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

  • from Part IV - Court Judgments and Other Court Documentation
  • Edited by Omar Anchassi, Universität Bern, Switzerland, Robert Gleave, University of Exeter
  • Book:
    Islamic Law in Context
    Published online:
    14 November 2024
    Print publication:
    21 November 2024, pp 311-320

  • 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.