Consumer Rights Act 2015(United Kingdom):Is it a good model in practising banking consumers from unfair terms in Islamic banking consumer contracts in Malaysia? = Consumer Rights Act 2015 (United Kingdom): Adakah ia model yang baik perlindungan konsumer perbankan daripada terma tidak adil dalam kontrak konsumer perbankan Islam di Malaysia?

Consumer Rights Act 2015(United Kingdom):Is it a good model in practising banking consumers from unfair terms in Islamic banking consumer contracts in Malaysia? = Consumer Rights Act 2015 (United Kingdom): Adakah ia model yang baik perlindungan konsumer perbankan daripada terma tidak adil dalam kontrak konsumer perbankan Islam di Malaysia?

As the Islamic banking industry becomes more advanced and complex, it is crucial that transactions in acquiring goods and services are reduced in writing of whatever terms and conditions agreed upon. These terms and conditions could potentially be deemed as unfair when relied on, would cause detri...

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Bibliographic Details
Main Authors: Abu Bakar, Noor Mahinar, Mohd Yasin, Norhashimah, Razali, Siti Salwani
Format: Article
Language:English
Published: UKM Press 2018
Subjects:
HG1501 Banking
K Law (General)
Online Access:http://irep.iium.edu.my/74917/
http://irep.iium.edu.my/74917/
http://irep.iium.edu.my/74917/6/74917%20Consumer%20Rights%20Act%202015.pdf
id iium-74917
recordtype eprints
repository_type Digital Repository
institution_category Local University
institution International Islamic University Malaysia
building IIUM Repository
collection Online Access
language English
topic HG1501 Banking
K Law (General)
spellingShingle HG1501 Banking
K Law (General)
Abu Bakar, Noor Mahinar
Mohd Yasin, Norhashimah
Razali, Siti Salwani
Consumer Rights Act 2015(United Kingdom):Is it a good model in practising banking consumers from unfair terms in Islamic banking consumer contracts in Malaysia? = Consumer Rights Act 2015 (United Kingdom): Adakah ia model yang baik perlindungan konsumer perbankan daripada terma tidak adil dalam kontrak konsumer perbankan Islam di Malaysia?
description As the Islamic banking industry becomes more advanced and complex, it is crucial that transactions in acquiring goods and services are reduced in writing of whatever terms and conditions agreed upon. These terms and conditions could potentially be deemed as unfair when relied on, would cause detriment (whether financial or otherwise) to banking consumers and, can cause significant imbalance in the rights and obligations of contracting parties. The objective of this article is to discuss the current flaws and highlight the inadequacies of consumer protection laws on unfair terms in consumer contracts in Malaysia. Findings in this study reveals that the abuse of power by the Islamic banks is due to one-sided contract which is not negotiated between the contracting parties. Furthermore, it is offered on a ‘take it or leave it’ basis and can make it difficult for banking consumers to discern risks in the contracts. Using content analysis and doctrinal legal method, this article analyses the potential of unfair terms in Islamic banking consumer contracts and to consider whether the wider scope of fairness and transparency assessment under the Consumer Rights Act 2015 (CRA) of the United Kingdom could provide a potential practical solution. Therefore, this article recommends that a statutory controlling mechanism such like the CRA of the United Kingdom, should be adopted to protect banking consumers from unfair contract terms in Malaysia. This article intends to contribute to policy priorities for the Malaysian government towards a better protection for banking consumers from unfair contract terms. *********************************************************************** Memandangkan perbankan Islam menjadi semakin maju dan kompleks, maka adalah menjadi suatu keperluan untuk semua transaksi bagi pembiayaan membeli barangan dan perkhidmatan dimeterai secara perjanjian bertulis. Terma dan syarat yang terkandung dalam perjanjian bertulis itu mempunyai kebarangkalian yang tinggi untuk menjadi berat sebelah dan menyebabkan kerugian (sama ada daripada segi kewangan atau yang berkaitan) kepada pengguna. Objektif artikel ini adalah untuk membincangkan kekurangan dan kelemahan akta dalam melindungi hak pengguna di Malaysia. Hasil kajian ini menunjukkan kebanyakan perjanjian adalah berat sebelah dan menyebelahi institusi perbankan Islam. Pengguna tidak mempunyai pilihan lain sama ada menerima tawaran ataupun tidak dan ini boleh menyulitkan mereka untuk mengenal pasti kemungkinan risiko yang bakal ditanggung. Berdasarkan beberapa penemuan akta dan kes-kes berkaitan, artikel ini telah membuktikan keberkesanan ‘fairness and transparency test’ di dalam Consumer Rights Act (UK) 2015 (CRA) yang mempunyai asas yang kukuh untuk dijadikan penyelesaian yang praktikal. Oleh itu, adalah disarankan agar kerajaan dapat meluluskan suatu akta yang diadaptasi daripada CRA ini bagi tujuan melindungi pihak pengguna dan menjadikannya prioriti di dalam menentukan polisi bagi melindungi pihak pengguna daripada kontrak yang berat sebelah.
