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Dispute management in Islamic financial services and products: a maqāṣid-based analysis

The increasing expansion of the Islamic financial services industry beyond its original frontiers has not only come with success stories but has also been affected by the growing preference for litigation as the mode of dispute resolution. Exorbitant legal fees and cost of sustaining protracted liti...

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Main Author: Oseni, Umar Aimhanosi
Format: Article
Language:English
English
Published: IIUM Press 2015
Subjects:
HG Finance
K Law (General)
KBP1 Islamic law.Shariah.Fiqh
Online Access:http://irep.iium.edu.my/47036/1/691-1611-2-PB.pdf
http://irep.iium.edu.my/47036/4/47036_dispute_management_scopus.pdf
http://irep.iium.edu.my/47036/
http://journals.iium.edu.my/intdiscourse/index.php/islam/article/view/691
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spelling my.iium.irep.470362017-10-16T03:33:29Z http://irep.iium.edu.my/47036/ Dispute management in Islamic financial services and products: a maqāṣid-based analysis Oseni, Umar Aimhanosi HG Finance K Law (General) KBP1 Islamic law.Shariah.Fiqh The increasing expansion of the Islamic financial services industry beyond its original frontiers has not only come with success stories but has also been affected by the growing preference for litigation as the mode of dispute resolution. Exorbitant legal fees and cost of sustaining protracted litigation are two major challenges that require the attention of major stakeholders in the industry. This paper examines these challenges through a Maqāṣid alSharī‘ah focused prism considering the importance of the sustainable dispute management framework in Islamic financial services and products. While singling out the important higher objective (maqṣad) of ḥifẓ al-māl, this study argues that preservation of wealth and financial resources requires effective means of resolving increasingly diverse disputes in the Islamic financial services industry. It is further argued that an effective dispute management framework will consider the original value proposition of Islamic financial intermediation which promotes maṣlaḥah (benefits) and prevents mafsadah (hardship) and ḍarar (financial harm). This makes a case for the affirmative relevance, potential adoption, and systemic modernisation of Islamic dispute management mechanisms such as ṣulḥ, taḥkīm, and muḥtasib in order to fulfil the overarching objective of protection and preservation of wealth and financial resources as one of the core objectives of Sharī‘ah. IIUM Press 2015-12 Article REM application/pdf en http://irep.iium.edu.my/47036/1/691-1611-2-PB.pdf application/pdf en http://irep.iium.edu.my/47036/4/47036_dispute_management_scopus.pdf Oseni, Umar Aimhanosi (2015) Dispute management in Islamic financial services and products: a maqāṣid-based analysis. Intellectual Discourse, 23 (S). pp. 377-400. ISSN 0128-4878 http://journals.iium.edu.my/intdiscourse/index.php/islam/article/view/691
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)
KBP1 Islamic law.Shariah.Fiqh
spellingShingle HG Finance
K Law (General)
KBP1 Islamic law.Shariah.Fiqh
Oseni, Umar Aimhanosi
Dispute management in Islamic financial services and products: a maqāṣid-based analysis
description The increasing expansion of the Islamic financial services industry beyond its original frontiers has not only come with success stories but has also been affected by the growing preference for litigation as the mode of dispute resolution. Exorbitant legal fees and cost of sustaining protracted litigation are two major challenges that require the attention of major stakeholders in the industry. This paper examines these challenges through a Maqāṣid alSharī‘ah focused prism considering the importance of the sustainable dispute management framework in Islamic financial services and products. While singling out the important higher objective (maqṣad) of ḥifẓ al-māl, this study argues that preservation of wealth and financial resources requires effective means of resolving increasingly diverse disputes in the Islamic financial services industry. It is further argued that an effective dispute management framework will consider the original value proposition of Islamic financial intermediation which promotes maṣlaḥah (benefits) and prevents mafsadah (hardship) and ḍarar (financial harm). This makes a case for the affirmative relevance, potential adoption, and systemic modernisation of Islamic dispute management mechanisms such as ṣulḥ, taḥkīm, and muḥtasib in order to fulfil the overarching objective of protection and preservation of wealth and financial resources as one of the core objectives of Sharī‘ah.
format Article
author Oseni, Umar Aimhanosi
author_facet Oseni, Umar Aimhanosi
author_sort Oseni, Umar Aimhanosi
title Dispute management in Islamic financial services and products: a maqāṣid-based analysis
title_short Dispute management in Islamic financial services and products: a maqāṣid-based analysis
title_full Dispute management in Islamic financial services and products: a maqāṣid-based analysis
title_fullStr Dispute management in Islamic financial services and products: a maqāṣid-based analysis
title_full_unstemmed Dispute management in Islamic financial services and products: a maqāṣid-based analysis
title_sort dispute management in islamic financial services and products: a maqāṣid-based analysis
publisher IIUM Press
publishDate 2015
url http://irep.iium.edu.my/47036/1/691-1611-2-PB.pdf
http://irep.iium.edu.my/47036/4/47036_dispute_management_scopus.pdf
http://irep.iium.edu.my/47036/
http://journals.iium.edu.my/intdiscourse/index.php/islam/article/view/691
_version_ 1643613111171678208
score 13.211869

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