A comparative analysis of the Hire Purchase Act 1967 and the Al- Ijarah Thumma Al Bay’ (AITAB) transactions / Mohamad Suffian Ja’afar and Najwa Noordin

A comparative analysis of the Hire Purchase Act 1967 and the Al- Ijarah Thumma Al Bay’ (AITAB) transactions / Mohamad Suffian Ja’afar and Najwa Noordin

Islamic Banking is fast growing business in Malaysia since inception in 1983. Al-Ijarah Thumma al-Bay’ (AITAB) for vehicle financing has become one of its main products. However, there is no specific law to address and govern the Al-Ijarah Thumma al-Bay’ transactions in Malaysia. Currently issue per...

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Bibliographic Details
Main Authors: Ja’afar, Mohamad Suffian, Noordin, Najwa
Format: Student Project
Language:English
Published: Faculty of Law 2015
Subjects:
Commercial law
Conflict of interests
Online Access:http://ir.uitm.edu.my/id/eprint/21813/
http://ir.uitm.edu.my/id/eprint/21813/1/PPb_MOHAMAD%20SUFFIAN%20JA%E2%80%99AFAR%20LW%2015_5.pdf
id uitm-21813
recordtype eprints
spelling uitm-218132018-10-09T02:13:14Z http://ir.uitm.edu.my/id/eprint/21813/ A comparative analysis of the Hire Purchase Act 1967 and the Al- Ijarah Thumma Al Bay’ (AITAB) transactions / Mohamad Suffian Ja’afar and Najwa Noordin Ja’afar, Mohamad Suffian Noordin, Najwa Commercial law Conflict of interests Islamic Banking is fast growing business in Malaysia since inception in 1983. Al-Ijarah Thumma al-Bay’ (AITAB) for vehicle financing has become one of its main products. However, there is no specific law to address and govern the Al-Ijarah Thumma al-Bay’ transactions in Malaysia. Currently issue pertaining to Al-Ijarah Thumma al-Bay’ is being referred to Hire Purchase Act 1967 (Act 212) as the governing framework. However, the Hire Purchase Act 1967, though were amended few times, was enacted to cater for conventional transaction thus certain conflict pertaining to shariah issues were not accounted for inside the Act. The newly introduced Islamic Financial Services Act 2013 is a regulatory and procedural law in nature and do not act as specific law for Al-Ijarah Thumma al-Bay’. This study suggests that a separated procedural and substantive law should be gazette for Al-Ijarah Thumma al-Bay’. This is due to the fact the current Hire Purchase Act 1967 is not fully Shariah compliant. There should be a separate Act is enacted and is urgently required for the industry. The Act should be handy in clarifying and addressing certain weaknesses, ambiguity and unclear interpretation in the question of law in the current Hire Purchase Act 1967. Alternatively, the current Hire Purchase Act 1967 is amended by inserting certain provision as to make it in accordance with Shariah requirement of the Al-Ijarah Thumma al-Bay’. Faculty of Law 2015 Student Project NonPeerReviewed text en http://ir.uitm.edu.my/id/eprint/21813/1/PPb_MOHAMAD%20SUFFIAN%20JA%E2%80%99AFAR%20LW%2015_5.pdf Ja’afar, Mohamad Suffian and Noordin, Najwa (2015) A comparative analysis of the Hire Purchase Act 1967 and the Al- Ijarah Thumma Al Bay’ (AITAB) transactions / Mohamad Suffian Ja’afar and Najwa Noordin. [Student Project] (Unpublished)
repository_type Digital Repository
institution_category Local University
institution Universiti Teknologi MARA
building UiTM Institutional Repository
collection Online Access
language English
topic Commercial law
Conflict of interests
spellingShingle Commercial law
Conflict of interests
Ja’afar, Mohamad Suffian
Noordin, Najwa
A comparative analysis of the Hire Purchase Act 1967 and the Al- Ijarah Thumma Al Bay’ (AITAB) transactions / Mohamad Suffian Ja’afar and Najwa Noordin
description Islamic Banking is fast growing business in Malaysia since inception in 1983. Al-Ijarah Thumma al-Bay’ (AITAB) for vehicle financing has become one of its main products. However, there is no specific law to address and govern the Al-Ijarah Thumma al-Bay’ transactions in Malaysia. Currently issue pertaining to Al-Ijarah Thumma al-Bay’ is being referred to Hire Purchase Act 1967 (Act 212) as the governing framework. However, the Hire Purchase Act 1967, though were amended few times, was enacted to cater for conventional transaction thus certain conflict pertaining to shariah issues were not accounted for inside the Act. The newly introduced Islamic Financial Services Act 2013 is a regulatory and procedural law in nature and do not act as specific law for Al-Ijarah Thumma al-Bay’. This study suggests that a separated procedural and substantive law should be gazette for Al-Ijarah Thumma al-Bay’. This is due to the fact the current Hire Purchase Act 1967 is not fully Shariah compliant. There should be a separate Act is enacted and is urgently required for the industry. The Act should be handy in clarifying and addressing certain weaknesses, ambiguity and unclear interpretation in the question of law in the current Hire Purchase Act 1967. Alternatively, the current Hire Purchase Act 1967 is amended by inserting certain provision as to make it in accordance with Shariah requirement of the Al-Ijarah Thumma al-Bay’.
format Student Project
author Ja’afar, Mohamad Suffian
Noordin, Najwa
author_facet Ja’afar, Mohamad Suffian
Noordin, Najwa
author_sort Ja’afar, Mohamad Suffian
title A comparative analysis of the Hire Purchase Act 1967 and the Al- Ijarah Thumma Al Bay’ (AITAB) transactions / Mohamad Suffian Ja’afar and Najwa Noordin
title_short A comparative analysis of the Hire Purchase Act 1967 and the Al- Ijarah Thumma Al Bay’ (AITAB) transactions / Mohamad Suffian Ja’afar and Najwa Noordin
title_full A comparative analysis of the Hire Purchase Act 1967 and the Al- Ijarah Thumma Al Bay’ (AITAB) transactions / Mohamad Suffian Ja’afar and Najwa Noordin
title_fullStr A comparative analysis of the Hire Purchase Act 1967 and the Al- Ijarah Thumma Al Bay’ (AITAB) transactions / Mohamad Suffian Ja’afar and Najwa Noordin
title_full_unstemmed A comparative analysis of the Hire Purchase Act 1967 and the Al- Ijarah Thumma Al Bay’ (AITAB) transactions / Mohamad Suffian Ja’afar and Najwa Noordin
title_sort comparative analysis of the hire purchase act 1967 and the al- ijarah thumma al bay’ (aitab) transactions / mohamad suffian ja’afar and najwa noordin
publisher Faculty of Law
publishDate 2015
url http://ir.uitm.edu.my/id/eprint/21813/
http://ir.uitm.edu.my/id/eprint/21813/1/PPb_MOHAMAD%20SUFFIAN%20JA%E2%80%99AFAR%20LW%2015_5.pdf
first_indexed 2023-09-18T23:07:22Z
last_indexed 2023-09-18T23:07:22Z
_version_ 1777418572546441216

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