COMPARISON OF MALAYSIA-DUBAI APPROACH FOR THE ISLAMIC DIPUTE RESOLUTION SYTEM IN ISLAMIC FINANCE (Perbandinagan Pendekatan Malaysia-Dubai dalam Sistem Penyelesaian Semula Pertikaian bagi Kewangan Islam)

Ai KAWAMURA

Abstract


ABSTRACT

This paper aims to discuss the development of the dispute resolution system for Islamic finance by a cross-national perspective in the Islamic world. The mainstays of the Islamic financial market, nowadays, are the Gulf countries and Southeast Asia. In particular, the United Arab Emirates (UAE) and Malaysia are countries that have developed the industry since its inception. Therefore, this paper will focus on these two countries as case studies. As the market grew, disputes in the Islamic finance industry also increased and raised the question of how the jurisdiction for this new industry could be separated from that of conventional finance. There are discussions on how Islamic finance dispute cases should be dealt with. Malaysia has been working on these issues by focusing on Alternative Dispute Resolution (ADR) as the potential solution. On the other hand the UAE has established an epoch-making system, the “Dubai Approach”. This system has been used to settle not only disputes that were related to the financial crisis that occurred in Dubai in 2009, but also those related to Islamic finance transactions. Although the dispute resolution system for Islamic finance is in the developing stage, these two countries’ systems have unique features. Therefore, this paper will indicate the developing process for the dispute resolution system for Islamic finance.

ABSTRAK

Artikel ini membincangkan pembangunan sistem penyelesaian semula pertikaian untuk kewangan Islam merentas negara. Negara teluk dan asia Tenggara merupakan tulang belakang kepada pasaran kewangan Islam hari ini. Khususnya, United arab Emirates (UAE) dan Malaysia adalah dua negara yang telah membangunakn industry kewangan Islam. Maka artikel ini akan memfokuskan kedua-dua negara ini sebagai subjekkajian. Apabila pasaran kewangan islam berkembang, pertikaian dalam industri turut meningkat dan persoalan bidang kuasa bagi industri ini perlu diasingkan dari sistem kewangan konvensional. Perbincangan bagaimana menaggani kes-kes pertikaian dalam kewangan islam telah wujud. Di Malaysia, alternatif penyelesaian semula pertikaian (APP) adalah kaedah yang digunakan bagi menanggani kes pertikaian. Sebaliknya UAE menggunakan (sistem mengikut zaman) yang dinamakan ‘Pedekatan Dubai’. Sistem ini digunakan bukan hanya untuk menyelesaikan pertikaian yang berlaku semasa krisis kewangan 2009, tetapi ia juga melibatkan transaksi dalam kewangan Islam. Walaupun sistem penyelesaian semula pertikaianmasih dalam peringkat pembangunan, sistem yang digunakan oleh kedua-dua negara mempunyai ciri yang unik. Maka artikel akan menjelaskan menjelaskan bagaimana proses membangunkan sistem penyelesaian semula pertikaian bagi kewangan Islam.


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