Litigation as dispute resolution mechanism in Islamic finance: Malaysian experience
Litigation as the popular mode of dispute resolution in Islamic finance has proven inadequate in its application and interpretation of Shariah. Trails of Islamic finance cases have shown that civil court judges have no problems deciding on the civil law issues pertaining to Islamic finance, however, they are unsuited for adjudicating the Shariah issues. Section 55–58 of the Central Bank Act 2009 accords formal recognition to the Shariah Advisory Council (SAC) as their rulings is binding to the Islamic financial institutions and the courts. Post 2009 have seen that cases of law challenged the said sections as unconstitutional. The objective of this paper is to analyse the role of SAC either as expert ascertain or expert determination of the rulings on Islamic finance. In the course of discussion, s. 55–58 of Central Bank of Malaysia Act 2009 and Article 121(1) of the Constitution are analysed. Findings of the study showed that the role of SAC is merely expert ascertain of the rulings since they have no judicial power. Islamic financial law is divine in nature and different from the man made laws.
Analisis keterdedahan risiko syariah syarikat pengendali takaful di Malaysia / Mohd Faiz bin Mohamed Yusof
Takaful Operator is an Islamic financial institution licensed as a sharī’ah compliant financial institutions by Central Bank of Malaysia. The takaful industry in Malaysia is exposed to sharī’ah risks due to the sharī’ah compliance requirements in all operations and activities of the Takaful Operator. Sharī’ah risk exposures generally occur because of the elements that not comply with sharī’ah requirements such as riba, gharar, gambling, ghubn, ikrāh, taghrīr and ghalaṭ or any element that was not comply with sharī’ah by the sharī’ah regulatory whether Sharī’ah Committee of Takaful Operators or Sharī’ah Advisory Council of Central Bank of Malaysia. However, the complicated of activities and operation by Takaful Operators, will exposed to Sharī’ah risk due to certain weaknesses such as staff, operations, system and sharī’ah governance. The objective of this study to identify and analyse the sharīah risk exposures in Malaysia Takaful Operators This study will use qualitative approach with semi-structured interviews by 11 informants which are involved in managing sharī’ah compliant in Malaysia Takaful Operators. Computerized program ATLAS.ti 7 was used in this qualitative study to organize, analyze and display the results of this study. The findings show that there are 18 aspects of shariah risk exposures in Malaysia Takaful Operators includes inadequacy of shari’ah resolution aspects, errors and mistakes by staff and agents, weakness in internal operation and the lack of sharī’ah governance process. The study also describes the approach to manage sharīah risk exposures in Malaysia Takaful Operators, mostly managed through the role of Sharī’ah Department of Takaful Operator, Sharī’ah Committee of Takaful Operators and the process of sharī’ah review.
Adolescent sexual offenders: incidence of childhood maltreatment, serious emotional disturbance, and prior offenses.
Adolescents incarcerated for sexual offenses were compared to those incarcerated for other crimes on measures of prior child abuse and neglect, serious emotional disturbance, and involvement in child welfare and the juvenile justice system. Sexual or physical abuse was more common than neglect among sexual offenders with fewer than three prior maltreatment reports. Sexual offenders were twice as likely to be receiving special education services for severe emotional disturbance, and were usually incarcerated later than other offenders. Implications for research and practice are discussed.