Effective dispute resolution in Takaful-related cases: A case study of the financial mediation bureau in Malaysia
Until recently, discussions of issues relating to dispute resolution in the Islamic finance industry have remained well in the background, as the stakeholders in the industry strived to promote this hitherto niche industry for a global recognition. Interest in studies relating to dispute resolution...
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| Format: | Proceeding Paper |
| Language: | English English English |
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2013
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| Online Access: | http://irep.iium.edu.my/35569/ http://irep.iium.edu.my/35569/2/9ICIEF_-_Program_%281%29.pdf http://irep.iium.edu.my/35569/3/Speakers_Conf_Letter.pdf http://irep.iium.edu.my/35569/13/DrOseni1.pdf |
| _version_ | 1848781075300483072 |
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| author | Oseni, Umar Aimhanosi |
| author_facet | Oseni, Umar Aimhanosi |
| author_sort | Oseni, Umar Aimhanosi |
| building | IIUM Repository |
| collection | Online Access |
| description | Until recently, discussions of issues relating to dispute resolution in the Islamic finance industry have remained well in the background, as the stakeholders in the industry strived to promote this hitherto niche industry for a global recognition. Interest in studies relating to dispute resolution in Islamic banking and finance has mushroomed over the past few years, while the takaful component of the industry has been neglected even though insurance-related issues are more amenable to disputes than others particularly when there are differences regarding claims, limitation of usage of insured property, variations in insurance agreement, and disputes between the Sharī‘ah Supervisory Board and the takaful operator. As a result, the DOME International Takaful Report 2012-2013 briefly examines the relevance of arbitration and dispute resolution in takaful and Retakaful cases. Against this backdrop, this paper examines the need for effective dispute resolution in takaful-related cases with special reference to the model of the Financial Mediation Bureau (FMB) in Malaysia. With an in-depth analysis of the 2011 and 2012 takaful-related cases mediated by FMB, this paper finds that parties do prefer fast and cost-efficient processes for dispute resolution, as takaful schemes also require efficient dispute resolution processes like other commercial transactions. Such successes recorded in Malaysia could be replicated in other jurisdictions offering Islamic financial services. This is important in the drive towards enhancing the legal and regulatory landscape for Islamic financial markets. |
| first_indexed | 2025-11-14T15:43:48Z |
| format | Proceeding Paper |
| id | iium-35569 |
| institution | International Islamic University Malaysia |
| institution_category | Local University |
| language | English English English |
| last_indexed | 2025-11-14T15:43:48Z |
| publishDate | 2013 |
| recordtype | eprints |
| repository_type | Digital Repository |
| spelling | iium-355692014-02-12T02:39:01Z http://irep.iium.edu.my/35569/ Effective dispute resolution in Takaful-related cases: A case study of the financial mediation bureau in Malaysia Oseni, Umar Aimhanosi HG Finance K Law (General) KBP1 Islamic law.Shariah.Fiqh Until recently, discussions of issues relating to dispute resolution in the Islamic finance industry have remained well in the background, as the stakeholders in the industry strived to promote this hitherto niche industry for a global recognition. Interest in studies relating to dispute resolution in Islamic banking and finance has mushroomed over the past few years, while the takaful component of the industry has been neglected even though insurance-related issues are more amenable to disputes than others particularly when there are differences regarding claims, limitation of usage of insured property, variations in insurance agreement, and disputes between the Sharī‘ah Supervisory Board and the takaful operator. As a result, the DOME International Takaful Report 2012-2013 briefly examines the relevance of arbitration and dispute resolution in takaful and Retakaful cases. Against this backdrop, this paper examines the need for effective dispute resolution in takaful-related cases with special reference to the model of the Financial Mediation Bureau (FMB) in Malaysia. With an in-depth analysis of the 2011 and 2012 takaful-related cases mediated by FMB, this paper finds that parties do prefer fast and cost-efficient processes for dispute resolution, as takaful schemes also require efficient dispute resolution processes like other commercial transactions. Such successes recorded in Malaysia could be replicated in other jurisdictions offering Islamic financial services. This is important in the drive towards enhancing the legal and regulatory landscape for Islamic financial markets. 2013-09 Proceeding Paper PeerReviewed application/pdf en http://irep.iium.edu.my/35569/2/9ICIEF_-_Program_%281%29.pdf application/pdf en http://irep.iium.edu.my/35569/3/Speakers_Conf_Letter.pdf application/pdf en http://irep.iium.edu.my/35569/13/DrOseni1.pdf Oseni, Umar Aimhanosi (2013) Effective dispute resolution in Takaful-related cases: A case study of the financial mediation bureau in Malaysia. In: 9th International Conference on Islamic Economics and Finance, 9-10 September 2013, Istanbul, Turkey. (Unpublished) http://9icief.sesric.org/ |
| spellingShingle | HG Finance K Law (General) KBP1 Islamic law.Shariah.Fiqh Oseni, Umar Aimhanosi Effective dispute resolution in Takaful-related cases: A case study of the financial mediation bureau in Malaysia |
| title | Effective dispute resolution in Takaful-related cases: A case study of the financial mediation bureau in Malaysia |
| title_full | Effective dispute resolution in Takaful-related cases: A case study of the financial mediation bureau in Malaysia |
| title_fullStr | Effective dispute resolution in Takaful-related cases: A case study of the financial mediation bureau in Malaysia |
| title_full_unstemmed | Effective dispute resolution in Takaful-related cases: A case study of the financial mediation bureau in Malaysia |
| title_short | Effective dispute resolution in Takaful-related cases: A case study of the financial mediation bureau in Malaysia |
| title_sort | effective dispute resolution in takaful-related cases: a case study of the financial mediation bureau in malaysia |
| topic | HG Finance K Law (General) KBP1 Islamic law.Shariah.Fiqh |
| url | http://irep.iium.edu.my/35569/ http://irep.iium.edu.my/35569/ http://irep.iium.edu.my/35569/2/9ICIEF_-_Program_%281%29.pdf http://irep.iium.edu.my/35569/3/Speakers_Conf_Letter.pdf http://irep.iium.edu.my/35569/13/DrOseni1.pdf |