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...

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Main Authors:	Hassan, Rusni, Mokhtar, Norlizah, Othman, Ahmad Azam
Format:	Conference or Workshop Item
Language:	English English
Published:	2013
Subjects:	HG1501 Banking K Law (General)
Online Access:	http://irep.iium.edu.my/38423/ http://irep.iium.edu.my/38423/ http://irep.iium.edu.my/38423/4/ILC2013-UUM_Conference_Full_Paper.pdf http://irep.iium.edu.my/38423/5/ILC_UUM_2013.pdf

id	iium-38423
recordtype	eprints
spelling	iium-384232015-01-08T04:25:28Z 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 Conference or Workshop Item 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. (Unpublished) http://lawconference.uum.edu.my/
repository_type	Digital Repository
institution_category	Local University
institution	International Islamic University Malaysia
building	IIUM Repository
collection	Online Access
language	English English
topic	HG1501 Banking K Law (General)
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
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.
format	Conference or Workshop Item
author	Hassan, Rusni Mokhtar, Norlizah Othman, Ahmad Azam
author_facet	Hassan, Rusni Mokhtar, Norlizah Othman, Ahmad Azam
author_sort	Hassan, Rusni
title	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_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_sort	islamic banking remedies in malaysia: bank's remedy for default in bay' bithaman ajil (bba) financing
publishDate	2013
url	http://irep.iium.edu.my/38423/ http://irep.iium.edu.my/38423/ http://irep.iium.edu.my/38423/4/ILC2013-UUM_Conference_Full_Paper.pdf http://irep.iium.edu.my/38423/5/ILC_UUM_2013.pdf
first_indexed	2023-09-18T20:55:12Z
last_indexed	2023-09-18T20:55:12Z
_version_	1777410258180767744

Islamic banking remedies in Malaysia: bank's remedy for default in bay' bithaman ajil (BBA) financing

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