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Comparison of Malaysia-Dubai approach for the Islamic dispute resolution system in Islamic finance

This paper aims to discuss the development of the dispute resolution system for Islamic finance by a cross-national perspective in the Islamic world. The mainstays of the Islamic financial market, nowadays, are the Gulf countries and Southeast Asia. In particular, the United Arab Emirates (UAE) and...

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Main Author: Kawamura, Ai
Format: Article
Language:English
Published: Penerbit Universiti Kebangsaan Malaysia 2017
Online Access:http://journalarticle.ukm.my/11327/1/20000-57047-1-SM.pdf
http://journalarticle.ukm.my/11327/
http://ejournals.ukm.my/jhadhari/issue/view/990
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spelling my-ukm.journal.113272018-02-07T12:35:49Z http://journalarticle.ukm.my/11327/ Comparison of Malaysia-Dubai approach for the Islamic dispute resolution system in Islamic finance Kawamura, Ai This paper aims to discuss the development of the dispute resolution system for Islamic finance by a cross-national perspective in the Islamic world. The mainstays of the Islamic financial market, nowadays, are the Gulf countries and Southeast Asia. In particular, the United Arab Emirates (UAE) and Malaysia are countries that have developed the industry since its inception. Therefore, this paper will focus on these two countries as case studies. As the market grew, disputes in the Islamic finance industry also increased and raised the question of how the jurisdiction for this new industry could be separated from that of conventional finance. There are discussions on how Islamic finance dispute cases should be dealt with. Malaysia has been working on these issues by focusing on Alternative Dispute Resolution (ADR) as the potential solution. On the other hand the UAE has established an epoch-making system, the ‘Dubai Approach’. This system has been used to settle not only disputes that were related to the financial crisis that occurred in Dubai in 2009, but also those related to Islamic finance transactions. Although the dispute resolution system for Islamic finance is in the developing stage, these two countries’ systems have unique features. Therefore, this paper will indicate the developing process for the dispute resolution system for Islamic finance. Penerbit Universiti Kebangsaan Malaysia 2017 Article PeerReviewed application/pdf en http://journalarticle.ukm.my/11327/1/20000-57047-1-SM.pdf Kawamura, Ai (2017) Comparison of Malaysia-Dubai approach for the Islamic dispute resolution system in Islamic finance. Jurnal Hadhari, E.khas . pp. 57-66. ISSN 1985-6830 http://ejournals.ukm.my/jhadhari/issue/view/990
institution Universiti Kebangsaan Malaysia
building Perpustakaan Tun Sri Lanang Library
collection Institutional Repository
continent Asia
country Malaysia
content_provider Universiti Kebangsaan Malaysia
content_source UKM Journal Article Repository
url_provider http://journalarticle.ukm.my/
language English
description This paper aims to discuss the development of the dispute resolution system for Islamic finance by a cross-national perspective in the Islamic world. The mainstays of the Islamic financial market, nowadays, are the Gulf countries and Southeast Asia. In particular, the United Arab Emirates (UAE) and Malaysia are countries that have developed the industry since its inception. Therefore, this paper will focus on these two countries as case studies. As the market grew, disputes in the Islamic finance industry also increased and raised the question of how the jurisdiction for this new industry could be separated from that of conventional finance. There are discussions on how Islamic finance dispute cases should be dealt with. Malaysia has been working on these issues by focusing on Alternative Dispute Resolution (ADR) as the potential solution. On the other hand the UAE has established an epoch-making system, the ‘Dubai Approach’. This system has been used to settle not only disputes that were related to the financial crisis that occurred in Dubai in 2009, but also those related to Islamic finance transactions. Although the dispute resolution system for Islamic finance is in the developing stage, these two countries’ systems have unique features. Therefore, this paper will indicate the developing process for the dispute resolution system for Islamic finance.
format Article
author Kawamura, Ai
spellingShingle Kawamura, Ai
Comparison of Malaysia-Dubai approach for the Islamic dispute resolution system in Islamic finance
author_facet Kawamura, Ai
author_sort Kawamura, Ai
title Comparison of Malaysia-Dubai approach for the Islamic dispute resolution system in Islamic finance
title_short Comparison of Malaysia-Dubai approach for the Islamic dispute resolution system in Islamic finance
title_full Comparison of Malaysia-Dubai approach for the Islamic dispute resolution system in Islamic finance
title_fullStr Comparison of Malaysia-Dubai approach for the Islamic dispute resolution system in Islamic finance
title_full_unstemmed Comparison of Malaysia-Dubai approach for the Islamic dispute resolution system in Islamic finance
title_sort comparison of malaysia-dubai approach for the islamic dispute resolution system in islamic finance
publisher Penerbit Universiti Kebangsaan Malaysia
publishDate 2017
url http://journalarticle.ukm.my/11327/1/20000-57047-1-SM.pdf
http://journalarticle.ukm.my/11327/
http://ejournals.ukm.my/jhadhari/issue/view/990
_version_ 1643738456714641408
score 13.211869

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