What is it about?

The paper aims to examine significant developments in the institutional framework for dispute resolution in the Islamic finance industry in Malaysia. Malaysia, as part of its efforts to consolidate its enviable Islamic finance industry, has strengthened its institutional framework for dispute resolution. Apart from adopting Malaysia’s framework and possibly adapting it to suit their specific local variations, other jurisdictions may also encourage Islamic financial institutions to incorporate effective dispute resolution processes in Islamic finance contracts.

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Why is it important?

This is the first of its kind written in the relevant area so far our knowledge goes. It critically discusses most recent developments in the institutional framework on dispute resolution in the Islamic finance industry in Malaysia. Our findings show that Malaysia is far ahead of other jurisdictions by a significant margin in spearheading reforms in the emerging global Islamic finance industry. The dispute resolution framework has been largely affected by the recent reforms.

Perspectives

This is a revised version of a conference paper presented at the Eight International Conference on Islamic Economics and Finance: Sustainable Growth and Inclusive Economics and Finance: Sustainable Growth and Inclusive Economic Development from an Islamic Perspective, organised by IRTI-IDB and Qatar Foundation, held in Qatar from 19-21, 2011.

Dr Abu Umar Faruq Ahmad
King Abdulaziz University

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This page is a summary of: Towards a global hub, February 2016, Emerald, DOI: 10.1108/ijlma-08-2014-0052.
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