The application of Islamic Banking in Malaysia: a case study on the court decisions in matters relating to Al-Baibithaman Ajil / Mohamad Suffian Jaafar

Jaafar, Mohamad Suffian (2007) The application of Islamic Banking in Malaysia: a case study on the court decisions in matters relating to Al-Baibithaman Ajil / Mohamad Suffian Jaafar. Degree thesis, Universiti Teknologi MARA.

Abstract

Islamic Banking is fast growing business in Malaysia since inception in 1983. Al-Bai Bithaman Ajil has become its main products. But, there is no specific law to address and govern the al-Bai Bithaman Ajil transactions in Malaysia. The Islamic Banking Act of 1983 is only a regulatory act. The issues discussed by the judges before handing the decisions will be the main focus as it provides the answer pertaining to the grey issues related to al-Bai Bithaman Ajil in Malaysia. The decisions are required and handy in clarifying and addressing certain weaknesses, ambiguity and unclear interpretation in the question of law such as the jurisdiction of Court, the application of conventional law, i.e the National Land Code 1965. This study suggests that a separated procedural and substantive law should be gazetted for al-Bai Bithaman Ajil. This is due to the fact the current laws being applied by the Court is not Shariah compliant. In addition, it is also suggested that certain legal powers should be given to the Shariah Advisory Council to interfere in the proceedings of the Court. At present, the Council's role is to advice to the Bank Negara Malaysia and has no legal authority.

Metadata

Item Type: Thesis (Degree)
Creators:
Creators
Email / ID Num.
Jaafar, Mohamad Suffian
2003613371
Contributors:
Contribution
Name
Email / ID Num.
Thesis advisor
Mohamed Adil, Mohamed Azam (Dr.)
UNSPECIFIED
Subjects: H Social Sciences > HG Finance > Banking
K Law > K Law in general. Comparative and uniform law. Jurisprudence > Comparative law. International uniform Law > Constitutional law
Divisions: Universiti Teknologi MARA, Shah Alam > Faculty of Law
Programme: Bachelor of Legal Studies (Hons)
Keywords: Islamic, Banking, Business, Al-Bai Bithaman Ajil
Date: 2007
URI: https://ir.uitm.edu.my/id/eprint/38592
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