Authors : Nurun Nadia binti Mohamad, Muhammad Ikhbal bin Abdul Rahman, Rusni binti Hassan and Adnan Yusoff
Abstract: Strengthening redress mechanisms for consumers are one of the main focuses of Bank Negara Malaysia. Effective and fair handling of disputes faced by consumers are important to ensure the stability of market conduct as well as the consumer empowerment. Related to this, disputes resolution mechanisms are one of the key points in safeguarding and protecting the consumers of Islamic banking and takaful industry. According to Financial Mediation Bureau Annual Report of 2015, the number of cases related to takaful matters registered are increased compared to number of cases registered in 2014. Thus, the percentage of cases being resolved through mediation by the Financial Mediation Bureau is also increased. For the purpose of research, this study propose to determine that mediation is being the most effective process in resolving takaful disputes at present time. This is because it allows innovativeness in three main aspects, i.e., through its existing legal framework, its process as well as people involved in it.
Nurun Nadia binti Mohamad, Muhammad Ikhbal bin Abdul Rahman, Rusni binti Hassan and Adnan Yusoff, 2018. Innovative Process to Resolve Takaful Disputes in Malaysia. The Social Sciences, 13: 45-52.