Inadequacy of consumer protections from unfair contract terms in Musharakah Mutanaqisah home financing in Malaysia

Musharakah 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 institut...

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Main Authors: Mat Ali, Syuhaeda, Hassan, Rusni, Othman, Ahmad Azam
格式: Article
語言:English
出版: IIUM Press 2017
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http://irep.iium.edu.my/61327/
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spelling my.iium.irep.613272018-01-12T07:33:23Z http://irep.iium.edu.my/61327/ Inadequacy of consumer protections from unfair contract terms in Musharakah Mutanaqisah home financing in Malaysia Mat Ali, Syuhaeda Hassan, Rusni Othman, Ahmad Azam HG3368 Islamic Banking and Finance Musharakah 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. IIUM Press 2017-12-31 Article REM application/pdf en http://irep.iium.edu.my/61327/1/61327_Inadequacy%20of%20consumer%20protections.pdf Mat Ali, Syuhaeda and Hassan, Rusni and Othman, Ahmad Azam (2017) Inadequacy of consumer protections from unfair contract terms in Musharakah Mutanaqisah home financing in Malaysia. Journal of Islamic Finance, 6 (Special Issue). pp. 231-241. ISSN 2289-2109 http://journals.iium.edu.my/iiibf-journal/index.php/jif/article/view/268
institution Universiti Islam Antarabangsa Malaysia
building IIUM Library
collection Institutional Repository
continent Asia
country Malaysia
content_provider International Islamic University Malaysia
content_source IIUM Repository (IREP)
url_provider http://irep.iium.edu.my/
language English
topic HG3368 Islamic Banking and Finance
spellingShingle HG3368 Islamic Banking and Finance
Mat Ali, Syuhaeda
Hassan, Rusni
Othman, Ahmad Azam
Inadequacy of consumer protections from unfair contract terms in Musharakah Mutanaqisah home financing in Malaysia
description Musharakah 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.
format Article
author Mat Ali, Syuhaeda
Hassan, Rusni
Othman, Ahmad Azam
author_facet Mat Ali, Syuhaeda
Hassan, Rusni
Othman, Ahmad Azam
author_sort Mat Ali, Syuhaeda
title Inadequacy of consumer protections from unfair contract terms in Musharakah Mutanaqisah home financing in Malaysia
title_short Inadequacy of consumer protections from unfair contract terms in Musharakah Mutanaqisah home financing in Malaysia
title_full Inadequacy of consumer protections from unfair contract terms in Musharakah Mutanaqisah home financing in Malaysia
title_fullStr Inadequacy of consumer protections from unfair contract terms in Musharakah Mutanaqisah home financing in Malaysia
title_full_unstemmed Inadequacy of consumer protections from unfair contract terms in Musharakah Mutanaqisah home financing in Malaysia
title_sort inadequacy of consumer protections from unfair contract terms in musharakah mutanaqisah home financing in malaysia
publisher IIUM Press
publishDate 2017
url http://irep.iium.edu.my/61327/1/61327_Inadequacy%20of%20consumer%20protections.pdf
http://irep.iium.edu.my/61327/
http://journals.iium.edu.my/iiibf-journal/index.php/jif/article/view/268
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score 13.154949