ALTERNATIVE DISPUTE RESOLUTION IN ISLAMIC FINANCE: RECENT DEVELOPMENT IN MALAYSIA

Jasri Jamal; Nor Aziah Mohd; Kamal Halili

Article Details

ALTERNATIVE DISPUTE RESOLUTION IN ISLAMIC FINANCE: RECENT DEVELOPMENT IN MALAYSIA

Authors:

Jasri Jamal | Nor Aziah Mohd | Kamal Halili

Publisher:

Sosyal Bilimler Araştırmaları Derneği

Journal:

International Journal of Social Sciences and Humanity Studies 2011 Vol.3 Issue 1, pp.185-195

Document Type:

Article

Publication Date:

5/2011

Document Language:

Turkish

Document ID (Org No.):

2000820581

Frequency:

Bi-Annual

eISSN:

1309-8063

Abstract:

 

On 31st March 2009, Court of Appeal has revoked the decision made by High
 Court to announce that the contract of Bay Bithaman Ajil is null and void in the
 case of Arab-Malaysia v Taman Ihsan Jaya Sdn. Bhd. & Onor [2008] 5 MLJ 631.
 Interestingly, the judgement made by Appeal Court has touched the basic
 elements of Islamic law especially the fundamental issues of BBA such as sell and
 buy contract, acceptance of difference views of school of laws in Islam and other
 basic issues of Shari’ah principles. This subject matter of Shari’ah principles
 should be decided by the Shari’ah judges who are more expert in Islamic law than
 the civil court. At the same year, the Government of Malaysia has passed the Central Bank of
 Malaysia Act 2009 (Act 701) that provided the court shall refer to the Shari’ah
 Advisory Council or arbitrator before giving any judgment on Islamic Finance
 dispute. This paper is looking into recent development of legal framework of
 Islamic Financial System in Malaysia and also the jurisdiction of Shari’ah Court
 pertaining that matters.

Article Details

ALTERNATIVE DISPUTE RESOLUTION IN ISLAMIC FINANCE: RECENT DEVELOPMENT IN MALAYSIA

Authors: Jasri Jamal | Nor Aziah Mohd | Kamal Halili

Publisher: Sosyal Bilimler Araştırmaları Derneği

Journal: International Journal of Social Sciences and Humanity Studies 2011 Vol.3 Issue 1, pp.185-195

Document Type: Article

Publication Date: 5/2011

Document Language: Turkish

Document ID (Org No.): 2000820581

Frequency: Bi-Annual

eISSN: 1309-8063

Issues

Authors:

Jasri Jamal | Nor Aziah Mohd | Kamal Halili

Publisher:

Sosyal Bilimler Araştırmaları Derneği

Journal:

International Journal of Social Sciences and Humanity Studies 2011 Vol.3 Issue 1, pp.185-195

Document Type:

Article

Publication Date:

5/2011

Document Language:

Turkish

Document ID (Org No.):

2000820581

Frequency:

Bi-Annual

eISSN:

1309-8063