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A SWOT analysis on dispute resolution in the Islamic finance industry in Malaysia

As part of the transformation programme of the Malaysian government to make the country a sustainable global Islamic finance hub, the necessary legal and regulatory frameworks need to be put in place. While the regulatory authorities, such as Bank Negara Malaysia, have constantly introduced unprece...

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Main Authors: Engku Ali, Engku Rabiah Adawiah, Oseni, Umar Aimhanosi, Abdul-Qadir Zubair, Aishat
Format: Conference or Workshop Item
Language:English
English
Published: 2014
Subjects:
HG Finance
K Law (General)
KBP Islamic Law
Online Access:http://irep.iium.edu.my/38347/13/20140919093201085.pdf
http://irep.iium.edu.my/38347/15/Rabiah_ASLI.pdf
http://irep.iium.edu.my/38347/
http://law.nus.edu.sg/asli/11th_asli_conf/panels.html
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spelling my.iium.irep.383472015-01-06T04:28:52Z http://irep.iium.edu.my/38347/ A SWOT analysis on dispute resolution in the Islamic finance industry in Malaysia Engku Ali, Engku Rabiah Adawiah Oseni, Umar Aimhanosi Abdul-Qadir Zubair, Aishat HG Finance K Law (General) KBP Islamic Law As part of the transformation programme of the Malaysian government to make the country a sustainable global Islamic finance hub, the necessary legal and regulatory frameworks need to be put in place. While the regulatory authorities, such as Bank Negara Malaysia, have constantly introduced unprecedented reforms that are worth emulating in other jurisdictions, the challenge of adequate access to justice still lingers on despite the current diverse options available to the parties in Islamic banking issues. This paper therefore conducts a SWOT analysis on the effectiveness of the existing processes and legal institutions of dispute resolution specifically earmarked for Islamic finance matters. There is no doubt about the fact that the existing processes and institutions have their strengths; but they also have their weaknesses which can be addressed in the long run. The potential threats can be solved through proper implmentation of the existing legal and regulatory framework which presents a number of opportunities. The research concludes that since most Islamic financial institutions in Malaysia are more likely to use litigation for breach of contract; such attitude has relegated other sustainable processes of dispute resolution to the background and made them irrelevant in the Islamic finance industry. Hence, there is a need to consolidate the existing mechanisms in a more efficient manner that will benefit both the consumers and the Islamic financial institutions. 2014 Conference or Workshop Item REM application/pdf en http://irep.iium.edu.my/38347/13/20140919093201085.pdf application/pdf en http://irep.iium.edu.my/38347/15/Rabiah_ASLI.pdf Engku Ali, Engku Rabiah Adawiah and Oseni, Umar Aimhanosi and Abdul-Qadir Zubair, Aishat (2014) A SWOT analysis on dispute resolution in the Islamic finance industry in Malaysia. In: 11th ASLI Conference 2014: Law in Asia: Balancing Tradition and Modernization, 29th-30th May 2014, Kuala Lumpur. (Unpublished) http://law.nus.edu.sg/asli/11th_asli_conf/panels.html
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 HG Finance
K Law (General)
KBP Islamic Law
spellingShingle HG Finance
K Law (General)
KBP Islamic Law
Engku Ali, Engku Rabiah Adawiah
Oseni, Umar Aimhanosi
Abdul-Qadir Zubair, Aishat
A SWOT analysis on dispute resolution in the Islamic finance industry in Malaysia
description As part of the transformation programme of the Malaysian government to make the country a sustainable global Islamic finance hub, the necessary legal and regulatory frameworks need to be put in place. While the regulatory authorities, such as Bank Negara Malaysia, have constantly introduced unprecedented reforms that are worth emulating in other jurisdictions, the challenge of adequate access to justice still lingers on despite the current diverse options available to the parties in Islamic banking issues. This paper therefore conducts a SWOT analysis on the effectiveness of the existing processes and legal institutions of dispute resolution specifically earmarked for Islamic finance matters. There is no doubt about the fact that the existing processes and institutions have their strengths; but they also have their weaknesses which can be addressed in the long run. The potential threats can be solved through proper implmentation of the existing legal and regulatory framework which presents a number of opportunities. The research concludes that since most Islamic financial institutions in Malaysia are more likely to use litigation for breach of contract; such attitude has relegated other sustainable processes of dispute resolution to the background and made them irrelevant in the Islamic finance industry. Hence, there is a need to consolidate the existing mechanisms in a more efficient manner that will benefit both the consumers and the Islamic financial institutions.
format Conference or Workshop Item
author Engku Ali, Engku Rabiah Adawiah
Oseni, Umar Aimhanosi
Abdul-Qadir Zubair, Aishat
author_facet Engku Ali, Engku Rabiah Adawiah
Oseni, Umar Aimhanosi
Abdul-Qadir Zubair, Aishat
author_sort Engku Ali, Engku Rabiah Adawiah
title A SWOT analysis on dispute resolution in the Islamic finance industry in Malaysia
title_short A SWOT analysis on dispute resolution in the Islamic finance industry in Malaysia
title_full A SWOT analysis on dispute resolution in the Islamic finance industry in Malaysia
title_fullStr A SWOT analysis on dispute resolution in the Islamic finance industry in Malaysia
title_full_unstemmed A SWOT analysis on dispute resolution in the Islamic finance industry in Malaysia
title_sort swot analysis on dispute resolution in the islamic finance industry in malaysia
publishDate 2014
url http://irep.iium.edu.my/38347/13/20140919093201085.pdf
http://irep.iium.edu.my/38347/15/Rabiah_ASLI.pdf
http://irep.iium.edu.my/38347/
http://law.nus.edu.sg/asli/11th_asli_conf/panels.html
_version_ 1643611404830244864
score 13.211869

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