format Article
author Abu Bakar, Noor Mahinar
Mohd Yasin, Norhashimah
Razali, Siti Salwani
author_facet Abu Bakar, Noor Mahinar
Mohd Yasin, Norhashimah
Razali, Siti Salwani
author_sort Abu Bakar, Noor Mahinar
title Consumer Rights Act 2015(United Kingdom):Is it a good model in practising banking consumers from unfair terms in Islamic banking consumer contracts in Malaysia? = Consumer Rights Act 2015 (United Kingdom): Adakah ia model yang baik perlindungan konsumer perbankan daripada terma tidak adil dalam kontrak konsumer perbankan Islam di Malaysia?
title_short Consumer Rights Act 2015(United Kingdom):Is it a good model in practising banking consumers from unfair terms in Islamic banking consumer contracts in Malaysia? = Consumer Rights Act 2015 (United Kingdom): Adakah ia model yang baik perlindungan konsumer perbankan daripada terma tidak adil dalam kontrak konsumer perbankan Islam di Malaysia?
title_full Consumer Rights Act 2015(United Kingdom):Is it a good model in practising banking consumers from unfair terms in Islamic banking consumer contracts in Malaysia? = Consumer Rights Act 2015 (United Kingdom): Adakah ia model yang baik perlindungan konsumer perbankan daripada terma tidak adil dalam kontrak konsumer perbankan Islam di Malaysia?
title_fullStr Consumer Rights Act 2015(United Kingdom):Is it a good model in practising banking consumers from unfair terms in Islamic banking consumer contracts in Malaysia? = Consumer Rights Act 2015 (United Kingdom): Adakah ia model yang baik perlindungan konsumer perbankan daripada terma tidak adil dalam kontrak konsumer perbankan Islam di Malaysia?
title_full_unstemmed Consumer Rights Act 2015(United Kingdom):Is it a good model in practising banking consumers from unfair terms in Islamic banking consumer contracts in Malaysia? = Consumer Rights Act 2015 (United Kingdom): Adakah ia model yang baik perlindungan konsumer perbankan daripada terma tidak adil dalam kontrak konsumer perbankan Islam di Malaysia?
title_sort consumer rights act 2015(united kingdom):is it a good model in practising banking consumers from unfair terms in islamic banking consumer contracts in malaysia? = consumer rights act 2015 (united kingdom): adakah ia model yang baik perlindungan konsumer perbankan daripada terma tidak adil dalam kontrak konsumer perbankan islam di malaysia?
