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The enforcement of financial ombudsman scheme (FOS) to Malaysian takaful and insurance sectors: an analysis of alternative dispute resolution (ADR) from a period of 2013 to 2021

The introduction of Islamic Financial Services Act 2013 or IFSA into Malaysian legislative landscape has shaped the Islamic financial services industry (IFSI) tremendously. Focusing on providing effective dispute settlement and financial protection towards the customers, IFSA creatively formulates t...

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Main Authors: Mohd. Zain, Nor Razinah, Mohd Noor, Azman, Wan Ismail, Wan Zamri, Awang, Hasila
Format: Conference or Workshop Item
Language:English
English
Published: 2022
Subjects:
BPH Islamic Economics
BPK Islamic law. Shari'ah. Fiqh
HF Commerce
K Law (General)
Online Access:http://irep.iium.edu.my/102965/1/AICIF%202022%20NO.%2095%20194-213.pdf
http://irep.iium.edu.my/102965/2/AICIF%20PAPER%2003%20-%20THE%20ENFORCEMENT%20OF%20FINANCIAL%20OMBUDSMAN%20SCHEME.docx
http://irep.iium.edu.my/102965/
https://conference.iium.edu.my/aicif/
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spelling my.iium.irep.1029652023-01-30T03:54:11Z http://irep.iium.edu.my/102965/ The enforcement of financial ombudsman scheme (FOS) to Malaysian takaful and insurance sectors: an analysis of alternative dispute resolution (ADR) from a period of 2013 to 2021 Mohd. Zain, Nor Razinah Mohd Noor, Azman Wan Ismail, Wan Zamri Awang, Hasila BPH Islamic Economics BPK Islamic law. Shari'ah. Fiqh HF Commerce K Law (General) The introduction of Islamic Financial Services Act 2013 or IFSA into Malaysian legislative landscape has shaped the Islamic financial services industry (IFSI) tremendously. Focusing on providing effective dispute settlement and financial protection towards the customers, IFSA creatively formulates the financial ombudsman scheme (FOS) which is effectively enforceable towards banking and insurance sectors. Without any exception, FOS is equivalently applicable towards Islamic banking and Takaful sectors in the country. Reaching towards FOS’s first decade of establishment, this research stands (i) to evaluate the application of FOS, specifically on the use of alternative dispute resolution in Takaful and insurance sectors from a period between 2013 to 2021. This is done by following the latest reports from the one and only Ombudsman for Financial Services (OFS) of Malaysia. This research also (ii) examines approaches of dispute settlement of selected cases which were taken by OFS. By appreciating the advantages of qualitative approaches, the researchers depend on doctrinal legal analysis, arm-chaired research strategies, and observational investigation from the identified trends in the IFSI. As a part of findings, it is found that there is a steady increase of cases which were referred to OFS. Types of complaints may be varied. During the period of COVID-19 lockdown which is between 2020 to 2021, there is an increase of complaints from the customers relating to scams. This is happened due to the change in the engagement and communication between the customers and their Takaful and insurance operators. 2022-12-08 Conference or Workshop Item NonPeerReviewed application/pdf en http://irep.iium.edu.my/102965/1/AICIF%202022%20NO.%2095%20194-213.pdf application/pdf en http://irep.iium.edu.my/102965/2/AICIF%20PAPER%2003%20-%20THE%20ENFORCEMENT%20OF%20FINANCIAL%20OMBUDSMAN%20SCHEME.docx Mohd. Zain, Nor Razinah and Mohd Noor, Azman and Wan Ismail, Wan Zamri and Awang, Hasila (2022) The enforcement of financial ombudsman scheme (FOS) to Malaysian takaful and insurance sectors: an analysis of alternative dispute resolution (ADR) from a period of 2013 to 2021. In: 10th ASEAN International Conference on Islamic Finance 2022 (AICIF-10): The Role of Islamic Banking and Islamic Social Finance for Economic Sustainability, 6-8 December 2022, Double Tree by Hilton Kuala Lumpur, Malaysia. (Unpublished) https://conference.iium.edu.my/aicif/
institution Universiti Islam Antarabangsa Malaysia
