Skip to main content Accessibility help

We use cookies to distinguish you from other users and to provide you with a better experience on our websites. Close this message to accept cookies or find out how to manage your cookie settings.

Close cookie message
×
Hostname: page-component-745bb68f8f-d8cs5 Total loading time: 0 Render date: 2025-01-14T22:12:01.276Z Has data issue: false hasContentIssue false

Chapter 29 - Sharīʿa, Sales and Loans in the Malaysian High Court

Affin Bank Bhd v. Zulkifli bin Abdullah on Islamic Home Financing (2005)

from Part IV - Court Judgments and Other Court Documentation

Published online by Cambridge University Press:  14 November 2024

By
Amir Shaharuddin
Edited by
Omar Anchassi  and
Robert Gleave
Omar Anchassi
Affiliation:
Universität Bern, Switzerland
Robert Gleave
Affiliation:
University of Exeter
Get access

Summary

This chapter concerns a 2005 Malaysian court case in which the plaintiff defaulted on home-purchasing loan and then claimed he could obtain favourable repayment terms if he switched his borrower from Affin (Islamic) Bank to a regular commercial bank. According to the local regulatory framework, all commercial transactions, including those of Islamic banks, fall under the jurisdiction of the civil courts. The government issued a specific law - namely the Islamic Banking Act 1983, later enhanced as the Islamic Financial Services Act 2013 - to regulate the Islamic banking and financial industry. As Malaysia practises a dual banking system, whereby Islamic banking products are offered side by side with the conventional ones, the case presents interesting comparison between the two banking products.

Keywords

LoansRibāMonetary interestUsuryFinancial productsBankingIslamic bankingMortgage.
Type
Chapter
Information
Islamic Law in Context
A Primary Source Reader
 , pp. 311 - 320
Publisher: Cambridge University Press
Print publication year: 2024

Access options

Get access to the full version of this content by using one of the access options below. (Log in options will check for institutional or personal access. Content may require purchase if you do not have access.)

References

Primary Sources

‘Affin Bank Bhd v. Zulkifli bin Abdullah’, Malaysian Law Journal 3 (2006), 67–81.Google Scholar

Secondary Sources

Hasan, Zulkifli and Asutay, Mehmet. ‘Analysis of the Courts’ Decisions on Islamic Finance Disputes’, ISRA International Journal of Islamic Finance 3 (2011), 41–71.CrossRefGoogle Scholar
Muneeza, Aishath et al. ‘House Financing: Contracts Used by Islamic Banks for Finished Properties in Malaysia’, Journal of Islamic Accounting and Business Research 11 (2020), 168–78.Google Scholar
Oseni, Umar A. et al. Emerging Issues in Islamic Finance Law and Practice in Malaysia (Bingley: Emerald Publishing, 2019).CrossRefGoogle Scholar
Razak, Dzuljastri Abdul and Mad Taib, Fauziah. ‘Consumers’ Perception on Islamic Home Financing: Empirical Evidences on Bai Bithaman Ajil (BBA) and Diminishing Partnership (DP) in Malaysia’, Journal of Islamic Marketing 2 (2011), 165–76.Google Scholar
Shahwan, Shahidawati et al. ‘Home Financing Pricing Issues in the Bay’ Bithaman Ajil (BBA) and Musharakah Mutanaqisah (MMP)’, Global Journal Al-Thaqafah 3 (2013), 23–35.CrossRefGoogle Scholar

Save book to Kindle

To save this book to your Kindle, first ensure [email protected] is added to your Approved Personal Document E-mail List under your Personal Document Settings on the Manage Your Content and Devices page of your Amazon account. Then enter the ‘name’ part of your Kindle email address below. Find out more about saving to your Kindle.

Note you can select to save to either the @free.kindle.com or @kindle.com variations. ‘@free.kindle.com’ emails are free but can only be saved to your device when it is connected to wi-fi. ‘@kindle.com’ emails can be delivered even when you are not connected to wi-fi, but note that service fees apply.

Find out more about the Kindle Personal Document Service.

Available formats
×

Save book to Dropbox

To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to Dropbox.

Available formats
×

Save book to Google Drive

To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to Google Drive.

Available formats
×