market share increasing to about 20.0% as at November 2012 from 18.8% recorded in 2011. Based on this growth, KFH-Research projects Islamic financing facilities in Malaysia to grow to RM 277.2 billion in 2013. They estimate that Malaysia’s Islamic banking assets contributed 10.0% of the total global Islamic banking assets in 2012. However if this growth is to be sustained, steps must be taken to put in place dispute avoidance processes to promote sustainable practices in the industry. This is because if disputes between parties in the industry are not avoided or properly managed, they may threaten the very existence of the industry and this may lead to loss of interest in the industry since it is operating in a competitive environment. This paper introduces a number of dispute avoidance processes (DAP) that may be considered in the Islamic banking industry to promote best practices. Such processes are put in place to prevent and deescalate budding disputes from the contract to performance stage. Some insights are drawn from the successes recorded in the construction industry in Malaysia and beyond where sustainable mechanisms have been put in place to effectively manage disputes as they arise. While drawing from some DAP in the classical Islamic law modelled after concepts of Naṣīḥah (expert advice) and Muḥtasib (ombudsman), this study examines the various proactive measures that can be put in place to help manage and avoid disputes before they escalate into legal battles in the courtroom. This study therefore proposes for the development of DAP in the Malaysian Islamic banking industry.
format	Conference or Workshop Item
author	Abdul-Qadir Zubair, Aishat Oseni, Umar Aimhanosi Engku Ali, Engku Rabiah Adawiah Ali Mohamed, Ashgar Ali Ishan Jan, Mohammad Naqib
author_facet	Abdul-Qadir Zubair, Aishat Oseni, Umar Aimhanosi Engku Ali, Engku Rabiah Adawiah Ali Mohamed, Ashgar Ali Ishan Jan, Mohammad Naqib
author_sort	Abdul-Qadir Zubair, Aishat
title	Dispute avoidance in Islamic banking industry in Malaysia: A preliminary exposition
title_short	Dispute avoidance in Islamic banking industry in Malaysia: A preliminary exposition
title_full	Dispute avoidance in Islamic banking industry in Malaysia: A preliminary exposition
title_fullStr	Dispute avoidance in Islamic banking industry in Malaysia: A preliminary exposition
title_full_unstemmed	Dispute avoidance in Islamic banking industry in Malaysia: A preliminary exposition
title_sort	dispute avoidance in islamic banking industry in malaysia: a preliminary exposition
publishDate	2013
url	http://irep.iium.edu.my/35147/ http://irep.iium.edu.my/35147/ http://irep.iium.edu.my/35147/1/DAP_full_paper-1.pdf http://irep.iium.edu.my/35147/2/%5BLATEST%5D_AIKOL_2013_JOINT_CONFERENCE_SCHEDULE.pdf http://irep.iium.edu.my/35147/8/039_Acceptance_Letter.pdf http://irep.iium.edu.my/35147/11/Commercial_Law_Conference_Certificate.pdf
first_indexed	2023-09-18T20:50:29Z
last_indexed	2023-09-18T20:50:29Z
_version_	1777409960893743104

Dispute avoidance in Islamic banking industry in Malaysia: A preliminary exposition

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