The introduction of the financial ombudsman scheme as an alternative to dispute resolution in the Islamic financial services industry in Malaysia

With the enactment of the Islamic Financial Services Act 2013 (IFSA 2013) in Malaysia, the dispute resolution landscape has been transformed to reflect more on effective dispute settlement that would ensure consumer protection without prejudicing the interests of the financial service providers. Th...

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Main Authors:	Mohd. Zain, Nor Razinah, Engku Ali, Engku Rabiah Adawiah
Format:	Article
Language:	English English English
Published:	International Islamic University Malaysia 2016
Subjects:	HB126.4 Islamic Economics HG3368 Islamic Banking and Finance HG4001 Financial management. Business finance. Corporation finance.
Online Access:	http://irep.iium.edu.my/56584/ http://irep.iium.edu.my/56584/ http://irep.iium.edu.my/56584/8/56584_The%20introduction%20of%20the%20financial%20ombudsman%20scheme.pdf http://irep.iium.edu.my/56584/1/56584_The%20introduction%20of%20the%20financial%20ombudsman%20scheme_WoS.pdf http://irep.iium.edu.my/56584/9/56584_the%20introduction%20of%20The%20introduction%20of%20the%20financial%20ombudsman_scopus.pdf

id	iium-56584
recordtype	eprints
spelling	iium-565842019-07-12T04:00:52Z http://irep.iium.edu.my/56584/ The introduction of the financial ombudsman scheme as an alternative to dispute resolution in the Islamic financial services industry in Malaysia Mohd. Zain, Nor Razinah Engku Ali, Engku Rabiah Adawiah HB126.4 Islamic Economics HG3368 Islamic Banking and Finance HG4001 Financial management. Business finance. Corporation finance. With the enactment of the Islamic Financial Services Act 2013 (IFSA 2013) in Malaysia, the dispute resolution landscape has been transformed to reflect more on effective dispute settlement that would ensure consumer protection without prejudicing the interests of the financial service providers. The Central Bank of Malaysia, as the main regulatory body for the Islamic financial services industry in Malaysia, indicates that the Financial Mediation Bureau (FMB) is in the process of implementing the Financial Ombudsman Scheme (FOS). In analysing this statutory by-product of IFSA 2013, this paper examines the transformation of FMB as a structured statutory body in resolving Islamic finance disputes. In addition, the dispute resolution structure of FMB under the FOS is evaluated and appreciated. A comparative legal analysis is provided in a separate section by examining the structures of other financial ombudsmen as available in other jurisdictions. The examples are taken from other financial ombudsmen practices as applied in selected Commonwealth countries, i.e., Ireland, United Kingdom, and Pakistan. International Islamic University Malaysia 2016 Article PeerReviewed application/pdf en http://irep.iium.edu.my/56584/8/56584_The%20introduction%20of%20the%20financial%20ombudsman%20scheme.pdf application/pdf en http://irep.iium.edu.my/56584/1/56584_The%20introduction%20of%20the%20financial%20ombudsman%20scheme_WoS.pdf application/pdf en http://irep.iium.edu.my/56584/9/56584_the%20introduction%20of%20The%20introduction%20of%20the%20financial%20ombudsman_scopus.pdf Mohd. Zain, Nor Razinah and Engku Ali, Engku Rabiah Adawiah (2016) The introduction of the financial ombudsman scheme as an alternative to dispute resolution in the Islamic financial services industry in Malaysia. Al-Shajarah, 21 (3 Special Issue). pp. 243-260. ISSN 1394-6870 http://journals.iium.edu.my/shajarah/index.php/shaj/article/view/420
repository_type	Digital Repository
institution_category	Local University
institution	International Islamic University Malaysia
building	IIUM Repository
collection	Online Access
language	English English English
topic	HB126.4 Islamic Economics HG3368 Islamic Banking and Finance HG4001 Financial management. Business finance. Corporation finance.
spellingShingle	HB126.4 Islamic Economics HG3368 Islamic Banking and Finance HG4001 Financial management. Business finance. Corporation finance. Mohd. Zain, Nor Razinah Engku Ali, Engku Rabiah Adawiah The introduction of the financial ombudsman scheme as an alternative to dispute resolution in the Islamic financial services industry in Malaysia
description	With the enactment of the Islamic Financial Services Act 2013 (IFSA 2013) in Malaysia, the dispute resolution landscape has been transformed to reflect more on effective dispute settlement that would ensure consumer protection without prejudicing the interests of the financial service providers. The Central Bank of Malaysia, as the main regulatory body for the Islamic financial services industry in Malaysia, indicates that the Financial Mediation Bureau (FMB) is in the process of implementing the Financial Ombudsman Scheme (FOS). In analysing this statutory by-product of IFSA 2013, this paper examines the transformation of FMB as a structured statutory body in resolving Islamic finance disputes. In addition, the dispute resolution structure of FMB under the FOS is evaluated and appreciated. A comparative legal analysis is provided in a separate section by examining the structures of other financial ombudsmen as available in other jurisdictions. The examples are taken from other financial ombudsmen practices as applied in selected Commonwealth countries, i.e., Ireland, United Kingdom, and Pakistan.
format	Article
author	Mohd. Zain, Nor Razinah Engku Ali, Engku Rabiah Adawiah
author_facet	Mohd. Zain, Nor Razinah Engku Ali, Engku Rabiah Adawiah
author_sort	Mohd. Zain, Nor Razinah
title	The introduction of the financial ombudsman scheme as an alternative to dispute resolution in the Islamic financial services industry in Malaysia
title_short	The introduction of the financial ombudsman scheme as an alternative to dispute resolution in the Islamic financial services industry in Malaysia
title_full	The introduction of the financial ombudsman scheme as an alternative to dispute resolution in the Islamic financial services industry in Malaysia
title_fullStr	The introduction of the financial ombudsman scheme as an alternative to dispute resolution in the Islamic financial services industry in Malaysia
title_full_unstemmed	The introduction of the financial ombudsman scheme as an alternative to dispute resolution in the Islamic financial services industry in Malaysia
title_sort	introduction of the financial ombudsman scheme as an alternative to dispute resolution in the islamic financial services industry in malaysia
publisher	International Islamic University Malaysia
publishDate	2016
url	http://irep.iium.edu.my/56584/ http://irep.iium.edu.my/56584/ http://irep.iium.edu.my/56584/8/56584_The%20introduction%20of%20the%20financial%20ombudsman%20scheme.pdf http://irep.iium.edu.my/56584/1/56584_The%20introduction%20of%20the%20financial%20ombudsman%20scheme_WoS.pdf http://irep.iium.edu.my/56584/9/56584_the%20introduction%20of%20The%20introduction%20of%20the%20financial%20ombudsman_scopus.pdf
first_indexed	2023-09-18T21:19:50Z
last_indexed	2023-09-18T21:19:50Z
_version_	1777411807889063936

The introduction of the financial ombudsman scheme as an alternative to dispute resolution in the Islamic financial services industry in Malaysia

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