The role of ombudsman: Resolving financial disputes in Malaysia

Zain, Muhamad Ikhwan Mohd; Rahmat, Nur Ezan; Ilias, Ibtisam @ Ilyana

doi:10.1002/crq.21366

Cited by 2 publications

(4 citation statements)

References 14 publications

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“…Incorporating the ombudsman into the system has shown to be highly beneficial in settling financial disputes (Mohd Zain et al, 2022). Their objectivity and competence have earned the trust of customers and financial institutions alike, assuring fair and just outcomes for all parties concerned.…”

Section: Definition Of Financial Consumers and Financial Disputesmentioning

confidence: 99%

“…Furthermore, implementing OFS can help boost consumer trust in financial services and promote Malaysia's more transparent and accountable financial sector. FSA 2013 and IFSA 2013 have strengthened business conduct and consumer protection requirements, increasing consumer confidence in financial services and products (Mohd Zain et al, 2022). However, some drawbacks need to be addressed, as discussed in the problem statement.…”

Section: Financial Consumer Protection Regulations In Malaysiamentioning

confidence: 99%

“…Lack of accessibility (Source: Abubakar & Handayani, 2021;Atmoko & Liman, 2022;Mohd Zain et al, 2022;Nurhayati et al, 2022;OJK, 2020;Raja Abdul Aziz & Abdul Hamid, 2017)…”

Section: Comparative Analysis Of the Strengths And Weaknessesmentioning

confidence: 99%

“…It can be materialised through financial dispute resolution institutions that uphold transparency, accountability, and consumer trust, which fix their problems, protect them, encourage fair competition, and improve the market. In parallel, the Ombudsman for Financial Services (OFS) in Malaysia was established to handle financial disputes (Mohd Zain et al, 2022), and the Alternative Institution for Dispute Resolution in the Financial Services Sector (LAPS SJK) in Indonesia was established to deal with financial disputes and safeguard their customers (Nurhayati et al, 2022). Both play a crucial role in implementing their respective countries' financial services regulations and rules, ensuring consumers have a reliable platform to voice their concerns and seek redress.…”

Section: Introductionmentioning

confidence: 99%

See 3 more Smart Citations

A Comparative Assessment of Alternative Dispute Resolution for Financial Consumer Protection in Malaysia and Indonesia

Ilias,

Mohd Zain,

Rahmat

et al. 2023

E-BPJ

Self Cite

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The Ombudsman for Financial Services (OFS) handles financial services complaints in Malaysia. Meanwhile, the Alternative Institution for Dispute Resolution in the Financial Services Sector (LAPS SJK) handles financial disputes and safeguards customers from financial fraud in Indonesia. This study aims to analyse and compare the legal framework in both institutions for protecting financial consumers, considering their similarities and differences in regulatory approaches, consumer rights, and enforcement mechanisms. The findings of this study can provide insights for policymakers and regulators in both countries to enhance their efforts to safeguard the interests of financial consumers.

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Section: Definition Of Financial Consumers and Financial Disputesmentioning

confidence: 99%

Section: Financial Consumer Protection Regulations In Malaysiamentioning

confidence: 99%

“…Lack of accessibility (Source: Abubakar & Handayani, 2021;Atmoko & Liman, 2022;Mohd Zain et al, 2022;Nurhayati et al, 2022;OJK, 2020;Raja Abdul Aziz & Abdul Hamid, 2017)…”

Section: Comparative Analysis Of the Strengths And Weaknessesmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

See 2 more Smart Citations

A Comparative Assessment of Alternative Dispute Resolution for Financial Consumer Protection in Malaysia and Indonesia

Ilias,

Mohd Zain,

Rahmat

et al. 2023

E-BPJ

Self Cite

View full text Add to dashboard Cite

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The connection between robust legal instruments and the exceptional performance of the Islamic banking industry

Triyanta,

Hassan

2024

JGR

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This study investigates the pivotal role of robust legal instruments in driving the outstanding performance of Malaysia’s Islamic banking industry. Our primary objective is to discern the correlation between the regulatory framework’s legal strength and the industry’s achievements. To achieve this, we embark on a comprehensive exploration of the historical progression of Islamic banking in Malaysia. We scrutinize the dynamics and milestones that have shaped the industry, with particular emphasis on its impressive growth. We then delve into the development of the regulatory frameworks, analyzing how the availability of strong legal instruments has contributed to the sector’s triumph. This study finding the presence of robust legal instruments has been a catalyst for the ascension of Malaysia’s Islamic banking industry. Coupled with accommodating regulations and responsive regulatory institutions, these legal foundations have underpinned the sector’s remarkable success. This study underscores the critical importance of having sufficient legal instruments to nurture the Islamic banking industry. We recommend that governments aspiring to bolster Islamic banking’s performance consider the provision of such legal frameworks. Consequently, this research carries significant implications for policymakers and industry stakeholders alike, offering insights into the essential ingredients for fostering a thriving Islamic banking sector.

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The role of ombudsman: Resolving financial disputes in Malaysia

Abstract: The paper highlights the establishment of the Ombudsman for Financial Services (OFS) in Malaysia as a good alternative avenue for the equitable settlement of disputes regarding financial services. It has been operating

Cited by 2 publications

References 14 publications

A Comparative Assessment of Alternative Dispute Resolution for Financial Consumer Protection in Malaysia and Indonesia

A Comparative Assessment of Alternative Dispute Resolution for Financial Consumer Protection in Malaysia and Indonesia

The connection between robust legal instruments and the exceptional performance of the Islamic banking industry

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