Abandoned housing projects, legal risks and Islamic finance legal documentation

This paper examines the role of effective legal documentation in mitigating the legal risks associated with abandoned housing projects in Malaysia. Specific attention is given to aspects relating to financial consumer protection, construction and interpretation of default clauses, and dispute manage...

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Main Authors:	Mohd Yusof, Syarah Syahira, Oseni, Umar Aimhanosi, Hassan, Rusni
Format:	Article
Language:	English English English
Published:	International Islamic University Malaysia 2016
Subjects:	HG Finance K Law (General) KBP Islamic Law KBP1 Islamic law.Shariah.Fiqh
Online Access:	http://irep.iium.edu.my/56266/ http://irep.iium.edu.my/56266/ http://irep.iium.edu.my/56266/2/56266_Abandoned%20housing%20projects_WOS.pdf http://irep.iium.edu.my/56266/13/56266_Abandoned%20housing%20projects_TOC.pdf http://irep.iium.edu.my/56266/18/56266_Abandoned%20housing%20projects%2C%20legal%20risks.pdf

id	iium-56266
recordtype	eprints
spelling	iium-562662019-06-25T03:20:18Z http://irep.iium.edu.my/56266/ Abandoned housing projects, legal risks and Islamic finance legal documentation Mohd Yusof, Syarah Syahira Oseni, Umar Aimhanosi Hassan, Rusni HG Finance K Law (General) KBP Islamic Law KBP1 Islamic law.Shariah.Fiqh This paper examines the role of effective legal documentation in mitigating the legal risks associated with abandoned housing projects in Malaysia. Specific attention is given to aspects relating to financial consumer protection, construction and interpretation of default clauses, and dispute management strategies, which seek to protect the interest of parties to the bundled agreements. Through conceptual analysis of relevant literature, legal documentary analysis, and unstructured interviews, this study adopts a qualitative legal research method to achieve its objective of ensuring legal risks associated with Islamic home financing are mitigated and financial consumers are adequately protected. Available legal remedies for the purchasers in the event of an abandoned housing project must be clearly included in the clauses relating to default in the Master agreement and financial guarantees, and effective dispute management processes should be considered to mitigate the triad of risks associated with abandoned housing projects – shariʿah, legal and reputational risks. This study provides a starting-point for further research on legal risks associated with abandoned housing projects, which seek to provide some minimum requirements for legal documentation in Islamic home financing. Legal documentation remains the bedrock of commercial dealings, and as such, it must be well crafted to avoid future disputes on contractual terms. Though previous studies have focused on the prevalence and the economic and financial impacts of abandoned housing projects, this is one of the earliest attempts to explore the legal risks associated with such projects with particular reference to legal documentation. International Islamic University Malaysia 2016 Article PeerReviewed application/pdf en http://irep.iium.edu.my/56266/2/56266_Abandoned%20housing%20projects_WOS.pdf application/pdf en http://irep.iium.edu.my/56266/13/56266_Abandoned%20housing%20projects_TOC.pdf application/pdf en http://irep.iium.edu.my/56266/18/56266_Abandoned%20housing%20projects%2C%20legal%20risks.pdf Mohd Yusof, Syarah Syahira and Oseni, Umar Aimhanosi and Hassan, Rusni (2016) Abandoned housing projects, legal risks and Islamic finance legal documentation. Al Shajarah, 21 (3). pp. 283-305. ISSN 1394-6870 http://journals.iium.edu.my/shajarah/index.php/shaj/article/view/422
repository_type	Digital Repository
institution_category	Local University
institution	International Islamic University Malaysia
building	IIUM Repository
collection	Online Access
language	English English English
topic	HG Finance K Law (General) KBP Islamic Law KBP1 Islamic law.Shariah.Fiqh
spellingShingle	HG Finance K Law (General) KBP Islamic Law KBP1 Islamic law.Shariah.Fiqh Mohd Yusof, Syarah Syahira Oseni, Umar Aimhanosi Hassan, Rusni Abandoned housing projects, legal risks and Islamic finance legal documentation
description	This paper examines the role of effective legal documentation in mitigating the legal risks associated with abandoned housing projects in Malaysia. Specific attention is given to aspects relating to financial consumer protection, construction and interpretation of default clauses, and dispute management strategies, which seek to protect the interest of parties to the bundled agreements. Through conceptual analysis of relevant literature, legal documentary analysis, and unstructured interviews, this study adopts a qualitative legal research method to achieve its objective of ensuring legal risks associated with Islamic home financing are mitigated and financial consumers are adequately protected. Available legal remedies for the purchasers in the event of an abandoned housing project must be clearly included in the clauses relating to default in the Master agreement and financial guarantees, and effective dispute management processes should be considered to mitigate the triad of risks associated with abandoned housing projects – shariʿah, legal and reputational risks. This study provides a starting-point for further research on legal risks associated with abandoned housing projects, which seek to provide some minimum requirements for legal documentation in Islamic home financing. Legal documentation remains the bedrock of commercial dealings, and as such, it must be well crafted to avoid future disputes on contractual terms. Though previous studies have focused on the prevalence and the economic and financial impacts of abandoned housing projects, this is one of the earliest attempts to explore the legal risks associated with such projects with particular reference to legal documentation.
format	Article
author	Mohd Yusof, Syarah Syahira Oseni, Umar Aimhanosi Hassan, Rusni
author_facet	Mohd Yusof, Syarah Syahira Oseni, Umar Aimhanosi Hassan, Rusni
author_sort	Mohd Yusof, Syarah Syahira
title	Abandoned housing projects, legal risks and Islamic finance legal documentation
title_short	Abandoned housing projects, legal risks and Islamic finance legal documentation
title_full	Abandoned housing projects, legal risks and Islamic finance legal documentation
title_fullStr	Abandoned housing projects, legal risks and Islamic finance legal documentation
title_full_unstemmed	Abandoned housing projects, legal risks and Islamic finance legal documentation
title_sort	abandoned housing projects, legal risks and islamic finance legal documentation
publisher	International Islamic University Malaysia
publishDate	2016
url	http://irep.iium.edu.my/56266/ http://irep.iium.edu.my/56266/ http://irep.iium.edu.my/56266/2/56266_Abandoned%20housing%20projects_WOS.pdf http://irep.iium.edu.my/56266/13/56266_Abandoned%20housing%20projects_TOC.pdf http://irep.iium.edu.my/56266/18/56266_Abandoned%20housing%20projects%2C%20legal%20risks.pdf
first_indexed	2023-09-18T21:19:21Z
last_indexed	2023-09-18T21:19:21Z
_version_	1777411776735870976

Abandoned housing projects, legal risks and Islamic finance legal documentation

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