REMEDIES FOR DEFAULT IN ISLAMIC BANKING
By Hassan, Rusni and Othman, Ahmad Azam and Mokhtar, Norlizah
This book contains an in-depth, focused and up-to-date discussion on the practical application of the remedies that are available to banks and financial institutions following breach or default by customers of Islamic home and car financing facilities, namely bai` bithaman ajil, ijarah and musyarakah mutanaqisah financing, which are the three commonly preferred Islamic banking facilities for home and car financing in Malaysia. The issues that commonly arise in Islamic financing practice are carefully considered to give clear and instructive guidance on how particular remedies may be successfully sought for each type of financing.
To build a good foundation for a proper appreciation of the remedies, the book provides a comprehensive overview on these commonly utilised Islamic banking asset financing facilities which gives a good understanding of their concept, practical operation and regulation. It also sets out a broad explanation of the general nature of remedies that are available under Malaysian law.
This book will be useful for practitioners as it comes with the reproduction of the important parts of the Shariah Resolutions and the Shariah Standards Policy Documents as issued by Bank Negara Malaysia in relation to the Islamic financing facilities covered.
The book contains the combined expertise of authors who have the strong underpinning of academia and the practical experience of legal practice.
Comprehensively covers the concept, practical operation and regulation of bai` bithaman ajil, ijarah and musyarakah mutanaqisah financing facilities
Provides a broad explanation of the nature of remedies under Malaysian law
Provides an in-depth practical discussion on the application of the remedies following default by customers of the Islamic home and car financing facilities
Provides updated statutory provisions and recent case laws as authorities to complement the discussion
Provides a Glossary to give readers a better understanding of the Arabic/Islamic banking terminologies
Authored by legal and Islamic banking experts of academic and practical background