Financial Disputes Research Articles

Analyzing Common Trade Risks Faced by Tanzanian Traders in International Transactions: A Case Study of Dar es Salaam Importers and Exporters

International trade is fraught with inherent risks that can significantly impact the efficiency and success of cross-border transactions. Tanzanian importers and exporters, particularly those navigating the complexities of the Dar es Salaam port, face challenges such as shipment delays, vague contract terms, and financial disputes. This study delves into how the strategic application of International Commercial Terms (Incoterms) serves as a powerful risk management tool, offering clarity and structure to international trade agreements. Utilizing a descriptive research design, we surveyed 96 traders and conducted in-depth interviews to capture their experiences with trade risks and their understanding of Incoterms. The findings reveal a widespread gap in formal training on Incoterms, leading to frequent logistical issues and contractual ambiguities that could otherwise be mitigated. This research highlights the urgent need for targeted educational programs to enhance traders’ knowledge of Incoterms and improve the overall efficiency of Tanzania’s trade environment. By embracing these standardized terms, Tanzanian traders can transform risks into opportunities, positioning themselves as key players in the global trade ecosystem. The study concludes with actionable strategies for improving Incoterm adoption and presents a roadmap for strengthening Tanzania’s competitive edge in international commerce.

Identification of Contractual and Financial Dispute Causes in the Off-Site Construction Projects

Identification of Contractual and Financial Dispute Causes in the Off-Site Construction Projects

Journal Implications for the Decision of Sharia Economic Case Number 5K/Ag/2023

Islamic economics is experiencing a rapid expansion, which may lead to inevitable conflicts. In Indonesia, the religious court is the authorized legal institution designated to resolve financial disputes related to Sharia law. Religious courts are authorized to settle financial disputes related to sharia in accordance with Law No. 7 of 1989 regarding Religious Courts and Law No. 3 as of 2006. The aim of this study is to gain a deeper understanding of the resolution of default disputes through the Supreme Court's decision titled "Implications for Arguments and Considerations in the Decision on Sharia Economic Disputes Number 5K/Ag/2023". A descriptive qualitative method was employed to conduct this research. This methodology focuses on collecting data and conducting in-depth analyses to comprehend the studied phenomenon. The findings of this study indicate that the decision of the judex facti/mahkamah sha'riyah Aceh is in accordance with the law, and therefore the cassation petition filed by the appellant must be denied. Objective analysis shows that the case was handled lawfully, without any violation of legal regulations or principles.Keywords: Sharia Economic Law, Religious Courts, Case Law

A Study on the Diagnosis of Japanese Encephalitis and the Acknowledgement of Injury Accidents - Focusing on Financial Dispute Settlement Decision (Adjustment No. 2023-2)

A Study on the Diagnosis of Japanese Encephalitis and the Acknowledgement of Injury Accidents - Focusing on Financial Dispute Settlement Decision (Adjustment No. 2023-2)

Pivotal Significance of Alternative Dispute Resolution Within the Realm of Financial Institutions

Alternative Dispute Resolution (ADR) is vital in resolving financial disputes. This research provides comparative analysis of ADR laws, regulations, and case law from the US, UK and India. It underscores ADR's importance in the financial industry, citing benefits like efficiency, cost-effectiveness, confidentiality, relationship preservation, and improved outcomes for institutions. The study reveals that ADR is a valuable global mechanism for resolving financial disputes, with each jurisdiction having unique frameworks and practices. Understanding these legal landscapes and utilizing ADR can aid institutions in navigating complex disputes and promoting effective conflict resolution. The paper primarily focuses on understanding guidelines, reports, and the evolving use of ADR by financial institutions. It also examines if financial disputes differ from other commercial disputes. Overall, the research highlights the significance of dispute resolution in financial institutions and the role of ADR as an alternative approach.

