Protection against over-indebtedness: appraising suitability and affordability assessment in Malaysia and South Africa
This study analyses mandatory suitability and affordability assessment embodied in the Guidelines on Responsible Financing issued by the Central Bank of Malaysia, focusing on conventional banks, Islamic banks and prescribed development financial institutions. It employed a doctrinal legal research m...
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Malaysian Consumer and Family Economics Association
2023
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Online Access: | http://irep.iium.edu.my/108448/6/108448_Protection%20against%20over-indebtedness.pdf http://irep.iium.edu.my/108448/11/108448_Protection%20against%20over-indebtedness_SCOPUS.pdf http://irep.iium.edu.my/108448/ https://www.majcafe.com/wp-content/uploads/2023/11/Vol-31-2023-Paper-3.pdf |
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my.iium.irep.1084482023-12-15T06:30:16Z http://irep.iium.edu.my/108448/ Protection against over-indebtedness: appraising suitability and affordability assessment in Malaysia and South Africa Ilias, Ibtisam @ Ilyana Hassan, Rusni Abu Bakar, Elistina Kassim, Salina HG3368 Islamic Banking and Finance This study analyses mandatory suitability and affordability assessment embodied in the Guidelines on Responsible Financing issued by the Central Bank of Malaysia, focusing on conventional banks, Islamic banks and prescribed development financial institutions. It employed a doctrinal legal research methodology whereby relevant primary and secondary sources of law were meticulously analysed. This study also employed comparative legal research methodology whereby the approach adopted in South Africa was scrutinised and compared against the practice in Malaysia. This study found that the Guidelines on Responsible Financing play an essential role in ensuring responsible lending among the banks, Islamic banks, and prescribed development financial institutions in Malaysia. Based on the analysis conducted, several recommendations were proposed to bolster the existing regulatory approach in imposing suitability and affordability assessment. The outcome of this study is imperative in reducing the situation of over-indebtedness among Malaysians and reinforcing the responsible lending regime in Malaysia Malaysian Consumer and Family Economics Association 2023 Article PeerReviewed application/pdf en http://irep.iium.edu.my/108448/6/108448_Protection%20against%20over-indebtedness.pdf application/pdf en http://irep.iium.edu.my/108448/11/108448_Protection%20against%20over-indebtedness_SCOPUS.pdf Ilias, Ibtisam @ Ilyana and Hassan, Rusni and Abu Bakar, Elistina and Kassim, Salina (2023) Protection against over-indebtedness: appraising suitability and affordability assessment in Malaysia and South Africa. Malaysian Journal of Consumer and Family Economics (MAJCAFE), 31. pp. 61-93. ISSN 1511-2808 E-ISSN 2948-4189 https://www.majcafe.com/wp-content/uploads/2023/11/Vol-31-2023-Paper-3.pdf |
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HG3368 Islamic Banking and Finance Ilias, Ibtisam @ Ilyana Hassan, Rusni Abu Bakar, Elistina Kassim, Salina Protection against over-indebtedness: appraising suitability and affordability assessment in Malaysia and South Africa |
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This study analyses mandatory suitability and affordability assessment embodied in the Guidelines on Responsible Financing issued by the Central Bank of Malaysia, focusing on conventional banks, Islamic banks and prescribed development financial institutions. It employed a doctrinal legal research methodology whereby relevant primary and secondary sources of law were meticulously analysed. This study also employed comparative legal research methodology whereby the approach adopted in South Africa was scrutinised and compared against the practice in Malaysia. This study found that the Guidelines on Responsible Financing play an essential role in ensuring responsible lending among the banks, Islamic banks, and prescribed development financial institutions in Malaysia. Based on the analysis conducted, several recommendations were proposed to bolster the existing regulatory approach in imposing suitability and affordability assessment. The outcome of this study is imperative in reducing the situation of over-indebtedness among Malaysians and reinforcing the responsible lending regime in Malaysia |
format |
Article |
author |
Ilias, Ibtisam @ Ilyana Hassan, Rusni Abu Bakar, Elistina Kassim, Salina |
author_facet |
Ilias, Ibtisam @ Ilyana Hassan, Rusni Abu Bakar, Elistina Kassim, Salina |
author_sort |
Ilias, Ibtisam @ Ilyana |
title |
Protection against over-indebtedness: appraising suitability and affordability assessment in Malaysia and South Africa |
title_short |
Protection against over-indebtedness: appraising suitability and affordability assessment in Malaysia and South Africa |
title_full |
Protection against over-indebtedness: appraising suitability and affordability assessment in Malaysia and South Africa |
title_fullStr |
Protection against over-indebtedness: appraising suitability and affordability assessment in Malaysia and South Africa |
title_full_unstemmed |
Protection against over-indebtedness: appraising suitability and affordability assessment in Malaysia and South Africa |
title_sort |
protection against over-indebtedness: appraising suitability and affordability assessment in malaysia and south africa |
publisher |
Malaysian Consumer and Family Economics Association |
publishDate |
2023 |
url |
http://irep.iium.edu.my/108448/6/108448_Protection%20against%20over-indebtedness.pdf http://irep.iium.edu.my/108448/11/108448_Protection%20against%20over-indebtedness_SCOPUS.pdf http://irep.iium.edu.my/108448/ https://www.majcafe.com/wp-content/uploads/2023/11/Vol-31-2023-Paper-3.pdf |
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