2019
DOI: 10.32890/uumjls.10.2.2019.4978
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Arbitration as a Mechanism to Resolve Islamic Banking Disputes in Malaysia: Challenges and Drawbacks

Abstract: Malaysia has shown tremendous progress in the arena of Islamic banking and the finance industry, and has become an essential Islamic financial hub within the region. The comprehensive legal framework consisting of legislation and dispute resolution mechanisms have been crucial elements that ensured the robust development of the industry. The court system and arbitration are two significant platforms for the settlement of Islamic banking disputes that are brought before them. However, the court system has been … Show more

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Cited by 5 publications
(17 citation statements)
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References 13 publications
(14 reference statements)
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“…Generally, dispute settlement in Islamic banking and finance is done through two ways; namely litigation where courts are needed in settling the disputes and settlement of dispute out of court known as alternative dispute resolution (ADR) that consists of arbitration and mediation (Labanieh et al, 2019).…”
Section: Settlement Of Dispute At the Islamic Financial Institutions ...mentioning
confidence: 99%
“…Generally, dispute settlement in Islamic banking and finance is done through two ways; namely litigation where courts are needed in settling the disputes and settlement of dispute out of court known as alternative dispute resolution (ADR) that consists of arbitration and mediation (Labanieh et al, 2019).…”
Section: Settlement Of Dispute At the Islamic Financial Institutions ...mentioning
confidence: 99%
“…In the same vein, Islamic banking disputants have to face the high cost of adjudication (Ali, et al, 2016). However, traditional arbitration is not much appealing as it used to be (Labanieh et al, 2019).…”
Section: Traditional Arbitration In the Digitial Era: The Time For Changementioning
confidence: 99%
“…Arbitration relishes a prominent status because of its remarkable advantages. For instance, it is a private and confidential mechanism (Labanieh et al, 2019). In reality, international arbitration law, such as the United Nations Commission on International Trade Law (UNCITRAL) Model Law on International Commercial Arbitration 1985, does not contain provisions for privacy and confidentiality.…”
Section: Introductionmentioning
confidence: 99%