Consumer Rights Act 2015 (United Kingdom): is it a good model in protecting banking consumers from unfair terms in Islamic banking consumer contractsin 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 detrime...

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Main Authors:	Noor Mahinar Abu Bakar, Norhashimah Mohd Yasin, Siti Salwani Razali
Format:	Article
Language:	English
Published:	Penerbit Universiti Kebangsaan Malaysia 2018
Online Access:	http://journalarticle.ukm.my/13006/ http://journalarticle.ukm.my/13006/ http://journalarticle.ukm.my/13006/1/29231-89703-1-PB.pdf

id	ukm-13006
recordtype	eprints
spelling	ukm-130062019-05-21T21:36:19Z http://journalarticle.ukm.my/13006/ Consumer Rights Act 2015 (United Kingdom): is it a good model in protecting banking consumers from unfair terms in Islamic banking consumer contractsin Malaysia? Noor Mahinar Abu Bakar, Norhashimah Mohd Yasin, Siti Salwani Razali, 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. Penerbit Universiti Kebangsaan Malaysia 2018 Article PeerReviewed application/pdf en http://journalarticle.ukm.my/13006/1/29231-89703-1-PB.pdf Noor Mahinar Abu Bakar, and Norhashimah Mohd Yasin, and Siti Salwani Razali, (2018) Consumer Rights Act 2015 (United Kingdom): is it a good model in protecting banking consumers from unfair terms in Islamic banking consumer contractsin Malaysia? Jurnal Undang-Undang dan Masyarakat, 22 . pp. 21-31. ISSN 1394-7729 http://ejournal.ukm.my/juum/issue/view/1149
repository_type	Digital Repository
institution_category	Local University
institution	Universiti Kebangasaan Malaysia
building	UKM Institutional Repository
collection	Online Access
language	English
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.
format	Article
author	Noor Mahinar Abu Bakar, Norhashimah Mohd Yasin, Siti Salwani Razali,
spellingShingle	Noor Mahinar Abu Bakar, Norhashimah Mohd Yasin, Siti Salwani Razali, Consumer Rights Act 2015 (United Kingdom): is it a good model in protecting banking consumers from unfair terms in Islamic banking consumer contractsin Malaysia?
author_facet	Noor Mahinar Abu Bakar, Norhashimah Mohd Yasin, Siti Salwani Razali,
author_sort	Noor Mahinar Abu Bakar,
title	Consumer Rights Act 2015 (United Kingdom): is it a good model in protecting banking consumers from unfair terms in Islamic banking consumer contractsin Malaysia?
title_short	Consumer Rights Act 2015 (United Kingdom): is it a good model in protecting banking consumers from unfair terms in Islamic banking consumer contractsin Malaysia?
title_full	Consumer Rights Act 2015 (United Kingdom): is it a good model in protecting banking consumers from unfair terms in Islamic banking consumer contractsin Malaysia?
title_fullStr	Consumer Rights Act 2015 (United Kingdom): is it a good model in protecting banking consumers from unfair terms in Islamic banking consumer contractsin Malaysia?
title_full_unstemmed	Consumer Rights Act 2015 (United Kingdom): is it a good model in protecting banking consumers from unfair terms in Islamic banking consumer contractsin Malaysia?
title_sort	consumer rights act 2015 (united kingdom): is it a good model in protecting banking consumers from unfair terms in islamic banking consumer contractsin malaysia?
publisher	Penerbit Universiti Kebangsaan Malaysia
publishDate	2018
url	http://journalarticle.ukm.my/13006/ http://journalarticle.ukm.my/13006/ http://journalarticle.ukm.my/13006/1/29231-89703-1-PB.pdf
first_indexed	2023-09-18T20:03:53Z
last_indexed	2023-09-18T20:03:53Z
_version_	1777407028894892032

Consumer Rights Act 2015 (United Kingdom): is it a good model in protecting banking consumers from unfair terms in Islamic banking consumer contractsin Malaysia?

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