Legal Certainty In Financial Disputes Case Resolution Progressive Legal Perspective

Pure Legal Theory (The Pure Theory of Law) is a positive legal theory. However, it does not discuss positive Law that applies in a particular legal system; it only discusses general legal theory. Hans Kelsen's presentation of Pure Legal Theory aims to explain the nature of Law and methods of making Law rather than explaining what the Law should be or the best way for Law to be created. This writing uses descriptive legal research, in which the author uses a normative juridical research type using the Library Research data collection method. This research aims to determine how the legal certainty and protection of the parties in mediating the resolution of Sharia financial disputes, a comparison of progressive legal analysis of Hans Kelsen and Satjipto Raharjo's legal theory in resolving Sharia financial disputes. Based on the research and discussion results, a picture is obtained that legal certainty (rechtssicherheit) Legal certainty is the certainty of laws or regulations; all kinds of methods, methods, and so on must be based on laws or regulations. Within legal certainty, there are positive laws and written laws. Normative legal certainty is when a regulation that regulates it clearly and logically is created and promulgated. Progressive Law wants to return the Law to the right track (on the right track). For this reason, Satjipto Rahardjo thinks that legal breakthroughs are needed (legal breakthroughs, not legal breaking) in law formation and enforcement.

Bankruptcy judicial system reform and corporate financial litigation risk: A quasi-natural experiment in China

The topics of laws and finance have attracted widespread academic interest. We investigate whether and how bankruptcy judicial system reform affects corporate financial litigation risk using the unique litigation data disclosed by Chinese listed companies. The results show that the bankruptcy judicial system reform positively reduces the corporate risk of being sued in financial disputes. Further research shows that the association between bankruptcy judicial system reforms and corporate financial litigation risk is more pronounced for firms with greater economic policy uncertainty and market competition. We also find that the bankruptcy judicial system reform increases the threat of bankruptcy, thus stimulating corporations to implement steady business strategies and increase their cash holdings. These measures reduce the risk of corporate financial litigation. This study emphasizes the role of the bankruptcy judicial system reform in regulating the behavior of listed companies.

Dispute resolution in aircraft finance: question and solutions within the international regulatory context

Abstract The aviation industry has reached a strategic relevance for countries worldwide such that its impact on the global economy cannot be under-estimated. It might be surprising to hear that, notwithstanding such innate international character, generally, aviation disputes are still solved through national jurisdictional channels. Aircraft finance transactions and disputes not only are highly international in nature but also strongly depend on technical nature and specific financial aspects and are in need of a certain degree of expertise on the side of the adjudicatory body. In this light, there have been ever more instances of aviation-specific arbitration courts being established with the objective to ensure efficiency and time-sensitive and expert dispute settlement mechanisms for aviation finance disputes. This article not only addresses the elements of such aviation courts but also examines the current legal regime and challenges arising from the 2001 Cape Town Convention and national laws.

Study on Financial Risk and Countermeasures in Enterprise Mergers and Acquisitions--Take LVMH’s Acquisition of Tiffany as an Example

M&A is an important approach for enterprises to achieve industrial upgrading and scale effect, reduce operating costs, and promote the diversified development of enterprises. The financial risks that often appear in the process of M&A are the key to the success of M&A and the reorganization of enterprises. Existing equity and economic problems make enterprises easily fall into financial disputes and cause huge losses. Investment and mergers are important ways for enterprises to expand scale, enter new markets, and acquire new technologies or mature brands. Through investment and merger, market share can be increased, competitiveness can be enhanced, and the financial statements of enterprises can be enhanced, but risks in merger and acquisition are also accompanied. Through the case study of LVMH Group’s merger and acquisition of Tiffany, this paper will analyze the financial risks and countermeasures in the merger and acquisition and extract feasible and effective measures from LVMH Group’s treatment methods to help both parties control the risks in the merger process and achieve the purpose of merger and acquisition.

Deep Learning Based Hybrid Analysis of Malware Detection and Classification: A Recent Review

Globally extensive digital revolutions involved with every process related to human progress can easily create the critical issues in security aspects. This is promoted due to the important factors like financial crises and geographical connectivity in worse condition of the nations. By this fact, the authors are well motivated to present a precise literature on malware detection with deep learning approach. In this literature, the basic overview includes the nature of nature of malware detection i.e., static, dynamic, and hybrid approach. Another major component of this articles is the investigation of the backgrounds from recently published and highly cited state-of-the-arts on malware detection, prevention and prediction with deep learning frameworks. The technologies engaged in providing solutions are utilized from AI based frameworks like machine learning, deep learning, and hybrid frameworks. The main motivations to produce this article is to portrait clear pictures of the option challenging issues and corresponding solution for developing robust malware-free devices. In the lack of a robust malware-free devices, highly growing geographical and financial disputes at wide globes can be extensively provoked by malicious groups. Therefore, exceptionally high demand of the malware detection devices requires a very strong recommendation to ensure the security of a nation. In terms preventing and recovery, Zero-day threats can be handled by recent methodology used in deep learning. In the conclusion, we also explored and investigated the future patterns of malware and how deals with in upcoming years. Such review may extend towards the development of IoT based applications used many fields such as medical devices, home appliances, academic systems.

