Arbitration as a Method of Dispute Settlement in Islamic Banking and Finance: A Perspective from Malaysian Governing Law

Arbitration as a Method of Dispute Settlement in Islamic Banking and Finance: A Perspective from Malaysian Governing Law

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internalnotes Abraham, C. (1998). Alternative Dispute Settlement in Malaysia. International Arbitration Law Review, 1, 235. Abraham, C. (2003). Recent Developments in Arbitration and ADR in Malaysia. International Arbitration Law Review, 6, 120. Abraham, C. (2006). Malaysia: Arbitration Act – Statutory Reforms in the New Year. International Arbitration Law Review, 9(1), N10-12. Affin Bank Bhd v Zulkifli bin Abdullah. [2006]. 3 Malayan Law Journal 67 Albit Resources Sdn Bhd v Casaria Construction Sdn Bhd, [2010] 3 Malayan Law Journal, 656 Arab Malaysia Finance Bhd v Taman Ihsan Jaya Sdn Bhd & Ors (Koperasi Seri Kota Bukit Cheraka Bhd, third party). [2008]. Malayan Law Journal, 5 631 Arab-Malaysian Merchant Bank Bhd v Silver Concept Sdn Bhd [2008] 6 MLJ 295 Arbitration Act 2005 Bank Islam Malaysia Bhd v Ghazali bin Shamsuddin & Ors (Suit No D4-22A-215 of 2004) Bank Islam Malaysia Bhd v Nordin bin Suboh (Suit No D4-22A-1 of 2004) Blake, S., Browne, J., & Sime, S. (2011). A Practical Approach to Alternative Dispute Resolution. Oxford: Oxford University Press. Borneo Samudera Sdn Bhd v Siti Rahzah bt Mihaldin & Ors [2008] 6 MLJ 817 Capital Markets and Services Act 2007 Central Bank of Malaysia Act 2009 Central Bank of Malaysia. (n.d.). Guidelines on the Governance of Shariah Committee for the Islamic Financial Institutions. Retrieved September, 2015, from http://www.bnm.gov.my/guidelines/02_insurance_takaful/03_prudential_stds/07_gps.pdf Central Bank of Malaysia. (2010). Shariah Resolutions in Islamic Finance (2 edn.) Central Bank of Malaysia. (2012). Shariah Resolutions in Islamic Finance. CMS Energy Sdn Bhd v Poscon Corp [2008] 6 MLJ 561 Comos Industry Solution GMBH v Jacob and Toralf Consulting Letrikon Sdn Bhd & Ors [2012] 4 MLJ 573 Davidson, W. S. W., & Rajoo, S. (2006). The New Malaysian Arbitration Regime 2005. Malayan Law Journal, 4, 131-144. Dipendra, H. R., & Bashir, N. (2010). MLC 2010 – Setting Aside and Enforcement of Arbitration Awards. Retrieved March 20, 2015 from http://www.malaysianbar.org.my/bar_news/berita_badan_peguam/mlc_2010_setting_aside_and_enforcement_of_arbritration_awards.html Hwang, M., & Muttath, R. C. (2002). The Role of Courts in the Course of Arbitral Proceedings: Singapore and Other Asian Perspectives. Arbitration: the Journal of the Chartered Institute of Arbitrators, 68(3), 223-237. Islamic Banking and Financial Services Arbitration Rules 2007 (repealed) Kuala Lumpur Regional Centre for Arbitration i-Arbitration Rules 2013 Kuala Lumpur Regional Centre for Arbitration. (n.d.). Corporate Info. Retrieved on 1.09.2015 from http://klrca.org/about/ Majlis Ugama Islam dan Adat Resam Melayu Pahang v Far East Holdings Bhd & Anor [2007] 10 CLJ 318 Martin, E. A. (1997). A Dictionary of Law (4th. ed.). Oxford: Oxford University Press. Mogan, K. S. (n.d.). Malaysia: the New Arbitration Act 2005. International Arbitration Law Review, 9, 29 Oran, D. (2000). Oran’s Dictionary of the Law (3rd. ed.). New York: Thompson Learning. Standard Chartered Malaysia Bhd v City Properties Sdn Bhd & Anor [2008] 1 MLJ 233 Sunway Damansara Sdn Bhd v Malaysia National Insurance Bhd & Anor [2008] 3 MLJ 872 Tan Sri Abdul Khalid v Bank Islam Malaysia Berhad [2012] 7 MLJ 597
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spelling 12803 https://intelek.unisza.edu.my/intelek/pages/view.php?ref=12803 https://intelek.unisza.edu.my/intelek/pages/search.php?search=!collection407072 Restricted Document Article Journal application/pdf Adobe Acrobat Pro DC 20 Paper Capture Plug-in with ClearScan 13 1.6 UniSZA Unisza unisza 2024-08-27 14:05:06 7110-01-FH02-FUHA-16-06074.pdf UniSZA Private Access Arbitration as a Method of Dispute Settlement in Islamic Banking and Finance: A Perspective from Malaysian Governing Law Pertanika Journal of Social Sciences and Humanities Arbitration is one of important alternative dispute resolution (ADR) methods. Being an alternative method, it has advantages over the conventional dispute resolution method i.e. court litigation. This paper is to examine the law governing arbitration as a method of resolving disputes in Islamic banking and finance in Malaysia. Main provisions of related statutes and rules are discussed, as well as related issues thereof. This paper adopts library research method whereby analysis is done to relevant statutory laws, decided cases, books, journals, law reports, newspapers’ articles, conference proceedings and other periodicals. This paper concludes that although the law related to arbitration in Islamic banking in Malaysia is already in place, few improvements could be done to ensure the arbitral process is more in line with the Shariah. 