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LEGAL FRAMEWORKON THE DISPUTE RESOLUTION MECHANISM IN ISLAMIC BANKING AND FINANCE IN INDONESIA AND MALAYSIA

Re-emergence of Islamic Banking and finance in the modern world with so many innovative financial products has resulted to the increasing amount of an Islamic financial institution. However, it satisfied the demand of Muslim community in fulfilling their economic needs without violating the rules of Islamic Law. Actually, it signs that an Islamic banking and finance institution deemed as among the most important instrument in practicing banking business and financial activities despite the existence of conventional banking institution on the other hand. Furthermore, the development of certain institution normally has to be balanced together with the establishment of a comprehensive legal framework in order to avoid any legal uncertainty regarding such matter. Doubtless, this is the main purpose of law to be enforced. However, all aspects of human life naturally shall be regulated.

Respectively, Islamic banking and finance is the most fundamental tool of economic development despite of conventional banking. The main difference between conventional and Islamic financial systems is that the latter is based on keeping in view certain social objectives intended for the benefit of society. This is because Islam is the universal ethical system which guides man in all his activities including commerce and trade as defined in the verse of Holy Quran as rahmatan lil’alamin.[1] Malaysia is the first South-east Asian country to develop an Islamic banking sector with the introduction of an Islamic Banking Act 1983 (IBA) and the simultaneous establishment of the Bank Islam Malaysia Berhad in 1983. Malaysian government over Islamic finance aimed to putting Malaysia as a regional hub for Islamic finance in South-east Asia. The legal infrastructure of Malaysian Islamic banking and Finance seemed to be simple but it is far from being without obstacles. There are some prominent issues which further would be discussed in this paper.

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