Authority and Dynamics of Compliance to Resolve Sharia Digital Finance Disputes in Indonesia

This article focuses on analyzing the urgency of authorities in adapting technology to modern financial services. Conventional financial institutions (existing institutions) are entering a new era, where all financial transaction activities are connected to technology. The development of digital financial services such as electronic money (digital payments) and digital funds (crowdfunding) creates very fierce competition in today's modern financial services industry. The main problem that arises in the adaptation of information technology in financial services is legal certainty and protection for parties involved in digital financial transactions. This research analyzes the development trend of digital financial services in Indonesia. In addition, this study shows the efforts made by regulators in anticipating legal problems. Views on Islamic digital financial dispute resolution approaches and procedures are also the focus of discussion in this article. The method used in this study is literature research. This research uses an exploratory normative legal approach. Data collection techniques are carried out by observing, reviewing, and analyzing textual information which is then adapted as the main data in the discussion of this research topic. Data was collected from a literature review in the form of library materials or secondary data related to digital finance. This research produced several findings, namely: 1) the urgency of the authority in controlling the implementation of Islamic digital finance by presenting special regulations to minimize disputes between the parties. 2) Sharia digital financial platforms are ensured to have maximum Sharia compliance tools through Sharia compliance audits under the control of the authority.

Islamic finance dispute resolutions in the English courts: past experience and an outlook for the future

PurposeThis paper explores the experience of “Shari’a” as non-state law in the English courts through a historical analysis of past Islamic finance dispute resolutions (IFDRs). This paper aims to propose a conceivable scenario relating to the law applicable in international commercial contracts in the English courts with the emergence of the Hague Principles 2015.Design/methodology/approachThis paper addresses several issues that have been raised in English case law: doubts about the legal nature of “Shari’a” as non-state law; the limits placed on freedom of choice of “Shari’a” law by the application of a single legal system; and the distinction between application of law and incorporation by reference of “Shari’a” in IFDRs. The paper then analyses the conformity of “Shari’a” with the provisions now used to resolve Islamic finance disputes (trade and investment) in the English courts, using an empirical analysis of The Accounting and Auditing Organization for Islamic Financial Institutions standards.FindingsThe paper provides that, in theory, “Shari’a” standards could play a significant role in IFDRs after Brexit, even though a gap persists in practice because the Hague Principles 2015 have not yet been adopted by the English legal system.Research limitations/implicationsThe study focuses on the English courts and shows how the IFDRs could be resolved with the emergence of Hague Principles 2015 in the post-Brexit era.Originality/valueTo the best of the author’s knowledge, this paper appears to be the first paper to provide a conceivable scenario relating to the future of the IFDRs in the English courts.

암보험약관의 문제점과 개선방안

Cancer, identified as the leading cause of death in South Korea, not only carries a high risk of fatality upon onset but also imposes significant economic burdens, including treatment expenses and costs for maintaining daily life. As a result, the number of individuals choosing cancer insurance to mitigate this risk is steadily rising. Since the introduction of cancer insurance in South Korea in 1980, numerous intense insurance disputes have emerged. In response, insurance companies have repeatedly revised their cancer insurance policy terms through court rulings and regulatory improvement orders.
 In 2011, insurance companies revised the cancer insurance policy terms by introducing the “Primary Site Criteria”. According to this provision, in cases where thyroid cancer (C73) and secondary lymph node cancer (C77) are diagnosed, the primary cancer - in this case, thyroid cancer (C73) - is considered the basis for insurance benefit payouts.
 In situations where decisions from lower courts and financial dispute resolution committees are unclear, insurance companies revised the primary site criteria once again in January 2021 and expanded the examples illustrating the application of this criterion within the explanation section. For example, if stomach cancer (C16) metastasizes to the brain and results in a diagnosis of brain cancer (C79.3), it is categorized as stomach cancer for insurance coverage purposes. Similarly, if breast cancer (C50) metastasizes to the lungs and is diagnosed as lung cancer (C78.0), it is classified as breast cancer. This serves as a basis to provide reduced insurance benefits compared to the final diagnosed cancer.
 Should insurers fail to convincingly demonstrate a rational basis for distinguishing cancer insurance benefits based on whether the cancer originated primarily or secondarily in the same location, such actions should be deemed an unjust limitation on the rights of insurance consumers.
 While insurance policy terms can be unilaterally drafted and implemented by insurers based on the principle of private autonomy, any clauses contradicting the principle of utmost good faith - which mandates that terms and conditions should be drafted fairly and in line with the reasonable expectations and legitimate interests of the contracting parties without compromising fairness - are inevitably subject to judicial oversight.
 This paper critically analyzes insurers' arguments regarding the “Primary Site Criteria” within cancer insurance policy terms and sheds light on the issues at hand. The research results are as follows: It is advisable to eliminate the current “Primary Site Criteria” in the existing cancer insurance policy terms and instead transition to a payment structure for cancer insurance benefits based on the final condition or stage of the patient (insured). Moreover, in cases where a diagnosis of advanced cancer (general cancer or high treatment cost cancer) follows an early-stage cancer diagnosis benefit, it is in line with the reasonable expectations of insurance consumers to introduce a provision that ensures payment of the difference between the respective diagnosis benefits.

