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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/56584/8/56584_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
http://irep.iium.edu.my/56584/
http://journals.iium.edu.my/shajarah/index.php/shaj/article/view/420
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spelling my.iium.irep.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
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
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/56584/8/56584_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
http://irep.iium.edu.my/56584/
http://journals.iium.edu.my/shajarah/index.php/shaj/article/view/420
_version_ 1643619640013750272
score 13.211869

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