Settlement of Disputes and the Islamic Financial Institutions (IFIs)-Reference-Cited by-同舟云学术

Settlement of Disputes and the Islamic Financial Institutions (IFIs)

Published:2023-06-08 Issue:3 Volume:1 Page:118-127
ISSN:2786-7447
Container-title:European Journal of Theoretical and Applied Sciences
language:
Short-container-title:ejtas

Author:

Abubakar Yusuf Sani^ORCID,Nafees Seeni Mohamed^ORCID,Dorloh Sulaiman^ORCID,Aji Rajali Haji^ORCID

Abstract

This paper investigates mechanisms of settlement of disputes at the Islamic Financial Institutions (IFIs) as it is natural to have disagreements between different parties involved in Islamic banking and finance business. The paper adopts a qualitative methodology where the data are taken from journals, books, websites etc. In analyzing the data obtained from the sources, content analysis was used. It is found that dispute settlement at the Islamic Financial Institutions (IFIs) can be both through litigation as well as Alternative Dispute Resolution (ADR). Currently, parties to Islamic banking and finance dispute prefer to settle their dispute amicably through arbitration. Moreover, many arbitration centers on dispute resolution for parties in Islamic banking and finance have been established. However, there are certain challenges in arbitration that need to be overcome for the arbitration to be more effective. The researchers put forward certain recommendations on how to improve arbitration to be more effective in settling dispute between parties in Islamic banking and finance.

Publisher

AMO Publisher

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