Toward a watershed in takaful dispute resolution: from litigation to effective dispute management

The recent years have seen significant progress in the takaful industry with a strong double-digit growth of 16% amounting to US$11 billion global gross takaful contributions in 2012. In order to sustain this growth and enrich its legal landscape, there is a need to examine the feasibility of effect...

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Main Author:	Oseni, Umar Aimhanosi
Format:	Conference or Workshop Item
Language:	English English English
Published:	2014
Subjects:	HG Finance K Law (General) KBP Islamic Law
Online Access:	http://irep.iium.edu.my/38297/ http://irep.iium.edu.my/38297/ http://irep.iium.edu.my/38297/1/Dr_Oseni_%281%29.pdf http://irep.iium.edu.my/38297/2/11th_Harvard_University_Islamic_Finance_Forum.pdf http://irep.iium.edu.my/38297/3/Dispute_Resolution_in_the_Takaful_Industry.doc

id	iium-38297
recordtype	eprints
spelling	iium-382972018-06-20T01:11:09Z http://irep.iium.edu.my/38297/ Toward a watershed in takaful dispute resolution: from litigation to effective dispute management Oseni, Umar Aimhanosi HG Finance K Law (General) KBP Islamic Law The recent years have seen significant progress in the takaful industry with a strong double-digit growth of 16% amounting to US$11 billion global gross takaful contributions in 2012. In order to sustain this growth and enrich its legal landscape, there is a need to examine the feasibility of effective dispute resolution mechanism for the takaful industry while drawing some lessons from the conventional insurance industry. This does not undermine the significance of the relevance of Islamic law in designing suitable models of enforceable dispute resolution mechanisms. While using qualitative legal analysis which predominantly adopts content analysis of current trends in takaful and insurance litigation, this paper finds that effective dispute resolution processes such as arbitration and mediation could be adapted to suit the specific needs of Shariah dispute resolution in the takaful industry. This would allow for cost-effective settlements that will guarantee existing business relationship among the parties and prevent unnecessary bad publicity in a highly competitive global insurance industry. 2014-04 Conference or Workshop Item NonPeerReviewed application/pdf en http://irep.iium.edu.my/38297/1/Dr_Oseni_%281%29.pdf application/pdf en http://irep.iium.edu.my/38297/2/11th_Harvard_University_Islamic_Finance_Forum.pdf application/pdf en http://irep.iium.edu.my/38297/3/Dispute_Resolution_in_the_Takaful_Industry.doc Oseni, Umar Aimhanosi (2014) Toward a watershed in takaful dispute resolution: from litigation to effective dispute management. In: Eleventh Harvard University Forum on Islamic Finance, 25th - 27th April 2014, Massachusetts, USA. (Unpublished) http://ifp.law.harvard.edu/login/view_pdf/?file=11th_Forum_Program_of_Events.pdf&type=Anouncements
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) KBP Islamic Law
spellingShingle	HG Finance K Law (General) KBP Islamic Law Oseni, Umar Aimhanosi Toward a watershed in takaful dispute resolution: from litigation to effective dispute management
description	The recent years have seen significant progress in the takaful industry with a strong double-digit growth of 16% amounting to US$11 billion global gross takaful contributions in 2012. In order to sustain this growth and enrich its legal landscape, there is a need to examine the feasibility of effective dispute resolution mechanism for the takaful industry while drawing some lessons from the conventional insurance industry. This does not undermine the significance of the relevance of Islamic law in designing suitable models of enforceable dispute resolution mechanisms. While using qualitative legal analysis which predominantly adopts content analysis of current trends in takaful and insurance litigation, this paper finds that effective dispute resolution processes such as arbitration and mediation could be adapted to suit the specific needs of Shariah dispute resolution in the takaful industry. This would allow for cost-effective settlements that will guarantee existing business relationship among the parties and prevent unnecessary bad publicity in a highly competitive global insurance industry.
format	Conference or Workshop Item
author	Oseni, Umar Aimhanosi
author_facet	Oseni, Umar Aimhanosi
author_sort	Oseni, Umar Aimhanosi
title	Toward a watershed in takaful dispute resolution: from litigation to effective dispute management
title_short	Toward a watershed in takaful dispute resolution: from litigation to effective dispute management
title_full	Toward a watershed in takaful dispute resolution: from litigation to effective dispute management
title_fullStr	Toward a watershed in takaful dispute resolution: from litigation to effective dispute management
title_full_unstemmed	Toward a watershed in takaful dispute resolution: from litigation to effective dispute management
title_sort	toward a watershed in takaful dispute resolution: from litigation to effective dispute management
publishDate	2014
url	http://irep.iium.edu.my/38297/ http://irep.iium.edu.my/38297/ http://irep.iium.edu.my/38297/1/Dr_Oseni_%281%29.pdf http://irep.iium.edu.my/38297/2/11th_Harvard_University_Islamic_Finance_Forum.pdf http://irep.iium.edu.my/38297/3/Dispute_Resolution_in_the_Takaful_Industry.doc
first_indexed	2023-09-18T20:55:00Z
last_indexed	2023-09-18T20:55:00Z
_version_	1777410245486706688

Toward a watershed in takaful dispute resolution: from litigation to effective dispute management

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