TY  - JOUR
T1  - The Development of Islamic Finance Alternative Dispute Resolution Framework 
  in Malaysia
AU - Markom, Ruzian AU - Mohd Ali, Hasani AU - Abdul Manaf, Unaizah 
JO  - International Business Management
VL  - 8
IS  - 1
SP  - 1
EP  - 6
PY  - 2014
DA  - 2001/08/19
SN  - 1993-5250
DO  - ibm.2014.1.6
UR  - https://makhillpublications.co/view-article.php?doi=ibm.2014.1.6
KW  - litigation
KW  -Islamic finance
KW  -Alternative disputes resolution
KW  -arbitration
KW  -mediation
AB  - </B>The sustainable growth and rapid evolution of Islamic finance 
  industry depends on the comprehensive legal framework. The growth of Islamic 
  finance industry has resulted in the increased levels of disputes and thus need 
  for an authoritative and specialist body that can adjudicate and provide reliable 
  decision. The objective of this study is to examine the development of Islamic 
  finance dispute resolutions framework in Malaysia. It is argued that court is 
  the proper forum of settlement. Nevertheless, the court faced many challenges 
  in exercising its duty as to the nature of the transaction which combine both 
  Islamic and conventional contract. The methodology adopted is qualitative in 
  nature and institution analysis. The study analysed the institutional framework 
  of ADR in Islamic finance industry, such as Kuala Lumpur Regional Centre for 
  Arbitration (KLRCA), Financial Mediation Bureau, Shariah Advisory Council and 
  Malaysia Mediation Centre. In conclusion, the study found that ADR supplements 
  the current litigation process of Islamic finance cases.
ER  -