Abstract
On 31st March 2009, Court of Appeal has revoked the decision made by High
Court to announce that the contract of Bay Bithaman Ajil is null and void in the
case of Arab-Malaysia v Taman Ihsan Jaya Sdn. Bhd. & Onor [2008] 5 MLJ 631.
Interestingly, the judgement made by Appeal Court has touched the basic
elements of Islamic law especially the fundamental issues of BBA such as sell and
buy contract, acceptance of difference views of school of laws in Islam and other
basic issues of Shari’ah principles. This subject matter of Shari’ah principles
should be decided by the Shari’ah judges who are more expert in Islamic law than
the civil court. At the same year, the Government of Malaysia has passed the Central Bank of
Malaysia Act 2009 (Act 701) that provided the court shall refer to the Shari’ah
Advisory Council or arbitrator before giving any judgment on Islamic Finance
dispute. This paper is looking into recent development of legal framework of
Islamic Financial System in Malaysia and also the jurisdiction of Shari’ah Court
pertaining that matters.
References
- Book: Ahcene Lahsasna (2010), Introduction to Fatwa, Shariah Supervison &
- Governance in Islamic Finance, Kuala Lumpur: CERT Publications. Mohd Daud and Engku Rabiah (2003), Essential Readings in Islamic Finance,
- Kuala Lumpur: CERT Publication Nik Norzrul Thani at al. (2003), Law and Practice of Islamic Banking and Finance, Sweet & Maxwell Asia: Kuala Lumpur.
- Rahail Ali (2008), Islamic Finance: A Practical Guide, London: Globe Law
- Business Publishing Ltd. Securities Commission Malaysia (2009), Islamic Commercial Law (Fiqh al- Muamalat), Kuala Lumpur: LexisNexis.
- Zamir Iqbal & Abbas Mirakhor (2007), An Introduction to Islamic Finance,
- Theory and Practice, Singapore: John Wiley & Sons (Asia) Pte Ltd. Journal Article: Mervyn K Lewis (2007), Islamic Banking in Theory and Practice. Monash
- Business Review Volume 3 Issue 1 – April. Pp. 1-16. Mohamad Akram Ladin (2010), Perundangan Islam di Mahkamah Syariah:
- Harapan dan Cabaran. Jurnal Hukum (1431H), Jld 31 Bhg. 2. Pp. 1-12.
- Syed Khalid Rashid (2009) Certain Peculiarities and Religious Underspinning of
- Alternative Disputes Resolution in Islamic Law. Shariah Law Reports, 1 ShLR January to March.Pp. 1-16.
Abstract
References
- Book: Ahcene Lahsasna (2010), Introduction to Fatwa, Shariah Supervison &
- Governance in Islamic Finance, Kuala Lumpur: CERT Publications. Mohd Daud and Engku Rabiah (2003), Essential Readings in Islamic Finance,
- Kuala Lumpur: CERT Publication Nik Norzrul Thani at al. (2003), Law and Practice of Islamic Banking and Finance, Sweet & Maxwell Asia: Kuala Lumpur.
- Rahail Ali (2008), Islamic Finance: A Practical Guide, London: Globe Law
- Business Publishing Ltd. Securities Commission Malaysia (2009), Islamic Commercial Law (Fiqh al- Muamalat), Kuala Lumpur: LexisNexis.
- Zamir Iqbal & Abbas Mirakhor (2007), An Introduction to Islamic Finance,
- Theory and Practice, Singapore: John Wiley & Sons (Asia) Pte Ltd. Journal Article: Mervyn K Lewis (2007), Islamic Banking in Theory and Practice. Monash
- Business Review Volume 3 Issue 1 – April. Pp. 1-16. Mohamad Akram Ladin (2010), Perundangan Islam di Mahkamah Syariah:
- Harapan dan Cabaran. Jurnal Hukum (1431H), Jld 31 Bhg. 2. Pp. 1-12.
- Syed Khalid Rashid (2009) Certain Peculiarities and Religious Underspinning of
- Alternative Disputes Resolution in Islamic Law. Shariah Law Reports, 1 ShLR January to March.Pp. 1-16.
Details
| Other ID | JA43UP94JC |
|---|---|
| Journal Section | Articles |
| Authors | |
| Publication Date | June 1, 2011 |
| Published in Issue | Year 2011 Volume: 3 Issue: 1 |