10 research outputs found
Claiming maintenance from children: the Malaysian legal perspective
No full textwhilst prior studies mainly emphasis the matter from social perspective.
Type of Paper: Conceptual
Procedural laws governing event of default in Islamic financing in Malaysia: issues and challenges
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Procedural law governing event of default of Islamic financing in Malaysia: issues and challenges
No full textThe state of the economy in Malaysia becomes the worrying issue nowadays. From January to September 2015 more than 20,000 employees lost their jobs and the retrenchment trend continues in 2017. This unemployment situation gravely affects a person’s source of income particularly when he is the sole breadwinner of the family. This unemployment issue further leads to his inability to pay his monthly commitments such as home, personal and car financing. Notwithstanding the above situation, Shariah encourages leniency on the part of the creditor i.e. when the debtor is in a difficulty, to grant him time until it is easy for him to pay. Nonetheless, in Malaysia, the inability to pay debt or non-performing loan/financing entitles the financial institutions (both conventional banks and Islamic financial institutions) to proceed with legal proceeding in civil court. Despite its status as Islamic financing,it is trite that Islamic financing in Malaysia are governed by Shariah principles, legislations which are conventional in nature and to be enforceable in civil court of law. This paper examines procedural laws governing the event of default of Islamic Financing in Malaysia. The methodology adopted in this paper is statutory analysis whereby the relevant legislation namely Rules of Court 2012, Insolvency Act 1967, Limitation Act 1953, Evidence Act 1950, Court of Judicature Act 1964 and the National Land Code 1965 are analysed. The analysis reveals that whilst some of the provisions are sufficient to regulate the event of default of Islamic financing, the present legislation are still inadequate to regulate the same. Hence, the paper also finds significant number of legal issues and challenges derived from the implementation of the laws which require legal reform
Inadequacy of Consumer Protection from Unfair Contract Terms in Musharakah Mutanaqisah Home Financing In Malaysia
No full textMusharakah Mutanaqisah is one of the Islamic home financing products which has gained popular demand from the public in Malaysia. However, the terms and conditions of legal documentation of Musharakah Mutanaqisah Home Financing which were usually prepared by solicitors for Islamic financing institutions (“IFIsâ€) may have affected the welfare of consumers especially when most of the terms and conditions of legal documentations favoured the IFIs. In these circumstances, the consumers have no choice but to abide by the terms stipulated by the IFIs.This paper examines the adequacy of present legislation in Malaysia namely Islamic Financial Services Act 2013, Financial Services Act 2013, Shariah Standard and Guidelines: Prohibited Business Conduct policy, Consumer Protection Act 1999, Consumer Protection (Amendment) Act 2010 and the Contracts Act 1950 relating to unfair terms of contract in Musharakah Mutanaqisah Home Financing. The methodology adopted in this paper is statutory analysis whereby the relevant legislation are analysed. The analysis reveals that the legislation are not sufficient to regulate unfair terms of contract in Musharakah Mutanaqisah Home Financing in Malaysia. To ensure the protection of the consumers in Musharakah Mutanaqisah Home Financing, this paper recommends the present legislation, particularly Consumer Protection Act 1999 and Contracts Act 1950 be reformed.
Musharakah Mutanaqisah Home Financing, reform, legislation, standard form of contract
Al-musharakah-led Islamic sustainable finance
No full textMalaysia continues to be at the forefront of the Islamic finance industry with its diversity of innovative Islamic instruments and maturity of the financial system. The principles of Islamic finance have strong connections to financial stability, long-term sustainability and corporate social responsibility within the global business context as it insulates the Islamic financial system from uncertainty, excessive leverage and speculation. Islamic finance embraces sustainability when its business objectives are beyond generating profit but is also linked with value-based intermediation (VBI) and environment, social and governance (ESG) principles. The role played by Islamic finance in this venture should also be in line with the United Nations’ Sustainable Development Goals (SDGs) and Maqasid Shariah. Musharakah is one of the commonly used Islamic financing contracts across the globe and is mainly developed and used in banks and capital markets. The literature on Islamic banking supports the view that the adoption of equity financing such as Musharakah would increase the value of Islamic banks and make them resilient in a crisis. However, Musharakah is not as popular as other Islamic financial instruments, as most Islamic banks prefer debt financing to equity financing. Some scholars argued that Islamic philosophy cannot be translated into reality unless the use of Musharakah is expanded by Islamic banks. Thus, the objective of this study is to analyse the Musharakah instrument in terms of its sustainability in Malaysian financial markets. This study also explores its advantages and potential challenges to consumer financial welfare. The finding reveals that the Musharakah instrument has wide potential as it caters to various types of investors and promotes mutuality, sustainability and interests in the business of all parties concerned
