Islamic banking remedies in Malaysia: bank's remedy for default in bay' bithaman ajil (BBA) financing
Every person who suffers loss from the act or omission of another may avail himself to remedies to recover from the latter. Remedy is defined in the Oxford Law Dictionary as: “any the methods available at law for the enforcement, protection, or recovery of rights or for obtaining redress for their i...
| Main Authors: | , , |
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| Format: | Proceeding Paper |
| Language: | English English |
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2013
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| Online Access: | http://irep.iium.edu.my/38423/4/ILC2013-UUM_Conference_Full_Paper.pdf http://irep.iium.edu.my/38423/5/ILC_UUM_2013.pdf |
| _version_ | 1796879035190476800 |
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| author | Hassan, Rusni Mokhtar, Norlizah Othman, Ahmad Azam |
| author_facet | Hassan, Rusni Mokhtar, Norlizah Othman, Ahmad Azam |
| author_sort | Hassan, Rusni |
| collection | IIUM |
| description | Every person who suffers loss from the act or omission of another may avail himself to remedies to recover from the latter. Remedy is defined in the Oxford Law Dictionary as: “any the methods available at law for the enforcement, protection, or recovery of rights or for obtaining redress for their infringement”. Therefore, when there is infringement, or rather breach of contract, remedies are always available to the innocent parties.
This paper attempts to examine the remedies available under Islamic banking in relation to BBA financing especially on the award of damages as one of the remedies under Shari’ah and common law for breach of contract. The damages include ta’widh, gharamah, late payment charges on judgment sum, the balance the selling price etc. This paper will highlight issues on ibra’ that hinder the bank in seeking remedies. The discussion on remedies in BBA financing include the new Shari’ah Resolution issued by Bank Negara Malaysia on 22nd January 2013 with regard to the “formula for the implementation of ibra’ in early settlement cases is also applicable to default cases” and its impact on the Court of Appeal’s decisions in Lim Kok Hoe and Azhar Osman.
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| first_indexed | 2024-03-05T23:29:46Z |
| format | Proceeding Paper |
| id | oai:generic.eprints.org:38423 |
| institution | International Islamic University Malaysia |
| language | English English |
| last_indexed | 2024-04-20T18:23:05Z |
| publishDate | 2013 |
| record_format | dspace |
| spelling | oai:generic.eprints.org:384232024-03-15T03:23:10Z http://irep.iium.edu.my/38423/ Islamic banking remedies in Malaysia: bank's remedy for default in bay' bithaman ajil (BBA) financing Hassan, Rusni Mokhtar, Norlizah Othman, Ahmad Azam HG1501 Banking K Law (General) Every person who suffers loss from the act or omission of another may avail himself to remedies to recover from the latter. Remedy is defined in the Oxford Law Dictionary as: “any the methods available at law for the enforcement, protection, or recovery of rights or for obtaining redress for their infringement”. Therefore, when there is infringement, or rather breach of contract, remedies are always available to the innocent parties. This paper attempts to examine the remedies available under Islamic banking in relation to BBA financing especially on the award of damages as one of the remedies under Shari’ah and common law for breach of contract. The damages include ta’widh, gharamah, late payment charges on judgment sum, the balance the selling price etc. This paper will highlight issues on ibra’ that hinder the bank in seeking remedies. The discussion on remedies in BBA financing include the new Shari’ah Resolution issued by Bank Negara Malaysia on 22nd January 2013 with regard to the “formula for the implementation of ibra’ in early settlement cases is also applicable to default cases” and its impact on the Court of Appeal’s decisions in Lim Kok Hoe and Azhar Osman. 2013 Proceeding Paper NonPeerReviewed application/pdf en http://irep.iium.edu.my/38423/4/ILC2013-UUM_Conference_Full_Paper.pdf application/pdf en http://irep.iium.edu.my/38423/5/ILC_UUM_2013.pdf Hassan, Rusni and Mokhtar, Norlizah and Othman, Ahmad Azam (2013) Islamic banking remedies in Malaysia: bank's remedy for default in bay' bithaman ajil (BBA) financing. In: 7th UUM International Legal Conference (ICL 2013), 13-14 November 2013, Kuala Lumpur. http://lawconference.uum.edu.my/ |
| spellingShingle | HG1501 Banking K Law (General) Hassan, Rusni Mokhtar, Norlizah Othman, Ahmad Azam Islamic banking remedies in Malaysia: bank's remedy for default in bay' bithaman ajil (BBA) financing |
| title | Islamic banking remedies in Malaysia: bank's remedy for default in bay' bithaman ajil (BBA) financing |
| title_full | Islamic banking remedies in Malaysia: bank's remedy for default in bay' bithaman ajil (BBA) financing |
| title_fullStr | Islamic banking remedies in Malaysia: bank's remedy for default in bay' bithaman ajil (BBA) financing |
| title_full_unstemmed | Islamic banking remedies in Malaysia: bank's remedy for default in bay' bithaman ajil (BBA) financing |
| title_short | Islamic banking remedies in Malaysia: bank's remedy for default in bay' bithaman ajil (BBA) financing |
| title_sort | islamic banking remedies in malaysia bank s remedy for default in bay bithaman ajil bba financing |
| topic | HG1501 Banking K Law (General) |
| url | http://irep.iium.edu.my/38423/4/ILC2013-UUM_Conference_Full_Paper.pdf http://irep.iium.edu.my/38423/5/ILC_UUM_2013.pdf |
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