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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
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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

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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

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