Inadequacy of consumer protections from unfair contract terms in Musharakah Mutanaqisah home financing in Malaysia
No full textMusharakah Mutanaqisah is one of the Islamic home financing products which has gained popular demand from the public in Malaysia. However, the terms and conditions of legal documentation of Musharakah Mutanaqisah Home Financing which were usually prepared by solicitors for Islamic financing institutions (“IFIs”) may have affected the welfare of consumers especially when most of the terms and conditions of legal documentations favoured the IFIs. In these circumstances, the consumers have no choice but to abide by the terms stipulated by the IFIs.This paper examines the adequacy of present legislation in Malaysia namely Islamic Financial Services Act 2013, Financial Services Act 2013, Shariah Standard and Guidelines: Prohibited Business Conduct policy, Consumer Protection Act 1999, Consumer Protection (Amendment) Act 2010 and the Contracts Act 1950 relating to unfair terms of contract in Musharakah Mutanaqisah Home Financing. The methodology adopted in this paper is statutory analysis whereby the relevant legislation are analysed. The analysis reveals that the legislation are not sufficient to regulate unfair terms of contract in Musharakah Mutanaqisah Home Financing in Malaysia. To ensure the protection of the consumers in Musharakah Mutanaqisah Home Financing, this paper recommends the present legislation, particularly Consumer Protection Act 1999 and Contracts Act 1950 be reformed.
Musharakah Mutanaqisah Home Financing, reform, legislation, standard form of contract
Visual learning interactive infographic for civil procedure students in law schools in Malaysia / Azhani Arshad ... [et al.]
No full textIn Malaysia, one of the core courses in the body of knowledge for law programs in MQA Programme Standards is the procedural course, Civil Procedure. This course offers the students the knowledge and practical skill in applying and implementing procedural law in conducting civil action at the court. This course is considered ‘dry’ in nature, which the students felt and showed difficulties visualising the process. Thus, to overcome the above, it is essential to figure out and implement a proper delivery and learning approach using a beneficial and convenient tool by virtual learning techniques such as mind/ process mapping and flowcharts. Hence, the authors develop an interactive infographic that enables end-users to visualise the court proceeding. The interactive infographic aims to present information in a way that suits the interest of the students, to enhance the law students’ understanding of law subjects and promote effective teaching and learning by integrating mind/process mapping and flowchart techniques. It is a user-friendly interface that presents information in a way that is visually appealing and easy to understand, which makes it easy, efficient and enjoyable to operate as it is designed by using, among others, explicit language, patterns in layout and design, colour, contrast and texture in features, and legibility in typography. With this kind of delivery and learning approach, the students can improve their understanding of the core substance with the ability to analyse and apply it on a summative examination at the end of a course and for life-long learning
Application of joint tenancy on real property and its impact under the law of succession in Malaysia
No full textJoint ownership refers to property owned by two or more persons. Two significant forms of joint ownership in real estate exist joint tenancy and tenancy-in-common. Under common law, joint tenancy is applied as a mechanism for administering an estate, which takes effect after the joint owner's or joint tenant's death. The National Land Code (Act 828) recognises only tenancy-in-common tenancy rather than joint tenancy. Hence, this study proposes a regulatory framework and a suitable mechanism for the land conveyance process in the application of joint tenancy. This study is based on qualitative research and analysis of primary and secondary materials. For a comparative analysis, the study explores the law and practice of joint tenancy in Singapore and Australia for the dual legal and Torren systems. It is predicted that the joint tenancy application would give the proprietor more options in planning the management of his property and rightly give the surviving joint tenant full enjoyment of the property
A comparative analysis of the application of joint tenancy in the administration of real property in Malaysia, Singapore and Australia
No full textJoint tenancy has been applied when one of the joint tenants dies; the deceased's left portion must be given to the surviving joint tenant. The National Land Code (Act 828) acknowledges the concept of joint ownership in form of tenancy in common while the right of survivorship was only acknowledged in the National Land Code (Penang and Malacca Titles) Act 1963. Therefore, the research aims to explore the concept of joint tenancy and the existing laws governing the joint ownership in Malaysia. This research is based on the qualitative research and analysis of the primary and secondary materials through the governing statutes and reported cases. The research also explores the practice of joint tenancy in Singapore and Australia for comparative analysis. It is predicated that the application of joint tenancy would give the advantage to the surviving joint tenant towards the full enjoyment of the property
