Towards a global hub: The legal framework for dispute resolution in Malaysia’s Islamic finance industry

Purpose – The paper aims to examine significant developments in the institutional framework for dispute resolution in the Islamic finance industry in Malaysia. Malaysia, as part of its efforts to consolidate its enviable Islamic finance industry, has strengthened its institutional framework for d...

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Main Authors:	Oseni, Umar Aimhanosi, Ahmad, Abu Umar Faruq
Format:	Article
Language:	English English English
Published:	Emerald Group Publishing Limited 2016
Subjects:	HG Finance K Law (General) KBP Islamic Law
Online Access:	http://irep.iium.edu.my/49948/ http://irep.iium.edu.my/49948/ http://irep.iium.edu.my/49948/ http://irep.iium.edu.my/49948/1/Towards_a_Global_Hub_-_The_Legal_Framework_for_Dispute_Reoslution_in_Malaysia%27s_Islamic_FInance_Industry.pdf http://irep.iium.edu.my/49948/4/49948_towards_a_global_hub_scopus.pdf http://irep.iium.edu.my/49948/5/49948_towards_a_global_hub_wos.pdf

id	iium-49948
recordtype	eprints
spelling	iium-499482017-02-11T20:37:07Z http://irep.iium.edu.my/49948/ Towards a global hub: The legal framework for dispute resolution in Malaysia’s Islamic finance industry Oseni, Umar Aimhanosi Ahmad, Abu Umar Faruq HG Finance K Law (General) KBP Islamic Law Purpose – The paper aims to examine significant developments in the institutional framework for dispute resolution in the Islamic finance industry in Malaysia. Malaysia, as part of its efforts to consolidate its enviable Islamic finance industry, has strengthened its institutional framework for dispute resolution. Design/methodology/approach – Data for this study were collected from both primary and secondary legal sources. Through a conceptual legal analysis, the institutional frameworks of dispute resolution in the Malaysia’s Islamic finance industry are studied. Findings – The study finds that Malaysia is far ahead of other jurisdictions by a significant margin in spearheading reforms in the emerging global Islamic finance industry. The dispute resolution framework has been largely affected by the recent reforms. Research limitations/implications – Other jurisdictions may borrow a leaf from Malaysia’s initiative in providing a robust legal framework for dispute management in the Islamic finance industry. Practical implications – Apart from adopting Malaysia’s framework and possibly adapting it to suit their specific local variations, other jurisdictions may also encourage Islamic financial institutions to incorporate effective dispute resolution processes in Islamic finance contracts. Originality value – This study critically discussed most recent developments in the institutional framework on dispute resolution in the Islamic finance industry in Malaysia. Emerald Group Publishing Limited 2016-01 Article PeerReviewed application/pdf en http://irep.iium.edu.my/49948/1/Towards_a_Global_Hub_-_The_Legal_Framework_for_Dispute_Reoslution_in_Malaysia%27s_Islamic_FInance_Industry.pdf application/pdf en http://irep.iium.edu.my/49948/4/49948_towards_a_global_hub_scopus.pdf application/pdf en http://irep.iium.edu.my/49948/5/49948_towards_a_global_hub_wos.pdf Oseni, Umar Aimhanosi and Ahmad, Abu Umar Faruq (2016) Towards a global hub: The legal framework for dispute resolution in Malaysia’s Islamic finance industry. International Journal of Law and Management, 58 (1). 48 -72. ISSN 1754-243X http://www.emeraldinsight.com/doi/full/10.1108/IJLMA-08-2014-0052 10.1108/IJLMA-08-2014-0052
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 Ahmad, Abu Umar Faruq Towards a global hub: The legal framework for dispute resolution in Malaysia’s Islamic finance industry
description	Purpose – The paper aims to examine significant developments in the institutional framework for dispute resolution in the Islamic finance industry in Malaysia. Malaysia, as part of its efforts to consolidate its enviable Islamic finance industry, has strengthened its institutional framework for dispute resolution. Design/methodology/approach – Data for this study were collected from both primary and secondary legal sources. Through a conceptual legal analysis, the institutional frameworks of dispute resolution in the Malaysia’s Islamic finance industry are studied. Findings – The study finds that Malaysia is far ahead of other jurisdictions by a significant margin in spearheading reforms in the emerging global Islamic finance industry. The dispute resolution framework has been largely affected by the recent reforms. Research limitations/implications – Other jurisdictions may borrow a leaf from Malaysia’s initiative in providing a robust legal framework for dispute management in the Islamic finance industry. Practical implications – Apart from adopting Malaysia’s framework and possibly adapting it to suit their specific local variations, other jurisdictions may also encourage Islamic financial institutions to incorporate effective dispute resolution processes in Islamic finance contracts. Originality value – This study critically discussed most recent developments in the institutional framework on dispute resolution in the Islamic finance industry in Malaysia.
format	Article
author	Oseni, Umar Aimhanosi Ahmad, Abu Umar Faruq
author_facet	Oseni, Umar Aimhanosi Ahmad, Abu Umar Faruq
author_sort	Oseni, Umar Aimhanosi
title	Towards a global hub: The legal framework for dispute resolution in Malaysia’s Islamic finance industry
title_short	Towards a global hub: The legal framework for dispute resolution in Malaysia’s Islamic finance industry
title_full	Towards a global hub: The legal framework for dispute resolution in Malaysia’s Islamic finance industry
title_fullStr	Towards a global hub: The legal framework for dispute resolution in Malaysia’s Islamic finance industry
title_full_unstemmed	Towards a global hub: The legal framework for dispute resolution in Malaysia’s Islamic finance industry
title_sort	towards a global hub: the legal framework for dispute resolution in malaysia’s islamic finance industry
publisher	Emerald Group Publishing Limited
publishDate	2016
url	http://irep.iium.edu.my/49948/ http://irep.iium.edu.my/49948/ http://irep.iium.edu.my/49948/ http://irep.iium.edu.my/49948/1/Towards_a_Global_Hub_-_The_Legal_Framework_for_Dispute_Reoslution_in_Malaysia%27s_Islamic_FInance_Industry.pdf http://irep.iium.edu.my/49948/4/49948_towards_a_global_hub_scopus.pdf http://irep.iium.edu.my/49948/5/49948_towards_a_global_hub_wos.pdf
first_indexed	2023-09-18T21:10:35Z
last_indexed	2023-09-18T21:10:35Z
_version_	1777411225742737408

Towards a global hub: The legal framework for dispute resolution in Malaysia’s Islamic finance industry

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