23 Universiti Putra Malaysia Universiti Putra Malaysia 153-164 Abraham, C. (1998). Alternative Dispute Settlement in Malaysia. International Arbitration Law Review, 1, 235. Abraham, C. (2003). Recent Developments in Arbitration and ADR in Malaysia. International Arbitration Law Review, 6, 120. Abraham, C. (2006). Malaysia: Arbitration Act – Statutory Reforms in the New Year. International Arbitration Law Review, 9(1), N10-12. Affin Bank Bhd v Zulkifli bin Abdullah. [2006]. 3 Malayan Law Journal 67 Albit Resources Sdn Bhd v Casaria Construction Sdn Bhd, [2010] 3 Malayan Law Journal, 656 Arab Malaysia Finance Bhd v Taman Ihsan Jaya Sdn Bhd & Ors (Koperasi Seri Kota Bukit Cheraka Bhd, third party). [2008]. Malayan Law Journal, 5 631 Arab-Malaysian Merchant Bank Bhd v Silver Concept Sdn Bhd [2008] 6 MLJ 295 Arbitration Act 2005 Bank Islam Malaysia Bhd v Ghazali bin Shamsuddin & Ors (Suit No D4-22A-215 of 2004) Bank Islam Malaysia Bhd v Nordin bin Suboh (Suit No D4-22A-1 of 2004) Blake, S., Browne, J., & Sime, S. (2011). A Practical Approach to Alternative Dispute Resolution. Oxford: Oxford University Press. Borneo Samudera Sdn Bhd v Siti Rahzah bt Mihaldin & Ors [2008] 6 MLJ 817 Capital Markets and Services Act 2007 Central Bank of Malaysia Act 2009 Central Bank of Malaysia. (n.d.). Guidelines on the Governance of Shariah Committee for the Islamic Financial Institutions. Retrieved September, 2015, from http://www.bnm.gov.my/guidelines/02_insurance_takaful/03_prudential_stds/07_gps.pdf Central Bank of Malaysia. (2010). Shariah Resolutions in Islamic Finance (2 edn.) Central Bank of Malaysia. (2012). Shariah Resolutions in Islamic Finance. CMS Energy Sdn Bhd v Poscon Corp [2008] 6 MLJ 561 Comos Industry Solution GMBH v Jacob and Toralf Consulting Letrikon Sdn Bhd & Ors [2012] 4 MLJ 573 Davidson, W. S. W., & Rajoo, S. (2006). The New Malaysian Arbitration Regime 2005. Malayan Law Journal, 4, 131-144. Dipendra, H. R., & Bashir, N. (2010). MLC 2010 – Setting Aside and Enforcement of Arbitration Awards. Retrieved March 20, 2015 from http://www.malaysianbar.org.my/bar_news/berita_badan_peguam/mlc_2010_setting_aside_and_enforcement_of_arbritration_awards.html Hwang, M., & Muttath, R. C. (2002). The Role of Courts in the Course of Arbitral Proceedings: Singapore and Other Asian Perspectives. Arbitration: the Journal of the Chartered Institute of Arbitrators, 68(3), 223-237. Islamic Banking and Financial Services Arbitration Rules 2007 (repealed) Kuala Lumpur Regional Centre for Arbitration i-Arbitration Rules 2013 Kuala Lumpur Regional Centre for Arbitration. (n.d.). Corporate Info. Retrieved on 1.09.2015 from http://klrca.org/about/ Majlis Ugama Islam dan Adat Resam Melayu Pahang v Far East Holdings Bhd & Anor [2007] 10 CLJ 318 Martin, E. A. (1997). A Dictionary of Law (4th. ed.). Oxford: Oxford University Press. Mogan, K. S. (n.d.). Malaysia: the New Arbitration Act 2005. International Arbitration Law Review, 9, 29 Oran, D. (2000). Oran’s Dictionary of the Law (3rd. ed.). New York: Thompson Learning. Standard Chartered Malaysia Bhd v City Properties Sdn Bhd & Anor [2008] 1 MLJ 233 Sunway Damansara Sdn Bhd v Malaysia National Insurance Bhd & Anor [2008] 3 MLJ 872 Tan Sri Abdul Khalid v Bank Islam Malaysia Berhad [2012] 7 MLJ 597
spellingShingle Arbitration as a Method of Dispute Settlement in Islamic Banking and Finance: A Perspective from Malaysian Governing Law
summary Arbitration is one of important alternative dispute resolution (ADR) methods. Being an alternative method, it has advantages over the conventional dispute resolution method i.e. court litigation. This paper is to examine the law governing arbitration as a method of resolving disputes in Islamic banking and finance in Malaysia. Main provisions of related statutes and rules are discussed, as well as related issues thereof. This paper adopts library research method whereby analysis is done to relevant statutory laws, decided cases, books, journals, law reports, newspapers’ articles, conference proceedings and other periodicals. This paper concludes that although the law related to arbitration in Islamic banking in Malaysia is already in place, few improvements could be done to ensure the arbitral process is more in line with the Shariah.
title Arbitration as a Method of Dispute Settlement in Islamic Banking and Finance: A Perspective from Malaysian Governing Law
title_full Arbitration as a Method of Dispute Settlement in Islamic Banking and Finance: A Perspective from Malaysian Governing Law
title_fullStr Arbitration as a Method of Dispute Settlement in Islamic Banking and Finance: A Perspective from Malaysian Governing Law
title_full_unstemmed Arbitration as a Method of Dispute Settlement in Islamic Banking and Finance: A Perspective from Malaysian Governing Law
title_short Arbitration as a Method of Dispute Settlement in Islamic Banking and Finance: A Perspective from Malaysian Governing Law
title_sort arbitration as a method of dispute settlement in islamic banking and finance: a perspective from malaysian governing law

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