publisher UKM Press
publishDate 2018
url http://irep.iium.edu.my/74917/
http://irep.iium.edu.my/74917/
http://irep.iium.edu.my/74917/6/74917%20Consumer%20Rights%20Act%202015.pdf
first_indexed 2023-09-18T21:46:01Z
last_indexed 2023-09-18T21:46:01Z
_version_ 1777413454376730624
spelling iium-749172019-10-24T01:04:56Z http://irep.iium.edu.my/74917/ Consumer Rights Act 2015(United Kingdom):Is it a good model in practising banking consumers from unfair terms in Islamic banking consumer contracts in Malaysia? = Consumer Rights Act 2015 (United Kingdom): Adakah ia model yang baik perlindungan konsumer perbankan daripada terma tidak adil dalam kontrak konsumer perbankan Islam di Malaysia? Abu Bakar, Noor Mahinar Mohd Yasin, Norhashimah Razali, Siti Salwani HG1501 Banking K Law (General) As the Islamic banking industry becomes more advanced and complex, it is crucial that transactions in acquiring goods and services are reduced in writing of whatever terms and conditions agreed upon. These terms and conditions could potentially be deemed as unfair when relied on, would cause detriment (whether financial or otherwise) to banking consumers and, can cause significant imbalance in the rights and obligations of contracting parties. The objective of this article is to discuss the current flaws and highlight the inadequacies of consumer protection laws on unfair terms in consumer contracts in Malaysia. Findings in this study reveals that the abuse of power by the Islamic banks is due to one-sided contract which is not negotiated between the contracting parties. Furthermore, it is offered on a ‘take it or leave it’ basis and can make it difficult for banking consumers to discern risks in the contracts. Using content analysis and doctrinal legal method, this article analyses the potential of unfair terms in Islamic banking consumer contracts and to consider whether the wider scope of fairness and transparency assessment under the Consumer Rights Act 2015 (CRA) of the United Kingdom could provide a potential practical solution. Therefore, this article recommends that a statutory controlling mechanism such like the CRA of the United Kingdom, should be adopted to protect banking consumers from unfair contract terms in Malaysia. This article intends to contribute to policy priorities for the Malaysian government towards a better protection for banking consumers from unfair contract terms. *********************************************************************** Memandangkan perbankan Islam menjadi semakin maju dan kompleks, maka adalah menjadi suatu keperluan untuk semua transaksi bagi pembiayaan membeli barangan dan perkhidmatan dimeterai secara perjanjian bertulis. Terma dan syarat yang terkandung dalam perjanjian bertulis itu mempunyai kebarangkalian yang tinggi untuk menjadi berat sebelah dan menyebabkan kerugian (sama ada daripada segi kewangan atau yang berkaitan) kepada pengguna. Objektif artikel ini adalah untuk membincangkan kekurangan dan kelemahan akta dalam melindungi hak pengguna di Malaysia. Hasil kajian ini menunjukkan kebanyakan perjanjian adalah berat sebelah dan menyebelahi institusi perbankan Islam. Pengguna tidak mempunyai pilihan lain sama ada menerima tawaran ataupun tidak dan ini boleh menyulitkan mereka untuk mengenal pasti kemungkinan risiko yang bakal ditanggung. Berdasarkan beberapa penemuan akta dan kes-kes berkaitan, artikel ini telah membuktikan keberkesanan ‘fairness and transparency test’ di dalam Consumer Rights Act (UK) 2015 (CRA) yang mempunyai asas yang kukuh untuk dijadikan penyelesaian yang praktikal. Oleh itu, adalah disarankan agar kerajaan dapat meluluskan suatu akta yang diadaptasi daripada CRA ini bagi tujuan melindungi pihak pengguna dan menjadikannya prioriti di dalam menentukan polisi bagi melindungi pihak pengguna daripada kontrak yang berat sebelah. UKM Press 2018 Article PeerReviewed application/pdf en http://irep.iium.edu.my/74917/6/74917%20Consumer%20Rights%20Act%202015.pdf Abu Bakar, Noor Mahinar and Mohd Yasin, Norhashimah and Razali, Siti Salwani (2018) Consumer Rights Act 2015(United Kingdom):Is it a good model in practising banking consumers from unfair terms in Islamic banking consumer contracts in Malaysia? = Consumer Rights Act 2015 (United Kingdom): Adakah ia model yang baik perlindungan konsumer perbankan daripada terma tidak adil dalam kontrak konsumer perbankan Islam di Malaysia? Jurnal Undang-undang dan Masyarakat, 22. pp. 21-31. ISSN 1394-7729 http://ejournal.ukm.my/juum/article/view/29231/8716

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