Islamic home finance products vis-a-vis failed residential projects in Malaysia: reality, issues and prospects

The Malaysian government has established Islamic banking industry since in the 1980s. As a result, the Islamic banking industry in Malaysia has introduced various Islamic banking and finance products. However, hitherto the industry has also plagued the Islamic banking and finance products with multi...

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Main Author: Md Dahlan, Nuarrual Hilal
Format: Article
Language:English
Published: 2019
Subjects:
Online Access:https://repo.uum.edu.my/id/eprint/26361/1/JARDCS%2011%208%202019%20251%20264.pdf
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author Md Dahlan, Nuarrual Hilal
author_facet Md Dahlan, Nuarrual Hilal
author_sort Md Dahlan, Nuarrual Hilal
collection UUM
description The Malaysian government has established Islamic banking industry since in the 1980s. As a result, the Islamic banking industry in Malaysia has introduced various Islamic banking and finance products. However, hitherto the industry has also plagued the Islamic banking and finance products with multiple issues. One of the problems revolves around the issues of failed residential projects. Hence, this paper aims to study these issues, particularly, the terms in the prevailing Islamic Home Finance products (‘IHF’) in Malaysia vizBay’ Bithaman alAjil (‘BBA’), Musharakah al-Mutanaqisah (‘MM’), Commodity Murabahah (‘CM’) and IjarahMausufah Fi Zimmah (‘IMFZ’). Further, this paper will propose suggestions to improve the IHF products in dealing with the problems of failed residential projects. The author used shariah (Islamic Law), legal doctrinal and qualitative social and textual analysis research methodologies to study the subject matter and the issues. This paper finds that the applicable terms in the said products are inadequate and unfair. Thus, this has warranted the authority to replace the inequitable terms with conditions that can provide better protection to the aggrieved purchasers in failed residential projects, comply with the shariah and dispense justice to the contracting party purchaser customers. The author submits that the result of this paper will improve the theory and practice of Islamic home finance industry in Malaysia.
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spelling uum-263612019-08-28T06:55:00Z https://repo.uum.edu.my/id/eprint/26361/ Islamic home finance products vis-a-vis failed residential projects in Malaysia: reality, issues and prospects Md Dahlan, Nuarrual Hilal KZ Law of Nations The Malaysian government has established Islamic banking industry since in the 1980s. As a result, the Islamic banking industry in Malaysia has introduced various Islamic banking and finance products. However, hitherto the industry has also plagued the Islamic banking and finance products with multiple issues. One of the problems revolves around the issues of failed residential projects. Hence, this paper aims to study these issues, particularly, the terms in the prevailing Islamic Home Finance products (‘IHF’) in Malaysia vizBay’ Bithaman alAjil (‘BBA’), Musharakah al-Mutanaqisah (‘MM’), Commodity Murabahah (‘CM’) and IjarahMausufah Fi Zimmah (‘IMFZ’). Further, this paper will propose suggestions to improve the IHF products in dealing with the problems of failed residential projects. The author used shariah (Islamic Law), legal doctrinal and qualitative social and textual analysis research methodologies to study the subject matter and the issues. This paper finds that the applicable terms in the said products are inadequate and unfair. Thus, this has warranted the authority to replace the inequitable terms with conditions that can provide better protection to the aggrieved purchasers in failed residential projects, comply with the shariah and dispense justice to the contracting party purchaser customers. The author submits that the result of this paper will improve the theory and practice of Islamic home finance industry in Malaysia. 2019 Article PeerReviewed application/pdf en https://repo.uum.edu.my/id/eprint/26361/1/JARDCS%2011%208%202019%20251%20264.pdf Md Dahlan, Nuarrual Hilal (2019) Islamic home finance products vis-a-vis failed residential projects in Malaysia: reality, issues and prospects. Jour of Adv Research in Dynamical & Control Systems, 11 (8). pp. 261-264. ISSN 1943-023X http://www.jardcs.org/abstract.php?id=1948
spellingShingle KZ Law of Nations
Md Dahlan, Nuarrual Hilal
Islamic home finance products vis-a-vis failed residential projects in Malaysia: reality, issues and prospects
title Islamic home finance products vis-a-vis failed residential projects in Malaysia: reality, issues and prospects
title_full Islamic home finance products vis-a-vis failed residential projects in Malaysia: reality, issues and prospects
title_fullStr Islamic home finance products vis-a-vis failed residential projects in Malaysia: reality, issues and prospects
title_full_unstemmed Islamic home finance products vis-a-vis failed residential projects in Malaysia: reality, issues and prospects
title_short Islamic home finance products vis-a-vis failed residential projects in Malaysia: reality, issues and prospects
title_sort islamic home finance products vis a vis failed residential projects in malaysia reality issues and prospects
topic KZ Law of Nations
url https://repo.uum.edu.my/id/eprint/26361/1/JARDCS%2011%208%202019%20251%20264.pdf
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