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

Abdul Majid Tahir, Mohamed and Noor ‘Ashikin, Hamid and Khairun-Nisaa, Asari (2015) 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, 23. pp. 153-164. ISSN 0128-7702

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Abstract

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.

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