building IIUM Library
collection Institutional Repository
continent Asia
country Malaysia
content_provider International Islamic University Malaysia
content_source IIUM Repository (IREP)
url_provider http://irep.iium.edu.my/
language English
English
topic BPH Islamic Economics
BPK Islamic law. Shari'ah. Fiqh
HF Commerce
K Law (General)
spellingShingle BPH Islamic Economics
BPK Islamic law. Shari'ah. Fiqh
HF Commerce
K Law (General)
Mohd. Zain, Nor Razinah
Mohd Noor, Azman
Wan Ismail, Wan Zamri
Awang, Hasila
The enforcement of financial ombudsman scheme (FOS) to Malaysian takaful and insurance sectors: an analysis of alternative dispute resolution (ADR) from a period of 2013 to 2021
description The introduction of Islamic Financial Services Act 2013 or IFSA into Malaysian legislative landscape has shaped the Islamic financial services industry (IFSI) tremendously. Focusing on providing effective dispute settlement and financial protection towards the customers, IFSA creatively formulates the financial ombudsman scheme (FOS) which is effectively enforceable towards banking and insurance sectors. Without any exception, FOS is equivalently applicable towards Islamic banking and Takaful sectors in the country. Reaching towards FOS’s first decade of establishment, this research stands (i) to evaluate the application of FOS, specifically on the use of alternative dispute resolution in Takaful and insurance sectors from a period between 2013 to 2021. This is done by following the latest reports from the one and only Ombudsman for Financial Services (OFS) of Malaysia. This research also (ii) examines approaches of dispute settlement of selected cases which were taken by OFS. By appreciating the advantages of qualitative approaches, the researchers depend on doctrinal legal analysis, arm-chaired research strategies, and observational investigation from the identified trends in the IFSI. As a part of findings, it is found that there is a steady increase of cases which were referred to OFS. Types of complaints may be varied. During the period of COVID-19 lockdown which is between 2020 to 2021, there is an increase of complaints from the customers relating to scams. This is happened due to the change in the engagement and communication between the customers and their Takaful and insurance operators.
format Conference or Workshop Item
author Mohd. Zain, Nor Razinah
Mohd Noor, Azman
Wan Ismail, Wan Zamri
Awang, Hasila
author_facet Mohd. Zain, Nor Razinah
Mohd Noor, Azman
Wan Ismail, Wan Zamri
Awang, Hasila
author_sort Mohd. Zain, Nor Razinah
title The enforcement of financial ombudsman scheme (FOS) to Malaysian takaful and insurance sectors: an analysis of alternative dispute resolution (ADR) from a period of 2013 to 2021
title_short The enforcement of financial ombudsman scheme (FOS) to Malaysian takaful and insurance sectors: an analysis of alternative dispute resolution (ADR) from a period of 2013 to 2021
title_full The enforcement of financial ombudsman scheme (FOS) to Malaysian takaful and insurance sectors: an analysis of alternative dispute resolution (ADR) from a period of 2013 to 2021
title_fullStr The enforcement of financial ombudsman scheme (FOS) to Malaysian takaful and insurance sectors: an analysis of alternative dispute resolution (ADR) from a period of 2013 to 2021
title_full_unstemmed The enforcement of financial ombudsman scheme (FOS) to Malaysian takaful and insurance sectors: an analysis of alternative dispute resolution (ADR) from a period of 2013 to 2021
title_sort enforcement of financial ombudsman scheme (fos) to malaysian takaful and insurance sectors: an analysis of alternative dispute resolution (adr) from a period of 2013 to 2021
publishDate 2022
url http://irep.iium.edu.my/102965/1/AICIF%202022%20NO.%2095%20194-213.pdf
http://irep.iium.edu.my/102965/2/AICIF%20PAPER%2003%20-%20THE%20ENFORCEMENT%20OF%20FINANCIAL%20OMBUDSMAN%20SCHEME.docx
http://irep.iium.edu.my/102965/
https://conference.iium.edu.my/aicif/
_version_ 1756684057801916416
score 13.211869

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