A Comparative Assessment of Alternative Dispute Resolution for Financial Consumer Protection in Malaysia and Indonesia

The Ombudsman for Financial Services (OFS) handles financial services complaints in Malaysia. Meanwhile, the Alternative Institution for Dispute Resolution in the Financial Services Sector (LAPS SJK) handles financial disputes and safeguards customers from financial fraud in Indonesia. This study aims to analyse and compare the legal framework in both institutions for protecting financial consumers, considering their similarities and differences in regulatory approaches, consumer rights, and enforcement mechanisms. The findings of this study can provide insights for policymakers and regulators in both countries to enhance their efforts to safeguard the interests of financial consumers.

Pesticides and passion: a qualitative psychological autopsy study of suicide in Guyana

The suicide rate in Guyana has consistently ranked in the top ten globally, yet there is only limited literature related to the context in which these suicides occur. This study aims to better understand the psychosocial circumstances and characteristics of suicides in Guyana. This case series study utilised a qualitative psychological autopsy method. One to three informants per deceased person (N=31) were interviewed regarding the lives of 20 Guyanese who died by suicide (14M, 6F, aged 10-74 years). Interpretative Phenomenological Analysis was utilised for the data. Four superordinate themes were identified: Interpersonal Conflict, Trauma, Health, and Unknown Reasons. Interpersonal conflict included subordinate themes of Domestic Abuse, Marital Separation, and Financial Disputes. Health included subordinate themes of Physical Health and Mental Health. Pesticide poisoning was the method used by Guyanese people whose suicide was triggered primarily by interpersonal conflict. The findings illustrate the complexities of suicide in Guyana and the importance of adopting a biopsychosocial perspective to suicide prevention. Suicide prevention should include mental health and suicide literacy training of medical professionals. It is recommended that the importation of highly toxic pesticides be restricted, and that less toxic substitutes be promoted. Convenience sampling, recall bias, and limited informants are limitations of this study. Future research should focus on suicidal behaviour using larger sample sizes. This research was supported by an Australian Government Research Training Program Scholarship through Griffith University Australia.

Dispute Resolution in Islamic Banking Industry Under The Iraqi Judiciary System

Islamic banking transaction is based on an interest-free system that is prohibited to deal with riba. Several Islamic banks in Iraq are governed by the Central Bank of Iraq. Due to the lack of Islamic financial courts and lack of professional judges in the Islamic financial field, Islamic banking cases are handled by civil courts in Iraq. However, Islamic finance disputes should be considered by special courts with qualified judges in the field. The Judicial Authority in Iraq is not based on the Sharia system and the Sharia court specialised in Islamic finance in Iraq does not exist. As stated in Article 89 of the Iraqi Constitution of 2005 that the federal juridical power is comprised of the Higher Juridical Council, the Federal Supreme Court, the Federal Court of Cassation, the Public Prosecution Department, the Judiciary Oversight Commission, and other federal courts that are regulated under the law. Thus, Islamic banking disputes fall under the civil courts and the Courts of First Instance are responsible to handle cases of debt, and contracts. Furthermore, these courts are not specialists in Islamic banking and finance transactions. Therefore, a particular court, i.e. the Islamic financial court, should be among these courts in Iraq for resolving Islamic banking disputes. In addition, the special court has to include qualified judges who are familiar with Islamic finance.

