Hikmany, Abdul-Nasser H.R. and Oseni, Umar A.,(2016), Dispute resolution in the Islamic banking industry of Tanzania: learning from other jurisdictions. , International Journal of Islamic and Middle Eastern Finance and Management, UNSPECIFIED
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Abstract
Purpose – This paper aims to examine the prospects of a dispute resolution framework for the Islamic
banking industry in Tanzania under the existing legal framework.
Design/methodology/approach – This paper is based on comparative study by drawing significant
lessons from other jurisdictions, and argues that to avoid some of the initial drawbacks in the dispute
resolution framework for Islamic banking transactions in more advanced jurisdictions like Malaysia
and United Kingdom, it is important for Tanzania to get it right from the onset to effectively manage
Islamic banking disputes.
Findings – The study finds that apart from the court system which provides the main avenue for
Islamic finance litigation, other processes such as arbitration and mediation which are deemed to be
more sustainable could also be developed for effective dispute management.
Research limitations/implications – The study focuses on Tanzania banking system with
comparison to other jurisdictions.
Practical implications – An increase of Sharī’ah-compliant products in Tanzania has led to the
establishment of a number of Islamic banks. This study demonstrates the need for Tanzania to make
use and/or make adjustment of its laws for effective dispute settlement of banking-related disputes.
Originality/value – This study appears to be the first paper to draw significant experiences from
other jurisdictions to resolve Islamic banking disputes in Tanzania. It is expected to provide a good
policy framework for the stakeholders in the Islamic banking industry in Tanzania.
Keywords : | Islamic banking, Tanzania, Alternative dispute resolution, Dispute settlement, Islamic law, UNSPECIFIED |
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Journal or Publication Title: | International Journal of Islamic and Middle Eastern Finance and Management |
Volume: | 9 |
Number: | 1 |
Item Type: | Article |
Subjects: | Ekonomi Islam |
Depositing User: | Users 15 not found. |
Date Deposited: | 27 Dec 2019 04:22 |
Last Modified: | 27 Dec 2019 04:22 |
URI: | https://repofeb.undip.ac.id/id/eprint/1030 |