INDONESIA - BANKING - CIMB NIAGA SYARIAH Padang sued for Rp 2 billion damages

www.bisnis.com -  PADANG: Bank CIMB Niaga Syariah Pondok branch, city of Padang in West Sumatra are required to pay compensation in the form immateril 2 billion by the customers.

Rosman M (49), Eastern District of Rawang residents of South Padang, Padang, put these demands (in the form of reports) to the Consumer Dispute Settlement Body (BPSK) Padang.

Reports of consumer complaints numbered: 60/P3K/2012 dated July 12, 2012 the Secretariat received BPSK officer Padang, Nurmatias.  (source)

INDONESIA - DISPUTE SETTLEMENT - Shariah Arbitration and Shariah Court should understand Islamic Finance Transactions in order to solve dispute

Jakarta (9/12)- Dispute settlement in Islamic finance institution is up until today is still become the main issue that need to be handled.  There is two ways of shariah dispute settlement one by the mediation thru the National Syariah Arbritrage ( BASYARNAS) and the shariah court, whereas the effectiveness is still under questions.

The former Director of  Investigation and Mediation of Indonesia’ Banking system   Purwantari Budiman said that the two shariah institutions, Basyarnas and syariah court, are not effectively handling the matter of Islamic finance dispute since both institutions lack of competency in Islamic finance transactions. “ when the dispute to be settled in Basyarnas, it will be difficult since the banking operations dispute will be handled by referring to fiqh (Islamic jurisprudence), it will be a deadlock, “ explained Purwantari during the refreshing program at refreshing program for finance and banking journalists at Lembaga Pengembangan Perbankan Indonesia (LPPI), last Thursday (8/12).  (source)