계약전 발병 부담보 조항에 관한 연구

In the past disease insurance terms and conditions, the definition of disease was expressed as “occurring during the insurance period,” and there was a problem in that the onset time depended on the patient's statement, or the insurance company claimed the onset time before the commencement of liability to avoid payment of insurance money. In addition, the Financial Supervisory Service revised the terms and conditions to protect consumer rights and interests and incorporated the pre-contract insurance policy into the standard terms and conditions. However, in June 2017, the Financial Dispute Mediation Committee of the Financial Supervisory Service determined that The pre-existing conditions exclusion clause was invalid, and in July 2018, the corresponding clause was deleted from the standard terms and conditions, so that all insurance companies stopped including the clause. When the terms and conditions were revised to protect the rights and interests of insurance consumers, the incorporated The pre-existing conditions exclusion clause refused to pay insurance money to insurance consumers who faithfully fulfilled the notification obligation. This is contrary to the insurance protection expectations of policyholders, so the Financial Supervisory Service's action to return it to its original state is acceptable. The pre-existing conditions exclusion clause itself may conflict with other terms and conditions, and it is unfair to protect the insurance company, such as restricting the payment of insurance money even when the insurance company signs an insurance contract intentionally or grossly. The problem of reverse selection, which some are concerned about, can be partially solved by the interpretation theory or law of the current insurance terms and conditions, so it is reasonable for the Financial Supervisory Service to delete the burden guarantee clause to protect insurance consumer rights.

Some Reflections on “Sharīʿah Clauses” of Islamic Finance Contracts

This study delves into resolving financial disputes on Shar'ah contract clauses involving parties from different jurisdictions. There is a lack of explicit references to Shar'ah law in the choice of law clauses in financial contracts. The study emphasizes the complexity of applying Sharīʿah principles due to different interpretations. The jurisdictions lacking Shar'ah law expertise on Islamic finance disputes may set unfavorable precedents. The recommendations include strengthening local jurisdictions in Shar'ah-based legal systems by training judges and arbitrators. Encouraging Islamic Financial Institutions (IFIs) to adopt Shar'ah compliance procedures, collaboratively developing unified IB&F Law, offering mechanisms of comprehensive training of legal practitioners, promoting confidence in local courts, creating a collaboration platform, and developing a comprehensive handbook for adjudicators, etc. are recommended measures to enhance Shar'ah-based dispute resolution and maintain credibility, stability & growth of Islamic finance sector.

Forensic Accounting: Time for a Unified Global Approach

Abstract Forensic accountants need to respond to the ever-growing global threat of financial crime and the continuing need for expertise within the area of financial dispute work. The global development of forensic accounting as a discipline has been ad hoc, and this paper will focus on the two most developed nations regarding the expansion of forensic accounting i.e., the USA and the UK. From this study two major themes have emerged: that of the status of the regulation and education of forensic accountants within the USA and the UK and we ultimately call for radical reform in both areas. Currently there is no recognised regulatory body which encompasses all aspects of a forensic accountant’s role, thus there is no standard code of ethics which practicing forensic accountants are obliged to follow. In addition, the absence of a recognised educational route to becoming a forensic accountant has resulted in a lack of awareness of the role as a potential career path and makes succession planning within forensic accounting firms problematic.

Dispute Resolution in Indonesian Islamic Banking: Previous Trends and Future Perspectives

Currently, the legal environment for dispute resolution in the Islamic banking industry in Indonesia is not sufficient to achieve the main purpose of establishing a bank. Although Islamic legal frameworks are important for resolving financial disputes recognized under classical Islamic law, this paper aims to overcome increasing disputes as Islamic banking revenues increase. , provides arguments and solutions for resolving Islamic banking disputes using the Engel curve theory of microeconomics. Therefore, changes in the income of Islamic banks in Indonesia do not significantly affect changes in alternative dispute resolution/ADR requests. Even if the demand for ADR continues to grow, the demand for ADR will be relatively smaller than the change in Islamic banking earnings. The legal framework is dispute resolution in the Islamic banking industry based on the alternative dispute resolution (ADR) process that Prophet Muhammad has demonstrated since his stay in Medina. Conclusion; With this in mind, the Islamic banking services industry is saved from litigation domination that always comes with negative stereotypes about unnecessary payments.