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PurposeThis study aims to examine the phenomenon ofFatwāshopping, its effect on consumer trust in Islamic finance products and the need for effective consumer protection regulations in the Islamic finance industry.Design/methodology/approachThe methodology used in this study is qualitative research which draws significantly from relevant regulations on financial consumer protection through analytical method to identify common themes onFatwāshopping and consumer trust in the relevant literature.FindingsThis study finds that the increasing practice ofFatwāshopping through clandestine searches by some Islamic banks to get their new products endorsed by leadingSharī'ahscholars requires proper legal regulation to avoid a total erosion of trust in the entire Islamic finance industry.Research limitations/implicationThoughFatwāshopping is practiced in the Islamic finance industry, it is always difficult to get some desperate Islamic bankers to agree to this; hence, this study does not portend to examine the evidence onFatwāshopping, but it seeks to bring to the fore the effect ofFatwāshopping on consumer trust in Islamic financial services, and the need for effective consumer protection regulations.Practical implicationsThis study is expected to provide an invaluable guide and policy framework for emerging and promising jurisdictions on the need to regulateFatwāshopping through an effective legal framework based on some best practices identified in the study.Originality/valueThough there have been a number of studies relating toFatwāshopping, focusing on the need for effective consumer protection regulations in the Islamic finance industry will enrich the existing literature and have significant implications for the future of the industry.

Purpose– The purpose of this study is to examine the legal framework for court-annexed dispute resolution in courts with Sharī'ah jurisdiction in Nigeria, Malaysia and Singapore. The major part of the study is dedicated to propose reforms in the administration of justice system in the courts with Sharī'ah jurisdiction in Nigeria and the relevance of such reforms to the ongoing reforms in the Middle East and North African (MENA) countries.Design/methodology/approach– This is an integrative literature review, which adopts a comparative approach in analyzing the conceptual framework of amicable dispute resolution in the modern world with particular reference to the Sharī'ah court.Findings– The findings of this research illustrate the adaptability of the practices in Malaysia and Singapore in the courts with Sharī'ah jurisdiction in Nigeria and the MENA region.Practical implications– An exposition of the dispute resolution processes in Islamic law reveals the relevance of these processes in modern reforms of the administration of justice system. The practical implications of this study include the streamlining of the rules and procedures of modern Sharī'ah courts in post-revolution Arab countries to allow for court-annexed amicable (alternative) dispute resolution initiatives.Originality/value– As far as it is known, this is the first conceptual study on the court-annexed dispute resolution frameworks of Sharī'ah courts in three commonwealth jurisdictions.

Fintech in Islamic finance : an introduction / Umar A. Oseni, S. Nazim Ali -- Fintech and financial intermediation -- Fintech : the opportunity for Islamic finance / Harris Irfan, Daniel Ahmed -- Implications of technological advance for financial intermediation in Islamic finance / Rodney Wilson -- Fintech in Islamic finance : from collaborative finance to community-based finance / Celia de Anca -- Financial intermediation, fintech and shari'ah compliance / Shariq Nisar, Umar Farooq -- E-commerce and Islamic financial intermediation / Hafis Bello -- Setting the shari'ah paramters -- Fintech in the light of Maqasid al-shari'ah / Mustafa Omar Mohammed, Mohamed Cherif el Amri -- Fintech and Islamic finance : setting the shari'ah parameters / Mohamad Akram Laldin, Hafas Furqani -- Currency in Islamic law : a shari'ah analysis of bitcoin / Mufti Faraz Adam, Mufti Abdul Kadir Barkatulla -- Crowdfunding in Islamic finance : ensuring proper shari'ah oversight / Muhammad al Bashir M. al-Amine -- Legal and regulatory issues -- The regulation of fintech and cryptocurrencies / Nafis Alam, Abdolhossein Zameni -- Fintech in Islamic finance : business models and the need for legal solutions / Michael Gassner, Jonathan Lawrence -- Blockchain technologies and the prospects of smart contracts in Islamic finance / Volker Nienhaus -- The potentials of smart contract in Islamic trade finance / Leisan Safina, Umar A. Oseni -- Case studies : from concept to application -- The emergence of Islamic crowdfunding platforms : a case study of ethis ventures / Ahmad Sabree, Umar Munshi -- The investment account platform : a practical application of fintech in Malaysia / Noor Suhaida Kasri, Marjan Muhammad -- Integrating waqf crowdfunding into the blockchain : a modern approach for creating a waqf market / Magda Ismail Abdel Mohsin, Aishath Muneeza -- Blockdentity : a future beyond digital identity / Ishaq Mustapha Akinlaso, Ibrahim Opeyemi Adediran, Abdoulaye Kindy Diallo, Ziyaad Mahomed -- Banking on ICT : the relevance of online dispute resolution in the Islamic banking industry in Malaysia / Umar A. Oseni, Sodiq O. Omoola -- Future directions -- Current trends and future impacts of fintech in Islamic finance / Sirajulhaq Yasini, Marifatulhaq Yasini.

Law and regulation are becoming increasingly important in any discourse involving the Islamic financial services industry. This important aspect comprises both the legal and Sharīah aspects from the pre-contract stage up to the post-execution phase, and even post-contract termination phase.Emerging Issues in Islamic Finance Law and Practice in Malaysia focuses on emerging legal, Sharī'ah and regulatory issues in the Islamic finance industry in Malaysia. Through the lens of the Malaysian legal framework, financial experts Umar A. Oseni, M. Kabir Hassan, and Rusni Hassan and their expert contributors raise and discuss issues that cut across borders and, as such, can be transposed to other Islamic finance jurisdictions. With the different perspectives and approaches adopted by various chapters, Emerging Issues is specifically designed to meet the needs of academics and practitioners of Islamic finance law to provide general legal and Sharīah guidance on the emerging issues identified. In Emerging Issues, Oseni, Hassan and Hassan provide rigorous research for curious minds who seek to ascertain the position of Islamic law on certain new issues, such as the application of Fintech in Islamic finance and the regulation of digital currencies. Readers will also benefit from the case studies included, which are based on the Malaysian legal and Sharīah framework since Malaysia is generally considered a model for other Islamic finance jurisdictions.

AbstractThis empirical legal study examines the perceptions of retail customers on the dispute resolution clauses contained in the governing law and jurisdiction clauses in Islamic finance contracts in Malaysia. Since Islamic financial institutions and their customers are more likely to opt for litigation in the event of a dispute, this study explores ways of providing for unambiguous dispute resolution clauses that are well understood by the parties. Such clauses are expected to incorporate effective dispute resolution processes such as mediation and arbitration through a multi‐tiered mechanism. Primary data collected through survey questionnaire administered on 160 Islamic bank customers is analysed using both factor analysis and structural equation modelling. The empirical legal study reveals that there is a statistically significant direct effect of dispute resolution clauses in Islamic finance contracts on the legal awareness and understanding of the customers and indirect effect on the customers' dispute resolution channels. It therefore follows that there is a need to provide for more effective clauses that allow for mediation and arbitration in the governing law and jurisdiction clauses of Islamic finance contracts in Malaysia. Such alternative dispute resolution processes can be structured in a multi‐tiered manner that will only allow for litigation as a last resort. This will allow Islamic financial institutions and their customers to make informed decisions about the best option for effective dispute management.