Judicial remedies for banks when a customer defaults under Ijarah Muntahia Bi Al-Tamlik home financing facility

The Oxford Dictionary3 defines 'remedy' as a medicine or treatment for a disease or injury but in the legal sense, it is a means of achieving justice in any matter in which legal rights are involved. A legal or judicial remedy is the vehicle for a court of law - usually in exercising civil...

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Main Authors:	Mokhtar, Norlizah, Hassan, Rusni
Format:	Article
Language:	English
Published:	Lexis Nexis 2017
Subjects:	K Law (General) KBP Islamic Law
Online Access:	http://irep.iium.edu.my/57718/ http://irep.iium.edu.my/57718/ http://irep.iium.edu.my/57718/1/57718_Judicial%20remedies%20for%20banks.PDF

id	iium-57718
recordtype	eprints
spelling	iium-577182018-01-12T09:46:02Z http://irep.iium.edu.my/57718/ Judicial remedies for banks when a customer defaults under Ijarah Muntahia Bi Al-Tamlik home financing facility Mokhtar, Norlizah Hassan, Rusni K Law (General) KBP Islamic Law The Oxford Dictionary3 defines 'remedy' as a medicine or treatment for a disease or injury but in the legal sense, it is a means of achieving justice in any matter in which legal rights are involved. A legal or judicial remedy is the vehicle for a court of law - usually in exercising civil law jurisdiction -- to enforce a right, charge a penalty or make another court order to impose its will. The objective of this article is to analyse the remedies available to the bank in the event that the customer defaults on his monthly rental payment of the Ijarah Muntahia Bi al-Tamlik. An analysis of these remedies will take into account the Islamic Bank's offer of Ijarah Muntahia Bi al-Tamlik under the concept of a 'financial lease'. The discussion will be based on the default and remedy clause contained in the Facility Agreement (in relation to the Ijarah Property or Home Financing Facility). The basic remedies include arrears of lease rental, the balance of total lease rental, increase rental and compensation (ta'widh). The discussion concludes with a view whether the industry's current practice violates or upholds the principle of Shariah. Lexis Nexis 2017-07 Article PeerReviewed application/pdf en http://irep.iium.edu.my/57718/1/57718_Judicial%20remedies%20for%20banks.PDF Mokhtar, Norlizah and Hassan, Rusni (2017) Judicial remedies for banks when a customer defaults under Ijarah Muntahia Bi Al-Tamlik home financing facility. Malayan Law Journal (3). lxxvi. ISSN 0025-1283 https://www.lexisnexis.com/my/academic/Default.asp
repository_type	Digital Repository
institution_category	Local University
institution	International Islamic University Malaysia
building	IIUM Repository
collection	Online Access
language	English
topic	K Law (General) KBP Islamic Law
spellingShingle	K Law (General) KBP Islamic Law Mokhtar, Norlizah Hassan, Rusni Judicial remedies for banks when a customer defaults under Ijarah Muntahia Bi Al-Tamlik home financing facility
description	The Oxford Dictionary3 defines 'remedy' as a medicine or treatment for a disease or injury but in the legal sense, it is a means of achieving justice in any matter in which legal rights are involved. A legal or judicial remedy is the vehicle for a court of law - usually in exercising civil law jurisdiction -- to enforce a right, charge a penalty or make another court order to impose its will. The objective of this article is to analyse the remedies available to the bank in the event that the customer defaults on his monthly rental payment of the Ijarah Muntahia Bi al-Tamlik. An analysis of these remedies will take into account the Islamic Bank's offer of Ijarah Muntahia Bi al-Tamlik under the concept of a 'financial lease'. The discussion will be based on the default and remedy clause contained in the Facility Agreement (in relation to the Ijarah Property or Home Financing Facility). The basic remedies include arrears of lease rental, the balance of total lease rental, increase rental and compensation (ta'widh). The discussion concludes with a view whether the industry's current practice violates or upholds the principle of Shariah.
format	Article
author	Mokhtar, Norlizah Hassan, Rusni
author_facet	Mokhtar, Norlizah Hassan, Rusni
author_sort	Mokhtar, Norlizah
title	Judicial remedies for banks when a customer defaults under Ijarah Muntahia Bi Al-Tamlik home financing facility
title_short	Judicial remedies for banks when a customer defaults under Ijarah Muntahia Bi Al-Tamlik home financing facility
title_full	Judicial remedies for banks when a customer defaults under Ijarah Muntahia Bi Al-Tamlik home financing facility
title_fullStr	Judicial remedies for banks when a customer defaults under Ijarah Muntahia Bi Al-Tamlik home financing facility
title_full_unstemmed	Judicial remedies for banks when a customer defaults under Ijarah Muntahia Bi Al-Tamlik home financing facility
title_sort	judicial remedies for banks when a customer defaults under ijarah muntahia bi al-tamlik home financing facility
publisher	Lexis Nexis
publishDate	2017
url	http://irep.iium.edu.my/57718/ http://irep.iium.edu.my/57718/ http://irep.iium.edu.my/57718/1/57718_Judicial%20remedies%20for%20banks.PDF
first_indexed	2023-09-18T21:21:37Z
last_indexed	2023-09-18T21:21:37Z
_version_	1777411919377858560

Judicial remedies for banks when a customer defaults under Ijarah Muntahia Bi Al-Tamlik home financing facility

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