Dispute management in Islamic financial services and products: a maqāṣid-based analysis

The increasing expansion of the Islamic financial services industry beyond its original frontiers has not only come with success stories but has also been affected by the growing preference for litigation as the mode of dispute resolution. Exorbitant legal fees and cost of sustaining protracted liti...

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Main Author:	Oseni, Umar Aimhanosi
Format:	Article
Language:	English English
Published:	IIUM Press 2015
Subjects:	HG Finance K Law (General) KBP1 Islamic law.Shariah.Fiqh
Online Access:	http://irep.iium.edu.my/47036/ http://irep.iium.edu.my/47036/ http://irep.iium.edu.my/47036/1/691-1611-2-PB.pdf http://irep.iium.edu.my/47036/4/47036_dispute_management_scopus.pdf

id	iium-47036
recordtype	eprints
spelling	iium-470362017-10-16T03:33:29Z http://irep.iium.edu.my/47036/ Dispute management in Islamic financial services and products: a maqāṣid-based analysis Oseni, Umar Aimhanosi HG Finance K Law (General) KBP1 Islamic law.Shariah.Fiqh The increasing expansion of the Islamic financial services industry beyond its original frontiers has not only come with success stories but has also been affected by the growing preference for litigation as the mode of dispute resolution. Exorbitant legal fees and cost of sustaining protracted litigation are two major challenges that require the attention of major stakeholders in the industry. This paper examines these challenges through a Maqāṣid alSharī‘ah focused prism considering the importance of the sustainable dispute management framework in Islamic financial services and products. While singling out the important higher objective (maqṣad) of ḥifẓ al-māl, this study argues that preservation of wealth and financial resources requires effective means of resolving increasingly diverse disputes in the Islamic financial services industry. It is further argued that an effective dispute management framework will consider the original value proposition of Islamic financial intermediation which promotes maṣlaḥah (benefits) and prevents mafsadah (hardship) and ḍarar (financial harm). This makes a case for the affirmative relevance, potential adoption, and systemic modernisation of Islamic dispute management mechanisms such as ṣulḥ, taḥkīm, and muḥtasib in order to fulfil the overarching objective of protection and preservation of wealth and financial resources as one of the core objectives of Sharī‘ah. IIUM Press 2015-12 Article PeerReviewed application/pdf en http://irep.iium.edu.my/47036/1/691-1611-2-PB.pdf application/pdf en http://irep.iium.edu.my/47036/4/47036_dispute_management_scopus.pdf Oseni, Umar Aimhanosi (2015) Dispute management in Islamic financial services and products: a maqāṣid-based analysis. Intellectual Discourse, 23 (S). pp. 377-400. ISSN 0128-4878 E-ISSN 2289-5639 http://journals.iium.edu.my/intdiscourse/index.php/islam/article/view/691
repository_type	Digital Repository
institution_category	Local University
institution	International Islamic University Malaysia
building	IIUM Repository
collection	Online Access
language	English English
topic	HG Finance K Law (General) KBP1 Islamic law.Shariah.Fiqh
spellingShingle	HG Finance K Law (General) KBP1 Islamic law.Shariah.Fiqh Oseni, Umar Aimhanosi Dispute management in Islamic financial services and products: a maqāṣid-based analysis
description	The increasing expansion of the Islamic financial services industry beyond its original frontiers has not only come with success stories but has also been affected by the growing preference for litigation as the mode of dispute resolution. Exorbitant legal fees and cost of sustaining protracted litigation are two major challenges that require the attention of major stakeholders in the industry. This paper examines these challenges through a Maqāṣid alSharī‘ah focused prism considering the importance of the sustainable dispute management framework in Islamic financial services and products. While singling out the important higher objective (maqṣad) of ḥifẓ al-māl, this study argues that preservation of wealth and financial resources requires effective means of resolving increasingly diverse disputes in the Islamic financial services industry. It is further argued that an effective dispute management framework will consider the original value proposition of Islamic financial intermediation which promotes maṣlaḥah (benefits) and prevents mafsadah (hardship) and ḍarar (financial harm). This makes a case for the affirmative relevance, potential adoption, and systemic modernisation of Islamic dispute management mechanisms such as ṣulḥ, taḥkīm, and muḥtasib in order to fulfil the overarching objective of protection and preservation of wealth and financial resources as one of the core objectives of Sharī‘ah.
format	Article
author	Oseni, Umar Aimhanosi
author_facet	Oseni, Umar Aimhanosi
author_sort	Oseni, Umar Aimhanosi
title	Dispute management in Islamic financial services and products: a maqāṣid-based analysis
title_short	Dispute management in Islamic financial services and products: a maqāṣid-based analysis
title_full	Dispute management in Islamic financial services and products: a maqāṣid-based analysis
title_fullStr	Dispute management in Islamic financial services and products: a maqāṣid-based analysis
title_full_unstemmed	Dispute management in Islamic financial services and products: a maqāṣid-based analysis
title_sort	dispute management in islamic financial services and products: a maqāṣid-based analysis
publisher	IIUM Press
publishDate	2015
url	http://irep.iium.edu.my/47036/ http://irep.iium.edu.my/47036/ http://irep.iium.edu.my/47036/1/691-1611-2-PB.pdf http://irep.iium.edu.my/47036/4/47036_dispute_management_scopus.pdf
first_indexed	2023-09-18T21:06:56Z
last_indexed	2023-09-18T21:06:56Z
_version_	1777410995773243392

Dispute management in Islamic financial services and products: a maqāṣid-based analysis

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